A reduction in interest for the use of sales terminals POS, will help MSMEs

Congresswomen of the cyan caucus, Dania González and Aronette Mencía, explained yesterday that the reduction in interest for the use of sales terminals—known as POS—will benefit entrepreneurs and micro, small and medium-sized enterprises (MSMEs).

This bill was presented last Tuesday by the deputies of Nuevas Ideas and is being studied by the financial commission of the Legislative Assembly.

With the proposal, the commission plans to initially reduce the acquirer fee to 2% and the interchange fee to 2.5%. The first corresponds to the merchant’s payment to the bank for the use of the POS, and the second is the one charged by Visa or Mastercard to the bank for the use of the equipment. In El Salvador, both rates are around 7.80%.

According to information from the financial commission, last Tuesday in Mexico and Costa Rica, both rates were around 2.95%, and in Argentina, 2%. «POS terminals help facilitate commerce, but they shouldn’t burden entrepreneurs and consumers. With this law, we seek savings for Salvadoran families and the modernization of businesses,» Mencíaexplained yesterday in the interview A:M, on Channel 10.

For her part, González said in the same television space that due to the lack of a law, banks have «discretionally» established an interest in the use of POS in establishments.

«Currently, we do not have a similar regulatory framework in the country and the banks establish the amount they want. This commission is assumed by entrepreneurs and consumers. We want to do financial justice by regulating the use of point of sale terminals,» declared the legislator.

González recalled that tomorrow the reforms of the Credit Card Law will also come into force, with which the payment of card memberships whose amounts are equal to or less than $2,000 will be eliminated for the benefit of the user.