Saudi Arabia exempts stores from Merchant Services Charge for 3 months

Sellers and entities which are registered with the authority will be excluded from the program. (File/AFP)

• The fixed monthly payment for stores whose operations cost less than $3,995 a month will be stopped

DUBAI: The Saudi Arabian Monetary Authority (SAMA) will support retail stores by exempting them from points of sales (POS) and e-commerce fees for three months, starting March 14.

SAMA announced the eligibility requirements for the new support program on twitter.

الإعفاء من رسوم عمليات خدمتي نقاط البيع والتجارة الإلكترونية.#مؤسسة_النقد #SAMA pic.twitter.com/RY9kUEZK6Q

— SAMA (@SAMA_GOV) March 22, 2020

All POS and e-commerce fees related to purchases using internationally accepted cards and cheques in the Kingdom - which are processed through a host entity in Saudi Arabia - through outlets, websites and apps for licensed local commercial activities will be eligible.

Sellers and entities which are registered with the authority will be excluded from the program.

The fixed monthly payment for stores whose operations cost less than $3,995 a month, which amounts to $26.6, will be stopped during the period and will not be included in the support program.