Firms are to receive a business finance boost thanks to the European commission's (EC) decision to abolish credit card transaction fees, it has been claimed.
According to Business Link East, credit card companies will now have to levy smaller fees to businesses as they compete to win over consumers.
MasterCard has been given six months to phase out interchange fees paid by merchants who accept Maestro and MasterCard credit cards, while Visa will have to review its payment policy before the end of the year.
Rod Hill, a business adviser at Business Link East, said: "A reduction in credit card charges is a welcome trend.
"Regular reviews by Visa and MasterCard are needed to ensure that discounted rates are provided for volume users."
He added that insufficient discounts have been given to large volume users, especially as electronic transactions are now the norm.
According to the EC, the competition ruling will allow domestic card companies to prosper in Europe without having to go up against the duopoly of MasterCard and Visa.