NewsLocalGrace period for all businesses offering services to accept credit cards ends

Grace period for all businesses offering services to accept credit cards ends

Grace period for all businesses offering services to accept credit card payments is to end soon with the island’s Tax Department officers getting ready for unannounced inspections as of October.

This is what Philenews reported on Saturday, adding that the law obligating from kiosks to plumbers and lawyers to provide credit card facilities came into effect on September 20 but allowed for a short grace period.

The law provides that all retail businesses and services should establish wireless and wired POS, mobile POS and virtual POS terminals and accept card payment from Visa, Mastercard, Maestro and UnionPay.

The fine for those not complying with the law is 2,000 euro.

The law was passed over a year ago, with the Finance Ministry issuing a decree in late June this year.

By making credit card payments compulsory, Cyprus aligned its national legislation with EU directives.

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