"This is an easy fix as they can remove surcharging but will get more merchants to come on board. They can change the cost and fee structure."
Problem is that it isn't linear; the monthly fee is informed by the surcharge, i.e., the surcharge subsidises the rental cost:
Higher level of surcharges = lower monthly rental fees, and vice versa
So if legislation outlaws surcharging, terminal providers will simply increase rental charges to the a level the market can bear.
From observing much precedent, whenever governments pass down laws (especially for populist reasons that buy votes) there are always unintended consequences.
And in this particular situation, one of the consequences is that the cost of the terminal - which is being disproportionally borne by the merchant's customer now - will be transferred to the merchant itself (at least, to some extent).
And the last thing that SME's need in an economy that is under pressure, is added costs to their business.
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