Streamline Increased Pricing

[Scots76]

We received a letter from streamline yesterday regarding "enhancements" to our card processing service.

We have been advised of 1p rise on visa debit cards and of the increased 0.6% processing costs for the new Mastercard Signia and Mastercard world cards. More worryingly for us, as most of our internet transactions are from the USA, is the increased premium of 0.8% on all non-EU card transactions.

We've been with streamline for 6 years with reduced processing rates through a RBOS scheme for rural business the Scottish Highlands.

I would be interested to know if anyone else been advised of these price increases?


Regards

Andrew

 

[deniser]

We haven't. Our rates are as agreed with a trade organisation too. Wonder whether the rates have to be independently agreed with each organisation?

Do you mean 0.8% is added to overseas fees so that for example 2% becomes 2.8% or that the 2% is increased by 0.8% to 2.016%?

 

[fzx5v0]

Hi
Yes we got the letter as well from them we are on negotiated rates with streamline give them a call and ask them to have a look at your account to see if they can re-negotiate your rate if you have not done it in the last 12 months

 

[Scots76]

They have given us the 60 days notice required for our agreement. I immediately requested a rate review, even though our last one was in January.

It looks as though everyone will be seeing these increased fees as some point soon, see streamline dot com forward slash pricing for full details.

The 0.8% is a loading fee which is to be applied to our existing rates for overseas transactions, in our case 1.75% for overseas visa becomes 2.55%!!

 

[deadgoodundies]

Yeah we got the letter as well.
You would of thought that with 3d-secure now common that the rates would go down instead of up due to the (meant to be) decrease in online fraud.

 

[deniser]

We just got the letter. It mentions the 0.8% for international cards and 0.6% for the new Signia card but no change in any other prices (not the 1p for debit cards).

 

[Ethecol]

We charge the same right across the board for all types of credit card.

I am confident that we can beat your current offerings from streamline.

Unlike streamline who at the moment make a residual income each month from your account we will use 100% of this to go to both social and environmental projects. We do this through foundations the first being the community foundation of greater manchester, 50% will be spent on social projects and 50% on environmental projects. If you have a particualr preference then great get in contact and we can discuss next steps.



For more information you can find us on our website, just search for ethecol.

 

[Sobie]

We also got the letter from Streamline only a couple of days after renegoitating with them LOL! We have a lot of American customers as we live next to an USA airforce base, its a shame it costs such a lot to take their cards, they are secure they always hand their ID cards over with the debit cards they just don't have chip & pin. it now works out to be about 5.3% for these cards. We don't accept US dollars as payment but maybe we should start to?

 

[Ethecol]

The rates we charge are sub 2% for all credit cards.

Get in touch and we can work out so savings compared to the 5.3% you pay now.



Peter


Ethecol

 

[Sobie]

The rates we charge are sub 2% for all credit cards.

Get in touch and we can work out so savings compared to the 5.3% you pay now.



Peter


Ethecol

Thanks Peter, I'll keep you in mind when we come to renew next year.
We currently pay well under 2% for all UK credit cards but it is just the american bank cards we pay such a high rate for because they are considored unsecure.
Rachel.

 

[smo]

I got the letter a month back, its not overly surprising but thankfully it only affects one in a few hundred of our transactions so i shant be losing sleep over the price increases.

Had it been on UK cards i'd be more concerned but we pay a tiny ammount due to a very long standing agreement with them