The British Shops and Stores Association has secured a lower credit card processing rate for its members this year.
The organisation has negotiated with its preferred payment processor HSBC, to slash the processing fee from 1.33% of a credit card transaction to 1.29%.
Previously, a transaction of £100 would cost an independent retailer £1.33, but this will fall to £1.29 under the new terms.
Retailers who open an HSBC business account via the BSSA will also now get an extended free business banking period of 18 months. BSSA members who introduce new customers to the bank will receive a £50 credit to their accounts as an incentive.
BSSA professional services director Bob Jarrett said: “Our relationship with HSBC has enabled us to negotiate these benefits. They are just a few of the services we provide, which are designed to enable retailers to maintain their competitiveness on the high street.”
The organisation has 4,000 members. Membership starts from £3 a week.