Co-ops welcome Visa’s move to reduce transaction fees

A decision by Visa to reduce its fees on business debit card transactions through the Irish banks has been welcomed by Ireland’s national umbrella body for co-ops.

The Irish Co-operative Organisation Society (ICOS) said the move will benefit farmers and the co-operative livestock marts when it takes effect from September 1.

Over the past year, ICOS has held extensive meetings with the banks around what it says were ‘prohibitive’ charges for farmers using business debit cards to buy cattle at marts.