The Central Bank (BCRA) established a commission for credit card sales at 1.8% and for debit card operations at 0.8 percent.
That is the limit that payment terminal service providers can withhold from businesses. However, since the appearance of “payment consolidators”, which mediate between merchants and card issuers (Mercado Pago, Ualá Bis, Payway and MODO), the costs and commissions are up to more than three times higher to those authorized by the Central.
Costs increase as businesses or SMEs require funds earlier. Through Communication “A” 7305, the Central Bank established that the micro and small businesses, according to the definition of the Secretariat for Small and Medium Enterprises and the Entrepreneurs, will receive the collection of sales made by credit card 8 business days after completion, instead of the current 10 business days.
MODO and Mercado Pago in the spotlight for the cards
In the case of medium-sized companies, the deadline will remain at 10 business days and for large companies, the term will be 18 business days, which is the average time that elapses between spending in stores and payment by cardholders of the card statement.
in that resolutionafter an extensive fight exposed between small businesses and card issuers, The Central Bank finally established that the commission for sales with credit cards will be by law of 1.8% and for sales with debit cards at 0.8%. “This is the limit that payment terminal service providers can withhold from businesses,” notes the resolution of the measure.
MODO and Mercado Pago in the spotlight for the cards
During the government of Mauricio Macri, the BCRA established a figure not contemplated in the law, that of “payment consolidators” that mediate between businesses and issuers of credit and debit cards. “These groups charge merchants percentages that triple the commission established by law, while they recognize 1.8 percent for card issuers and acquirers, in charge of connecting businesses and processing payments,” according to the figures revealed by the Argentine Confederation of Medium Enterprises (CAME).
The costs and commissions faced by businesses
On the one hand, the implementation of these intermediaries and tools provides different alternatives and benefits so that consumers can make their purchases, on the other hand, it adds new costs for retail businesses that can barely afford the fixed expenses that the business can face.
From the Commerce and Services sector of the CAME a report was presented on the commissions and operating costs of the main electronic means of payment that currently work in Argentina.
In the case of the payment market, the main operator in the segment of intermediaries, has a cost for charging with a debit card of 3.35% plus VAT for the business that requires the money at the moment. If the transfer is made the next day, it charges 3.19% plus VAT. When it comes to a credit card, the commission to obtain the funds from the sale at the moment is 6.49% plus VAT; it drops to 6.19% plus VAT to have the money available within two days; at 4.29% plus VAT after 10 days; at 3.39% plus VAT at 18 days and 1.79% plus VAT at 35 days.
If the collection is made with a payment link, the financial company charges for the sale with all means (credit card, debit card, cash, transfer, deposit, telesales, credit market, money in payment market) 5.99% plus VAT for the accreditation at the moment; 3.99% plus VAT for the 10 days; 2.99% plus VAT for 18 days and 1.79% plus VAT for 35 days.
The company Payway, for sales in one payment, if it is done with debit, it charges 0.8% plus VAT. In the case of national credit, the commission for the merchant to receive the funds in one business day jumps to 5.69% plus VAT and for operations with foreign and prepaid cards, to 11.25% plus VAT.
If you wait 8 business days, the commission for national credit operations is located at 1.8% plus VAT and in the case of waiting for 18 business days, either with foreign and prepaid plastics, 1.8% plus VAT.
On the part of Ualá bis, the commissions for sales with a payment link amount to 4.4% plus VAT for debit, credit and prepaid cards. If the mPos mode is used (to receive the money on the spot), 2.9% plus VAT is charged with debit and 4.4% plus VAT with credits and prepayments. If QR is used, the commission is 0.6% plus VAT and the Tiendanube service is contracted, the cost is 4.4% plus VAT with credit and prepaid cards.
The costs and commissions faced by businesses
As a result of the new update of the interest rate for fixed terms, established by the Central Bank, the maximum direct discount percentages of the Ahora 12 program that bank issuers can apply to the business, to be collected within 10 business days of sale made for each financing plan are:
- Now 3: 9.06% is the maximum direct discount rate that bank issuers can apply to the business, to be collected within 10 days for sales made with the 3-installment modality.
- now 6: 16.83% is the maximum direct discount rate that bank issuers can apply to the business, to be collected within 10 days for sales made with the 6-installment modality.
- Now 12: 29.83% is the maximum direct discount rate that bank issuers can apply to the business, to be collected within 10 days for sales made with the 12-installment modality.
- Now 18: 40.12% is the maximum direct discount rate that bank issuers can apply to businesses, to be collected within 10 days for sales made with the 18-installment modality.
- now 24: 48.33% is the maximum direct discount rate that bank issuers can apply to the business, to be collected within 10 days for sales made with the 24-installment modality.
