translated from Spanish: Banks will have to reduce the settlement period for credit card payments

The Central Bank determined a reduction of up to 8 working days for the term of the settlement of payments made by banks to businesses for sales made with credit cards. This is a measure that will improve the perception of 1.5 million micro and small businesses and that will enter into force on July 1. Currently, the time that elapses between spending in the shops and the payment of the card summary is on average 18 business days. Historically this was the period in which the payment from banks to shops was made. This scheme was neutral with respect to the mismatch of deadlines between the time of payment of the user and the receipt by the trade.
The new provision defined by the Board of Directors of the BCRA, allows micro and small businesses (as defined by the Secretariat of Small and Medium Enterprises and Entrepreneurs) to receive the collection of sales made by credit card within 8 working days of the transaction. For its part, in the case of medium-sized companies the period will be 10 working days. For large companies the deadline will be 18 working days. For health, gastronomic and hotel companies, the reduction to eight days will also apply if they are micro or small shops and is maintained in ten working days for the rest. The monetary authority stressed that this scheme that facilitates the fluidity of the payment system is complemented by the limit of the interest rate that banks can apply to users who choose to finance the payment of their consumption.

Original source in Spanish