BRC: Visa investigation good news for small businesses

The British Retail Consortium (BRC) has welcomed an investigation by the European Union into transaction fees levied by Visa.

BRC director general Stephen Robertson says the investigation into debit and credit card transaction fees is good news for both customers and retailers who are frustrated at "excessive charges".

The body has been awaiting the investigation since last year when it was ruled that the charges paid by retailers to MasterCard were "unlawful".

"Since our victory over MasterCard, retailers all over Europe have been waiting for an investigation into Visa's charges. With toughening economic conditions, the need for an end to these excessive, inexplicably calculated costs is greater than ever," Mr Robertson said.

Mr Robertson added that the charges levied on retailers were much higher than the costs incurred by the card providers.

The BRC works to promote and defend the interests of retailers in the UK.