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This is good news because it means you won’t have to inflate your base prices to coverpayment processing fees. They also owe assessment fees to card networks for making use of their infrastructure. Transparency in billing practices helps customers understand what they pay for and provides a reference point in case of disputes.
The FCA’s Consumer Duty and how payments firms must prioritise consumer outcomes in their operations. It represents a major regulatory shift, requiring firms to enhance governance, fair value assessments, and customer support, with significant compliance challenges. Why is it important? What’s next?
Follow these steps to position your business for a seamless transition: Assess your business’s needs To start, identify the specific billing needs of your business. The variety of payment terms you offer. An automated system allows for greater flexibility in setting payment terms that can lead to faster payments and improved cash flow.
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