Maltese Businesses Are Being Charged 30c For Every €20 COVID-19 Voucher Redeemed
Maltese businesses are being charged a 1.5% fee for every COVID-19 voucher redeemed, i.e. 30 cents for every €20 voucher.
When businesses redeem such vouchers, MIMCOL, the government company appointed by the Economy ministry to administer such vouchers, pays them via a credit card transaction using a standard credit card payment gateway infrastructure and Bank of Valletta.
“These are the same charges that apply on other day-to-day credit card payments,” a spokesperson for the Economy Ministry said.
The payment gateway fees and bank charges stand at a total of 1.5% – making it the lowest rate on the market, when compared to other credit card transaction fees.
A business owner that reached out to Lovin Malta about this matter said “this is not about the 30c, but about doing things transparently.”
The implementation of such system allows businesses to be issued payment from MIMCOL immediately after such vouchers are scanned. This removes the need for businesses to go to a bank to receive payment.