Traders and customers at odds: POS device commissions have also driven up prices

The effects of the high-interest-rate policy in Turkey continue to be felt in the banking sector. In recent months, banks have significantly increased the commission rates they apply to POS devices used by traders. In many banks, this rate has reached the 4 percent level. Small and medium-sized enterprises, crushed under the burden of commissions, are reacting.

Traders, who previously directed their customers to make direct payments via IBAN to avoid commissions, have hit a new dead end following the Treasury and Finance Ministry's introduction of heavy fines for this practice. Left without alternatives, traders are now forced to reflect the high commissions in their prices.

TENSION BETWEEN TRADERS AND CUSTOMERS

Speaking to Show Haber, traders state that they are experiencing deductions not only on POS commissions but even on payments arriving in their bank accounts. Adding the commission directly to product prices leaves citizens facing hiked price tags. This situation causes both a crisis of trust in trade and frequent arguments between customers and traders.

Traders argue that to solve these difficulties, banks should take the initiative to lower commission rates without waiting for a Central Bank interest rate cut decision. According to traders who say, “Let trade circulate, let the economy breathe,” low commissions mean support for both the market and the citizens.

News Source: 12punto