Increasing payment fees by Visa are significantly impacting the Irish SME sector, according to construction company Home Project Centre (HPC).
HPC group made the comments as they experienced a 134 per cent increase in card processing costs since October 2022.
As the company is part of the construction sector, they do not qualify for any consideration or rebates.
The company's card processing costs increased from €170,966 to €400,472, representing an increase of €229,506 per annum.
The company are calling for intervention to address the issue properly, as they claim "excessive card payment charges are hindering the growth and operations of Irish SMEs, particularly those in the construction sector."
HPC Group’s Finance Director, Sean McNamara, said, "Since the majority of our customers are mainly businesses, we are being hit with disproportionate increases in the cost of processing cards, more than 134 percent year-on-year. This is extremely unfair, and the cost increases have no basis in reality."
HPC Group is the second-largest building materials business in Ireland currently trading from eighteen stores with almost 400 employees.
The group comprises of TJ O’Mahony a leading provider of building materials and DIY products and PH Ross who provides heating and plumbing suppliers as well as specialist operations covering groundworks, roofing and insulation solutions, timber and panelling products.
In July 2023, HPC Group acquired the business of HandyHardware.ie, one of Ireland's largest tools, hardware, workwear, and safety product e-commerce platforms.
