After two delays, the Central Bank (BC) confirmed that from Monday (7), the central recording of renters’ income with card sales will begin.
According to the financial institution, the measure should mainly benefit small and micro businesses, which may have access to credit at low interest rates by offering a portion of what they have to get to the banks.
In a note, BC reported that the measure would increase competition between financial institutions, allowing the bank differential – the difference between fees paid by institutions to raise funds and fees charged from clients – to be reduced.
The merchant will be able to divide the receivables tables, into batches of tens or hundreds of transactions, and negotiate with several financial institutions at the same time, until getting the best loan.
Accounts receivable is calculated for both credit and debit card sales. Since the acquiring companies will record these transactions, merchants will be able to obtain loans by making receivables to cover any defaults or even reselling the revenue they are entitled to from sales using small machines.
There are currently three companies licensed to act as receivables acquirers in the country: CIP, Cerc, and Tag. However, the companies claimed there were difficulties in assembling the systems and asked the central bank to postpone the entry into force of the registration.
Initially scheduled for November 3 last year, the date was changed to February 17 and pushed back to June 7, the date confirmed by British Columbia.
Because of the second postponement, BC imposed a fine of 30 million Brazilian riyals on a company and forced the company to sign a commitment contract in which it promised to solve technological difficulties by the beginning of June.
The autonomous system estimates that credit card receivables have the potential to move to R$1.8 trillion annually, of which R$1 trillion corresponds to credit card transactions and R$800 billion to debit card flow.
The new system is also expected to increase the security of financial institutions. Currently, the same receivables can be pledged as security to more than one bank. With central registration, this will no longer be possible.