Fines up to 1,000 euros for absence of POS signs

Shops around Greece will have to have place special signs informing customers that they accept POS payments or pay fines up to 1,000 euros, according to a new legislation on plastic money introduced on Monday, February 1 2017.

It is a first step in an effort by the country’s Finance ministry to expand as much as possible electronic transactions, with the next step -and more decisive- being to describe which professions and service provider categories will be obliged to install POS machines.

The ministry has said that obligatory installation of POS will be made in three stages. The first by the end of the first half of 2017, the second by the end of 2017 and the third stage during the first half of 2018. Fines could drop as much as 50 pct if paid within 30 days from its imposition.