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Credit card acquirers put pressure on Thomas Cook

A payment firm in the Nordic area is in talks to extend the period for which it retains Thomas Cook Group's Scandinavian customers' cash from two days to several weeks, Sky News has reported.

"We remain in discussions with our Nordic card supplier and we are confident that we will reach an acceptable solution in the coming days," the group said in a statement.

Other credit card operators are reportedly exploring options to hold to as much as 50% of all payments processed on behalf of Thomas Cook Group for an unspecified time.

The moves put additional pressure on the cash-strapped travel group as it proofs that credit card acquirers are worried about its financial standing. Usually, companies extend the period for retaining customers' cash before transferring it to the vendor when they have doubts as to the business' solvency.

Several firms have also reportedly appointed Deloitte to perform an audit of their exposure to Thomas Cook Group.

On May 16, 2019, Thomas Cook Group reported a GBP1.5 billion pound (USD1.9 billion) pre-tax loss...

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