Merchant Fees

Merchant Fees

CashPSPFinTechACCCCBDCOnlineRegulationDigitalA2AReportingConnectIDNPPGovernmentTap and PayAP+BECSOutagesPlatformChequecommercial cardsLCROpinionContractBlended pricingBanksAIScamsCryptoMerchant FeesTreasurerCybercrimeTransitIdentityFeesAnalysisRBASurchargingcredit carddebit cardBank@PostInflationMobile WalletFinancial crimepre paid cardsATMStart-upsFraud
ACCCACCC
+4+4
Supermarket inquiry was a missed opportunity on payments competition
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Supermarket inquiry was a missed opportunity on payments competition

The final report for the ACCC's supermarkets inquiry was a missed opportunity to shine the spotlight on unfair card fees paid by Australian small businesses, says the Australian Association of Convenience Stores (AACS).

PSPPSP
+2+2
Least Cost Routing enablement still has a long way to go
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Least Cost Routing enablement still has a long way to go

The RBA latest 6-monthly data on Least Cost Routing (LCR) highlights not only how far there is to go to full enablement, but the reasons why Australia’s acquirers aren't there yet.

PSPPSP
+3+3
If Smartpay's for sale, where does that leave Cuscal?
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If Smartpay's for sale, where does that leave Cuscal?

Smartpay has confirmed it is looking at offers to sell the company, after PayDay News broke the story last week.

GovernmentGovernment
+6+6
MP urges Treasurer and RBA to act on blended debit card pricing
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MP urges Treasurer and RBA to act on blended debit card pricing

A Labor backbencher has written to the Treasurer and Reserve Bank of Australia demanding they close a “regulatory loophole” that enables payments service providers to charge “excessive” fees via blended rates.

PSPPSP
+6+6
RBA looking closely at “free” blended rates business model
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RBA looking closely at “free” blended rates business model

The Governor of the Reserve Bank, Michele Bullock, says the marketing of blended card fees as a free service to merchants is an “unexpected consequence” of the current surcharging rules that is being carefully considered.

FinTechFinTech
+7+7
IPF wants action on merchant fees after record increases
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IPF wants action on merchant fees after record increases

The cost of card fees levied on businesses is at record levels, forcing higher surcharges for consumers in a cost of living crisis, according to the Independent Payments Forum (IPF).

RegulationRegulation
+7+7
Fees charged by card schemes under increased regulatory scrutiny around the world
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Fees charged by card schemes under increased regulatory scrutiny around the world

The giants of the payment card industry, Visa and Mastercard are under an intensifying spotlight in a range of jurisdictions, including the UK, EU and Australia, with a key focus on the opaque scheme fees these companies dictate to banks and merchants. At least 80% of these fees are borne by merchants.

CashCash
+7+7
Get some rest during the holidays because 2025 will be a big year for payments
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Get some rest during the holidays because 2025 will be a big year for payments

Some well-earned rest may be needed for payments industry executives and policy boffins over the holidays, before they face a very busy 2025.

RegulationRegulation
+8+8
Westpac backs scheme fee cap and dissecting blended pricing
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Westpac backs scheme fee cap and dissecting blended pricing

Westpac has taken aim at the “complex” fees charged by card schemes like Visa and Mastercard, as well as controversial “blended” pricing plans imposed on many small businesses, in a comprehensive response to the Reserve Bank of Australia’s inquiry into merchant fees and surcharging.

RegulationRegulation
+6+6
High card fees for small business under attack in RBA review
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High card fees for small business under attack in RBA review

The urgent need to reduce card fees for Australian small business was a strong theme in early submissions to the Reserve Bank of Australia’s inquiry into card fees and surcharging this week.

Merchant FeesMerchant Fees
+2+2
A cool $6.4 billion evaporates in cloud of merchant fee mystique
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A cool $6.4 billion evaporates in cloud of merchant fee mystique

Businesses incurred $6.4 billion in annual merchant fees just for accepting debit and credit cards during the 2022/2023 fiscal year across Australia, but it is almost impossible to track where all the money went.

Merchant FeesMerchant Fees
+2+2
Canberra coy on legality of its pricey debit card surcharges, after announcing merchant ban
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Canberra coy on legality of its pricey debit card surcharges, after announcing merchant ban

Two weeks after the Albanese government vowed to crack down on merchant surcharges on debit cards, it won’t say whether Commonwealth departments and agencies are breaking the law by levying citizens with those same surcharges - some of which are among the highest fees for big merchants in market.