Why the rules exist
The Payment Systems Regulator (PSR) reviewed the card-acquiring market and found that many small businesses rarely switched or shopped around, partly because prices were hard to compare. In 2022 it required the largest acquirers to make pricing clearer. The PSR’s functions are due to move into the FCA under government plans, but the requirements continue.
Summary boxes, quote tools and reminders
- Summary box: a standard table of your key prices and terms, so you can compare providers.
- Online quotation tools: large acquirers must offer a way to get an indicative price online.
- Trigger messages: reminders before your initial minimum term ends, and once a year after that, prompting you to review your deal.
The rules apply to merchants with card turnover up to £50 million a year, and took effect from July 2023. The PSR also limited the length of point-of-sale terminal contracts.
Read a quote line by line
| Line | Question to ask |
|---|---|
| Debit / credit rates | Are consumer, business and non-UK cards priced differently? |
| Authorisation fee | How much per transaction? Multiply by your monthly count. |
| Terminal fee | Per terminal, per month? Rented or leased? Who owns it? |
| Minimum monthly charge | What happens in a quiet month? |
| PCI fees | Is there a fee if I don’t complete the questionnaire? |
| Contract | Minimum term, notice period, renewal, exit fees |
| Payouts | When does money arrive, and into which account? |
Compare like for like
Ask every provider to quote on the same recent statement. Then calculate one number for each: total cost per month, including every fee, for a typical month and a quiet month. That beats comparing headline rates. Our fees guide has the formula, and switching guide covers the move.
Last updated: 16 October 2026
