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

LAST REVIEWED 2026-09-06

Why did the PSR intervene in card acquiring?

The Payment Systems Regulator (PSR) intervened after its market review found that competition in the UK card-acquiring market was not working well. The review, published in November 2021, identified high barriers to switching and a lack of transparency, which allowed incumbent providers to charge higher fees without fear of losing customers.

The PSR's remedies, effective from July 2023, are designed to make it easier for businesses to compare offers and switch providers. The remedies include mandatory summary boxes, trigger messages, and online quotation tools. These tools help businesses understand their current costs and compare them with alternatives.

For a business owner, these remedies mean that when a contract is up for renewal, the provider must proactively send a clear summary of the key terms and prices. This allows the business to make an informed decision about whether to stay or switch. The remedies also cap new POS terminal leases at 18 months, preventing long-term lock-ins.

To use these remedies effectively, a business should review the summary box carefully, check the trigger message timing, and use online quote tools to compare offers. The table below shows examples of published contract terms from major providers.

What is a summary box and what must it include?

A summary box is a standardised document that acquirers must provide to business customers, showing key pricing information and contract terms in a clear and comparable format. From July 2023, the 14 largest UK acquirers and ISOs must provide this summary box to all small and medium-sized businesses.

The summary box must include details such as the monthly fee, transaction fees, and any other charges, as well as the contract length and notice period. It must be presented in a consistent format so that businesses can easily compare offers from different providers. For example, the table below shows published contract terms for new POS terminal leases.

Provider Published contract term Monthly fee Source

SumUp no contract £0

Zettle no contract £0

Square no contract £0

takepayments 12 months not published

Barclaycard 18 months £0 for 12 months, then £18 + VAT

This table illustrates that some providers offer no contract, while others have fixed terms. The summary box helps a business see at a glance what they are committing to.

When reviewing a summary box, check that all fees are listed, including any hidden charges. Also verify the contract length and whether there are any early termination fees. This information is crucial for making an informed decision.

When must a trigger message be sent to a business?

A trigger message is a notification that an acquirer must send to a business customer before their contract is due to end.

The trigger message must remind the business that their contract is ending and inform them of their options, such as renewing, switching, or terminating. It must also include a link to the summary box and information on how to compare offers. This gives the business time to shop around and avoid auto-renewal.

For example, if a contract ends on 1 October 2026, the first trigger message must be sent by 1 August 2026, and the second by 1 September 2026. This ensures the business has ample notice to make a decision.

Businesses should check their contract end date and ensure they receive these messages. If not received, they can contact their provider or the PSR. The trigger message is a key tool to avoid being locked into an unfavourable contract.

What are online quotation tools and how do they work?

Online quotation tools are web-based platforms that allow businesses to obtain quotes for card-acquiring services from multiple providers. From July 2023, the 14 largest UK acquirers and ISOs must offer these tools, either individually or through a comparison website.

These tools must provide personalised quotes based on the business's specific needs, such as transaction volume and average transaction value. The quotes must be clear and comparable, showing all fees and charges. This enables businesses to easily compare offers and make an informed choice.

For instance, a business with an average transaction value of £20.00 and monthly volume of 1000 transactions can use an online tool to see quotes from different providers. The tool should show the total monthly cost, including transaction fees and any fixed charges.

To use these tools effectively, a business should have accurate data on their transaction history. They should also check that the quotes are based on the same assumptions. The tools are designed to reduce the time and effort needed to switch providers.

Which firms are directed to comply with the PSR remedies?

The PSR remedies apply to the 14 largest card-acquiring firms in the UK, which include major banks and independent sales organisations (ISOs). These firms account for a significant share of the market, and the PSR has directed them to comply with the remedies from July 2023.

The list of directed firms is published by the PSR and includes names such as Barclaycard, Lloyds Cardnet, Worldpay, and others. These firms must provide summary boxes, trigger messages, and online quotation tools to their business customers.

Smaller providers are not directly directed, but they may choose to adopt similar practices to remain competitive. Businesses using smaller providers should check whether they offer these protections voluntarily.

To verify if a provider is directed, a business can check the PSR's website or ask the provider directly. The remedies are designed to benefit all businesses, but the legal obligation applies only to the largest firms.

How can a business use these remedies to renegotiate its contract?

Businesses can use the PSR remedies as leverage when renegotiating their card-acquiring contracts. The summary box provides a clear breakdown of current charges, which can be used to identify areas where costs are high. The trigger message gives a deadline for negotiation, and online quotation tools provide alternative offers.

For example, if a business receives a trigger message and sees that its current provider charges a monthly fee of £18, it can use an online quote tool to find a provider offering a £0 monthly fee. This information can be presented to the current provider to negotiate a better deal.

The table below shows the timeline of UK card acceptance rules, including the remedies in force from July 2023.

Date Event

December 2015 Interchange Fee Regulation caps take effect: 0.2% consumer debit, 0.3% consumer credit

November 2021 PSR publishes card-acquiring market review final report

July 2023 PSR remedies in force: summary boxes, trigger messages, online quotation tools, 18-month cap on new POS terminal lease contracts

March 2024 PCI DSS v4.0 becomes the only active version of the card data security standard

April 2026 Financial Ombudsman Service award limit rises to £455,000 for acts on or after 1 April 2019

This timeline shows that the remedies are part of a broader regulatory framework. Businesses should be aware of these dates when planning contract renewals.

To renegotiate effectively, a business should gather quotes from at least three providers, compare the total cost of ownership, and be prepared to switch if necessary. The remedies make this process easier and more transparent.

How is the PSR merging into the FCA and what does it mean?

The Payment Systems Regulator (PSR) is set to merge into the Financial Conduct Authority (FCA) as part of a government plan to streamline financial regulation. The merger is expected to be completed by 2026, but the exact date is not yet confirmed.

Until the merger, the PSR continues to enforce the card-acquiring remedies. After the merger, the FCA will take over these responsibilities. This means that businesses will still have access to the same protections, but they will be regulated by a single body.

For businesses, this change is unlikely to affect their day-to-day dealings with acquirers. The remedies remain in force, and the FCA will ensure compliance. However, it may lead to more consistent enforcement across the financial sector.

Businesses should stay informed about the merger timeline and any changes to how complaints are handled. The FCA has a broader remit, which could bring additional consumer protections. For now, the PSR's remedies are still active, and businesses can rely on them.

What are the key differences between the PSR remedies and other regulations?

The PSR remedies focus specifically on card-acquiring services, while other regulations such as the Interchange Fee Regulation (IFR) cap interchange fees. The IFR, in force since December 2015, caps consumer debit card interchange at 0.2% and consumer credit at 0.3%. The PSR remedies address other aspects of the acquiring market, such as transparency and switching.

Unlike the IFR, which applies to all acquirers, the PSR remedies apply only to the 14 largest firms. This is because the PSR found that these firms have significant market power and that their practices were harming competition.

Another difference is that the PSR remedies include an 18-month cap on new POS terminal leases, which is not covered by the IFR. This cap prevents providers from locking businesses into long-term contracts for hardware.

Businesses should be aware of both sets of rules. The IFR affects the interchange fee, which is a component of the overall cost, while the PSR remedies affect the acquirer's charges and contract terms. Together, they provide a framework for fairer pricing.

How can a business check if its provider is complying with the remedies?

A business can check if its provider is complying with the PSR remedies by looking for the summary box, trigger messages, and online quotation tools. If a provider is one of the 14 largest, it must provide these by law. If not, the business can ask the provider if they voluntarily comply.

The summary box should be provided at the start of the contract and at renewal. Online quotation tools should be accessible on the provider's website.

If a business believes its provider is not complying, it can complain to the provider first. If the issue is not resolved, the business can escalate the complaint to the PSR (or the FCA after the merger). The PSR has enforcement powers, including fines.

Businesses should keep records of all communications and documents, such as the summary box and trigger messages. This evidence will be useful if a complaint is needed. The remedies are designed to be self-enforcing, but regulatory oversight ensures compliance.

What should a business do if it receives a trigger message?

When a business receives a trigger message, it should review the summary box and compare the current offer with alternatives. The trigger message is a reminder that the contract is ending, and it provides an opportunity to renegotiate or switch.

First, check the contract end date and the notice period required for termination. If the business wants to switch, it should start looking for new providers immediately. Online quotation tools can provide quick comparisons.

Second, consider the total cost of the current contract, including all fees. Use the summary box to identify any charges that can be negotiated. For example, if the monthly fee is £18, a business might ask for a reduction or a waiver.

Third, if the business decides to stay, it should negotiate a better deal before the contract renews. The trigger message gives leverage because the provider knows the business is considering other options. The remedies are designed to empower businesses to get better value.

Glossary: card payment terms explained

Summary box: A standardised document showing key pricing and contract terms, required from July 2023 for the 14 largest acquirers.

Trigger message: A notification sent to a business before contract end, reminding them of renewal options and providing a summary box.

Online quotation tool: A web-based tool that provides personalised quotes for card-acquiring services, enabling comparison.

PSR: Payment Systems Regulator, the UK regulator for payment systems, merging into the FCA by 2026.

Interchange Fee Regulation: EU regulation capping interchange fees at 0.2% for debit and 0.3% for credit cards, in force since December 2015.

POS terminal lease: A contract for renting a point-of-sale terminal, now capped at 18 months for new leases from July 2023.

Checklist: what to check on a fee statement or contract

• Check if your provider is one of the 14 largest acquirers directed by the PSR.
• Request a summary box at contract start and renewal.
• Use online quotation tools to compare at least three providers.
• Review the summary box for all fees, including monthly and transaction charges.
• Confirm that any new POS terminal lease is capped at 18 months.

Each item above maps to a line that must appear in the PSR summary box or the contract schedule, so a missing entry is itself a question for the provider.

Frequently asked questions

What is a summary box?

A summary box is a standardised document that card-acquiring providers must give to business customers, showing key pricing and contract terms in a clear format. From July 2023, the 14 largest UK acquirers and ISOs must provide it. It includes details like monthly fees, transaction fees, contract length, and notice period. The aim is to make it easier for businesses to compare offers and understand their costs.

When must I receive a trigger message?

A trigger message must be sent to you before your contract ends. The message reminds you that your contract is ending and provides information on your options, including a link to the summary box. This gives you time to shop around and avoid auto-renewal.

Does every provider have to comply?

No, only the 14 largest card-acquiring firms in the UK are directed to comply with the PSR remedies. These include major banks and ISOs. Smaller providers are not legally required to provide summary boxes, trigger messages, or online quotation tools, but they may do so voluntarily. You can check with your provider to see if they comply.

What is the PSR?

The Payment Systems Regulator (PSR) is the UK regulator for payment systems. It was established in 2015 to promote competition and innovation in payment systems. The PSR has introduced remedies to improve the card-acquiring market, such as summary boxes and trigger messages. It is set to merge into the Financial Conduct Authority (FCA) by 2026.

Is the PSR still a separate regulator?

As of 2026, the PSR is still a separate regulator, but it is in the process of merging into the Financial Conduct Authority (FCA). The merger is expected to be completed by 2026, but the exact date is not yet confirmed. Until then, the PSR continues to enforce its remedies. After the merger, the FCA will take over these responsibilities.