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Merchant Fees
Merchant Fees
Chalmers ready to pull the trigger on merchant fee reform
The clock is already ticking for the Albanese Government to lower merchant service fees and ban surcharging on debit transactions - two of the Labor Party’s policy pledges at the recent federal election.The legislative reforms create wide-ranging discretionary powers for the Treasurer to regulate payments system participants.
Businesses face fines of up to $2m in ACCC surcharge crackdown
After years of inaction on card surcharging, the Australian Competition and Consumer Commission (ACCC) has chosen the final week of the election campaign to warn small business it’s cracking down - despite nothing being done about the high fees they are charged by banks and PSPs compared to big business.
Xero and MYOB dive into busy small business POS surcharging market ahead of RBA decision
Australia’s most popular small business accounting outfits, MYOB and Xero, are diving into the turbulent waters of the busy Point of Sale (POS) payments market, with new mobile payments apps complete with hefty surcharges.
The payments dilemma in the US tariff war
With endless talk about United States tariffs and trade imbalances over the past week, nobody in Australia is talking about the elephant in the room – United States payments, technology and tech platforms are siphoning billions of dollars from the Australian economy annually.
RBA focused on reducing wholesale card fees for SMEs, but blended rates have complicated the issue
The Reserve Bank of Australia (RBA) has told a large industry forum in Sydney that it has “significant and ongoing” concerns about small businesses having to pay much higher fees for card processing than big business.
