Farmers Markets: Mandatory Use of POS as of Jan 2

As of this coming Tuesday farmer’s markets will get back to their usual schedule, while at the same time sellers will be obliged to use Point of Sale (POS) machines for credit and debit card transactions for the first time, media reported Monday.

The measure which will come to immediate effect will oblige all active street sellers, fairs and Sunday bazaars to accept all card payments as well as direct payment services by transferring money between bank accounts, such as the IRIS online payment services.

In addition sellers that are active in farmers markets, bazars and Sunday fairs will have to declared in the Independent authority for Public Revenue (AADE) one or more business accounts in order to accept transactions via POS or IRIS and other online transactions.

In case of noncompliance to the above a relevant ministerial decision said that from 01.02.2024 to 01.03.2024 fines will be suspended as a short period of grace, as long as it is proven that card terminals have been acquired but are pending installation.

A fine of 1500 will be implemented after this period.

In an announcement the Federation for Market Sellers said that “we welcome a new era for street markets with the implementation of the application of POS Systems, credit and debit card acceptance machines, which is now mandatory for the benefit of everyone for the optimal service of consumers and sellers, thus satisfying a perennial demand of the industry.

The measure has been in general expanded to almost all sectors with the exception of a few.

Source: tovima.com