Irish firms likely to be hit hard as MasterCard ditches EU price gap

Finance minister Paschal Donohoe warned Irish buyers to beware of extra taxes on goods coming through Britain from another origin

Mastercard has said it will no longer observe the EU price cap on sales to British customers from October this year

Irish businesses face a potential fivefold increase in charges for making online sales to British customers after credit card firm Mastercard announced plans for a new fee system in the wake of Brexit.

Credit card firms such as Mastercard and Visa charge companies what is known as an “interchange” fee whenever a purchase is made using a credit or debit card.

The fees are paid to the bank which issued the card to cover handling ...