The Pink Book is one of the most valuable resources available to all within the hospitality accommodation sector. It provides regularly updated information regarding legislation that affects businesses operating in the hospitality industry. A recent update has looked at the implications of changes to debit and credit card charges. In this article we are raising awareness of the legislation change. This will also show what vital reading The Pink Book is for all business owners and operators.
Here at Stewart Hindley & Partners we are renowned for our specialist financing work. Our ability to give you the best service means we are always up to date with changes in the industry. We trust The Pink Book to deliver important information on developments such as the coming card charges legislation.
The Card Charges Legislation
Firstly, let’s look at the legislation. As of 13th January 2018 all businesses may no longer add extra charges when customers pay with a debit or credit card. This is in compliance with the EU Payments Service Directive II. The ban extends to other forms of payment, including the increasingly popular PayPal.
This legislation change poses a challenge to owners of guest houses, hotels and bed & breakfast businesses across the UK. All owners need to balance competitive pricing against factors such as banking charges. The changes made need to help sustain profitability for the business.
In looking at the changes to debit and card charges The Pink Book gives some vital guidance. A key priority is ensuing your booking system complies with the legislation. This applies to both website bookings as well as on site payments.
How to Address the Card Charges Legislation
Accommodation businesses need to focus on how best to address the change for their own circumstances. The Pink Book provides possible solutions for all to consider. An example of this is absorbing all potential banking costs into the overall pricing strategy you have in place. Detailed planning and modelling to ensure the best strategy is adopted for your specific business is always the right approach. It would be beneficial to consult with trusted and qualified business planners.
Here at Stewart Hindley & Partners we appreciate being able to take a “to and through” approach to our clients. Our specialist financial experts for the hotel and leisure industry build strong relationships with the businesses we serve. Our team will always point our clients in the right direction for advice. When it comes to this, first of all we would always recommend owners consult The Pink Book frequently for important information affecting their business.
For more information on The Pink Book please visit their website. This can be found on the Visit Britain site – https://www.visitbritain.org/pink-book. To discuss your funding and financing requirements please give us a call on 01488 684834. You can also reach us through our contact page. We’re here to help you in reaching your aspirations for success.
