Faster Payment of Credit Card Sales

Today, the BCRA's Board has decided to reduce the period for banks to pay merchants for transactions on credit cards. This measure will benefit 1.5 million micro and small businesses, and will come into effect on July 1.

The time elapsed from the date of transaction on a credit card and the statement date is on average 18 business days—traditionally, the time it has taken banks to pay merchants for credit card transactions. This involves a mismatch between the date of transaction and the date of collection by the merchant.

From now on, micro and small businesses—as defined by the Secretariat of Small and Medium-Sized Enterprises and Entrepreneurs—will got paid 8 business days after a credit card transaction is made.

The term will be extended to 10 business days for medium-sized businesses, and to 18 business days for large companies.

Health companies, restaurants, and hotels will also get paid within 8 business days, if they are micro or small enterprises. The others will get paid after 10 business days.

This scheme, which streamlines the payment system, is supplemented by the cap on interest rates that banks may charge users for financing their credit card purchases.

June 10, 2021.