As the holiday shopping season approaches, the BVI Bank Association has issued an important reminder to merchants regarding compliance with payment regulations.
Specifically, the association highlighted that imposing a minimum spending requirement for card transactions or charging additional fees for card payments is a violation of both merchant agreements with banks and the regulations set by global payment networks, VISA and Mastercard.
In a statement, the association urged all merchants to cease these practices immediately to ensure compliance. Merchants who have questions or need further clarification are encouraged to contact their respective financial institutions directly.
The reminder comes at a critical time when the holiday season drives increased consumer spending, and adherence to these regulations ensures a fair and smooth shopping experience for customers.
The BVI Bank Association extended its holiday greetings, stating, “Happy Holidays from the BVI Bank Association!”
This call for compliance underscores the importance of maintaining transparency and fairness in the territory’s retail and service sectors during the busy holiday season.