(Finance) – Over the last 5 years there has been a collapse of the cost of POS in Italy with the initial expense which is reduced to 22.82 euros (-66.5%) and the monthly fee which falls to 6.60 euros (-63.6%). This is what emerges from thesurvey carried out by the CompareConti Observatory And SOS tariffs on POS costs in Italy in 2022 in light of the entry into force of the introduction of penalties for merchants and professionals who do not accept card payments from their customers. The new legislation, whose entry into force was brought forward from January 2023 to the end of June 2022, provides for a financial penalty of 30 euros which is increased by 4% of the transaction value for those who refuse a card payment.
The study took into consideration all the main options that companies, merchants and professionals have to obtain a POS, highlighting both the fixed costs (such as the initial expense and the periodic fee to keep the POS active) that the transaction fees. The results of the survey were then compared with the 2017 surveys. The data collected by the Observatory confirm a drastic drop in POS costs for Italian merchants over the last five years.
Among the main findings of the survey is a drastic drop in fixed costs to be incurred to obtain a POS for your business. According to the data collected by the study, in fact, the average initial expenditure to be incurred for the POS is 22.82 euros, a decrease of 66.5% compared to the 2017 data. There is a difference of just over 7 euros for as regards the initial expense for a Mobile POS (26.53 euros) and that for a Fixed POS (19.11 euros).
In addition, in several cases the POS does not include any initial costs with merchants who can get the device without any outlay but by subscribing to a monthly subscription. It should also be noted that also with regard to the periodic costs of the POS there is a substantial decrease compared to the data collected from the previous survey. In fact, during 2022, the average monthly fee of the POS that professionals and merchants have to pay is € 6.60. This data – highlights the survey – turns out to be significantly lower than that recorded in 2017. Over the last 5 years, in fact, the POS monthly fee was reduced by 63.6%. Choosing a Mobile POS, the study finds, is even more convenient with an average fee of just € 5.11 per month which confirms the practicality of using this particular type of POS to accept payments.
Overall, the comparison between 2017 and 2022 confirms the drastic drop in fixed POS costs in Italy. Compared to 5 years ago, in fact, on average, the initial cost for the POS is about 44 euros lower while the monthly fee has been reduced by about 12 euros. Therefore, having a POS to accept payments has become much less expensive, both considering the initial investment and maintenance costs.
POS transaction fees drop compared to data from 5 years ago – Too high commissions have always been one of the factors that pushes many merchants to refuse payment via POS. Even in this case, however, the trend of the sector is clear. The fees charged by institutions to transactions made with a POS are in sharp decline. Considering the payment cards that use the PagoBancomat circuit, for example, one is registered average commission of 1.40%. The data – reads the report – is significantly lower than that recorded by the sector in 2017 when a payment through the PagoBancomat circuit involved an average commission of 1.92%. In this case, choosing a Fixed POS is more convenient. The commission applied to the transaction is, on average, just 1.27%. Payments with cards using other circuits also show a clear downward trend as regards the fees applied. The average data collected by the survey, in fact, certify a commission equal to 1.66%. This is a net decrease (almost one percentage point) compared to what was recorded in 2017 when the average commission was equal to 2.56%. For commissions, Fixed POS payment continues to be the most convenient choice for merchants. The average commission applied, in this case, is 1.61% with a decrease of more than one percentage point compared to the data of the previous survey.
According to the simulations carried out by the Observatory to quantify the percentage drop recorded in the average expenditure to be incurred for the use of a POS as a tool to accept payments, both the fixed costs and the commissions related to the use of the POS are in sharp decline. The survey considered three different profiles. The first is that of the self-employed professional who records few annual transactions but of a higher average amount. The second profile is that of a Retailer who sells products at retail and who records more transactions but of a lower average amount than the first profile. The third profile taken into consideration is that of a Restaurateur who scores a very high number of transactions with a low average amount. For a Freelance there was a substantial decline in POS expenditure. This decrease ranges from a minimum of 31.2% (using a Mobile POS and only making transactions via the PagoBancomat circuit) to a maximum of 49.15% (with Fixed POS and transactions made with other cards). Similar percentages also for the Shopkeeper which records a cut in spending of between 25.3% and 44.15%. The expenses for the RestauratorAnd. In this case, the cut in expenditure linked to the use of the POS is between 25.7% and 44.49%.