Retailers that still do not accept card payments must initiate procedures for installing POS as from the first day of next year, otherwise will be sanctioned with fines of up to 7,500 lei.
Banks have also the obligation to put into operation the necessary infrastructure within 30 days from the date of request, otherwise, risking fines of up to 50,000 lei.
These new obligations are provided by law 209/2016, which will apply from 1 January 2017 and is targeting all retailers with an annual turnover of over EUR 10,000. Thus, the annual turnoever provided by the law for payment by debit and credit cards will drop 10 times comparing to the current threshold of EUR 100,000.
Also, companies providing public utility services, and public institutions, including those that collect taxes, fees, fines, interest, penalties and other obligations have to accept card payments.
The stores become ATMs.
The law also states the option to withdraw cash up to 200 lei from retailers accepting card payments.
Therefore, the retailers who opt for granting cash through payment terminals at the request of customers will charge for this service a commission not exceeding 1% of the advance granted. These transactions are assimilated to cash withdrawals from ATMs, the cardholder will pay for these cash withdrawal a fee established under contract with the bank.
Retailers must display a visible sign in case they opt to grant this service, as well as information on costs.
If the amount in the cashier is less than 200 lei the retailer will grant the available amount of cash.
The infrastructure and the facilities for providing cash advances through payment terminals must be installed by banks in maximum 90 days from the request.
Sanctions and fines for non compliance:
The Ministry of Finance shall issue the implementing rules of the law in maximum 30 days after it comes into force.
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