Chrysostomos Tsoufis

Today ends the extension of the deadline that had been given to 7,600 businesses which, due to cash and POS incompatibility, could not complete the process.

So it was not their own fault that the inability to connect was due to technical difficulties hence the extra days to replace the old systems with new ones.

By the end of June, all businesses that use a cash register system with ERP software and have scheduled an appointment with a technician within June should have completed the interface.

Audits, which have already begun to see if the market is in compliance, also focus on 30,000 seasonal businesses which must have linked cash register and POS one day before they reopen.

Approximately 3,000 businesses that were excluded from POS supply due to Teiresia will have more time.

After the intervention of the Ministry of Finance until the end of 2025 payment service providers cannot reject a business proposal for training for POS supply.

Figures so far show that around 300,000 businesses have completed the interconnection.

Businesses found not to have connected the cash registers to the POS will face fines of up to €10,000 if they keep a simple accounting system and €20,000 if they keep a double accounting system.

Fines are halved for businesses established in settlements with a population of up to 500 inhabitants and on islands – except for touristic ones – with a population of up to 3,100 inhabitants.

At the end of the month, June 30th in particular, is the deadline for freelancers and self-employed people to offer their customers the ability to pay for their transactions and with the IRIS system.

These payments do not have commissions for transferring amounts up to €500 from a private person to a private person, while the payment to the professional is also without commission. Only the professional incurs a very small commission compared to what is applicable and POS payments.

The figures show that already 1/3 of those liable, 280,000 out of 900,000, have already connected, while non-compliance entails a fine of €1,500.

According to Finance Minister Kostis Hatzidakis, the specific direct payment system will have been extended to all businesses by March 31, 2025, not only in physical trade but also in electronic trade.

According to the announcement of DIAS, the national clearinghouse for interbank payments, direct payments are the fastest growing category. In the first 5 months of the year, the number of transactions through IRIS is 80 times higher than in the corresponding period of 2020.

Almost 7/10 direct payments are made with the IRIS system with more than 2.6 million registered users, i.e. 1/4 residents of the country.