PSR Card-Acquiring Remedies: Summary Boxes, Trigger Messages and Online Quote Tools

LAST REVIEWED 2026-09-06

Why the PSR intervened

The Payment Systems Regulator (PSR) intervened in the card-acquiring market after a market review found that competition was not working well for small and medium-sized businesses. The review, published in 2022, identified that many businesses were paying higher fees than necessary, often because they stayed with the same provider for years without reviewing their contract. The PSR concluded that a lack of transparency and high barriers to switching were harming businesses.

To address these issues, the PSR introduced a package of remedies under its Specific Direction 14, 15, and 16. These remedies are designed to make it easier for businesses to understand their costs, compare offers, and switch providers if they wish. The PSR's goal is to stimulate competition, which should lead to better prices and services for businesses.

The remedies apply to the 14 largest acquirers and independent sales organisations (ISOs) in the UK, which together process the vast majority of card transactions. By targeting these major players, the PSR aims to have a significant impact on the market. The remedies came into force in July 2023, and businesses should now be seeing the benefits.

Summary boxes

A summary box is a standardised document that acquirers must provide to their business customers. It contains key information about the pricing and terms of the card-acquiring service, presented in a clear and consistent format. The summary box must include details such as the monthly fee, transaction fees, and any other charges, as well as the length of the contract and any notice period.

The purpose of the summary box is to make it easier for businesses to compare offers from different providers. Before the remedies, pricing information was often buried in lengthy contracts, making it difficult for businesses to see what they were actually paying. The summary box provides a simple, at-a-glance overview, allowing businesses to quickly assess whether they are getting a good deal.

Acquirers must provide a summary box at the point of sale, when a contract is renewed, and at any time upon request. The summary box must be no more than two pages long and must use plain language. This requirement helps to level the playing field between large and small businesses, as all customers have access to the same clear information.

Trigger messages

Trigger messages are notifications that acquirers must send to their business customers at specific times during the contract lifecycle. The most important trigger message is sent between 60 and 90 days before the end of the initial contract term. This message reminds the business that their contract is coming to an end and informs them of their options, including the ability to switch providers or renegotiate terms.

The trigger message must include a clear statement that the business is not obliged to stay with the current provider and that they may be able to get a better deal elsewhere. It must also provide a link to the summary box and information about how to compare offers. The aim is to prompt businesses to review their contract and consider whether they are getting value for money.

Trigger messages are a key tool for increasing engagement and reducing inertia. Many businesses automatically renew their contracts without realising it, leading to higher fees. By sending a timely reminder, the PSR hopes to encourage businesses to shop around and negotiate better terms. The trigger message must be sent by email or other electronic means, and it must be clear and easy to understand.

Online quotation tools

Online quotation tools are interactive tools that allow businesses to obtain a personalised quote for card-acquiring services. The 14 largest acquirers and ISOs must provide these tools on their websites, enabling businesses to enter their details and receive an indicative price for their expected transaction volumes.

The quotation tool must be free to use and must not require the business to provide contact details or commit to anything. The tool should generate a quote that includes all relevant fees, such as transaction fees, monthly fees, and any other charges. The quote must be presented in a clear and comparable format, similar to the summary box.

The purpose of the online quotation tool is to make it easier for businesses to compare prices without having to go through a sales process. This reduces the time and effort required to shop around, which is a significant barrier for many small businesses. By providing transparent pricing upfront, the tools encourage competition and help businesses make informed decisions.

Acquirers must ensure that the quotation tool is accurate and up to date, and they must review it regularly to ensure it reflects their current pricing. The PSR has provided guidance on the design and operation of these tools to ensure consistency across the market.

Which firms are directed

The PSR's remedies apply to the 14 largest acquirers and independent sales organisations (ISOs) operating in the UK. These firms are identified in the PSR's Specific Direction 14, 15, and 16, which were issued in 2023. The list includes major banks and payment processors, such as Barclaycard, Lloyds Cardnet, NatWest, Worldpay, and others.

The selection of these 14 firms was based on their market share in the provision of card-acquiring services to UK businesses. Together, they account for a significant majority of all card transactions processed in the UK. By directing these firms, the PSR aims to have a wide-reaching impact on the market.

It is important to note that not all providers are subject to these requirements. Smaller acquirers and ISOs are not currently directed, although the PSR may extend the remedies in the future if necessary. Businesses that use smaller providers may not receive the same protections, so it is advisable to check whether their provider is on the list.

The PSR has published the full list of directed firms on its website, along with the specific requirements for each remedy. Businesses can use this information to understand their rights and to hold their provider accountable.

How to use the remedies to renegotiate

Businesses can use the PSR remedies to their advantage when negotiating with their card-acquiring provider. The first step is to request a summary box from the current provider, which will clearly outline the fees being charged. This information can be used as a baseline for negotiations.

Next, businesses should use online quotation tools from other providers to obtain competing quotes. By comparing these quotes with the current contract, businesses can identify if they are paying above the market rate. This evidence can be presented to the current provider as leverage to negotiate a better deal.

When a trigger message arrives, it is a signal that the contract is coming to an end. This is the ideal time to review the contract and consider switching. Businesses should not feel pressured to stay with the same provider; the trigger message explicitly reminds them that they are free to switch.

If a business decides to switch, it should ensure that the new contract includes a summary box and that the provider is compliant with the remedies. By actively using these tools, businesses can save money and ensure they are getting a fair deal.

PSR merging into the FCA

In 2024, the UK government announced plans to merge the Payment Systems Regulator (PSR) into the Financial Conduct Authority (FCA). This move is part of a broader effort to streamline the regulatory landscape and reduce duplication. The merger is expected to take effect in 2025, subject to legislation.

Until the merger is complete, the PSR continues to operate as an independent regulator, and its remedies remain in force. Businesses should continue to comply with the requirements and exercise their rights under the remedies. After the merger, the FCA will take over responsibility for enforcing these remedies.

The merger is unlikely to change the substance of the remedies, but it may affect how they are enforced and updated. The FCA has a broader remit and may integrate the remedies into its wider regulatory framework. Businesses should monitor any announcements from the FCA regarding the future of these protections.

For now, the key point is that the remedies are still active, and businesses can rely on them. The PSR's website remains a useful resource for information, and the FCA will provide updates as the merger progresses.

Frequently asked questions

What is a summary box?

A summary box is a standardised document that card-acquiring providers must give to their business customers. It shows key pricing information, such as monthly fees, transaction fees, and contract terms, in a clear and consistent format. The aim is to make it easier for businesses to compare offers from different providers. Providers must supply a summary box at the point of sale, on renewal, and upon request.

When must I receive a trigger message?

You must receive a trigger message between 60 and 90 days before the end of your initial contract term. This message reminds you that your contract is ending and informs you of your options, including switching providers or renegotiating. It must clearly state that you are not obliged to stay with your current provider and should include a link to your summary box.

Does every provider have to comply?

No, only the 14 largest acquirers and independent sales organisations (ISOs) in the UK are directed to comply with these remedies. These firms were identified by the PSR based on their market share. If your provider is not on the list, they are not required to provide summary boxes, trigger messages, or online quotation tools, though they may choose to do so voluntarily.

What is the PSR?

The Payment Systems Regulator (PSR) is the UK's economic regulator for payment systems. It was established in 2015 to promote competition and innovation in payment systems for the benefit of businesses and consumers. The PSR has the power to investigate markets and impose remedies to address competition issues, such as the card-acquiring remedies introduced in 2023.

Is the PSR still a separate regulator?

As of now, the PSR is still a separate regulator, but it is set to merge into the Financial Conduct Authority (FCA). The merger was announced in 2024 and is expected to be completed in 2025, subject to legislation. Until then, the PSR continues to operate independently, and its remedies remain in force.