Mandatory POS for IRIS Payments – Fines Up to €20,000

A new bill mandates the use of POS for payments via IRIS in businesses. Businesses that do not comply will face fines ranging from €10,000 to €20,000, depending on their accounting system.

Specifically, the fine is €10,000 for businesses with single-entry bookkeeping and €20,000 for those with double-entry bookkeeping. Small businesses in settlements of up to 500 residents or on islands with a population of less than 3,100 (excluding tourist areas) are entitled to a 50% reduction in the fine.

The regulation concerns thousands of retail, catering, and service businesses that accept IRIS or mobile banking payments without a POS. After the law comes into effect, any payment not made through a connected terminal is considered irregular.