payment provider has stated that, from November, fees will increase for payments between UK and European businesses. British companies will be charged a 1.29% fee for payments made from the European Economic Area and vice versa, according to the Manchester Evening News.
Around 0.5% is currently paid on such transactions, with charges having remained the same since the UK was taken out of the EU single market and customs union.
Whilst retailers will face the burden of the payment increase, it's likely that struggling businesses could be forced to hike up their prices to help cover the higher cost of sending items abroad.
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