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Q&A: 4 Common Questions about POS

1. Who is required to accept card payments (POS) and direct account-to-account payment services (e.g., IRIS)?

Entities receiving payment from a payer, namely a natural person who maintains a payment account and authorizes payment instructions from that account, or if there is no payment account, the natural person giving payment instructions, provided the payer acts as a consumer for reasons not related to commercial, business, or professional activity.

2. What card payment means cover the obligations of Joint Ministerial Decision?

As card payment means and card payment terminals that cover the obligations of Joint Ministerial Decision Νο. 8139/31-01-2024 (Government Gazette 744 B), all available devices (e.g., wireless and wired POS terminals, mobile POS), methods, and applications (e.g., Virtual POS) that can be used for card payment acceptance, both with physical card presence and without physical card presence (virtual/mobile), are considered.

3. What account-to-account direct payment services cover the obligations of Joint Ministerial Decision?

As account-to-account direct payment services, all online direct electronic payment services that allow consumers (payers) to conduct their transactions by directly debiting their bank accounts and directly transferring the amount of their transactions from their personal accounts to the professional accounts of obligated entities, without the use of a payment card (credit, debit, prepaid, virtual), are considered.

4. What is the compliance deadline for entities subject to Joint Ministerial Decision?

For all entities subject to Article 1 of the Ministerial Decision, the compliance deadline for accepting all means of payment is February 29, 2024.

New entities subject to Article 1 of the Ministerial Decision, as listed in the table of paragraph 4 of Article 8, were required to procure and operate card payment terminals and declare their professional accounts from January 1, 2024.

However, exclusively for new obligated entities, regarding the imposed penalty enforcement during the period from February 1, 2024, to April 1, 2024, the enforcement of penalties under Article 5 of the Ministerial Decision is suspended, provided they have submitted a lawful request for the procurement of a card payment terminal by February 29, 2024, and await its installation.

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