Michael Sainsbury

Michael is a multi-award winning independent business journalist who has worked in Australia and the Indo-Pacific and spent four years as a China correspondent. He has worked for News Corp, Fairfax, Nikkei and a range of independent media outlets, including Crikey and The Saturday Paper, and describes himself as an advocate of independent media.

Citizens left holding the bill as the government undermines its payments reform agenda

As Canberra bans surcharges in October, a glaring loophole has been left open that hands NAB the country's biggest commercial card windfall. Taxpayers will be forced to cover the cost of expensive corporate credit cards used to pay for government services, while public servants will inflict pain on small businesses every time they open their wallets, forcing up prices.

Regulation

How the RBA created the surcharge snafu it now blames on others

Amidst high inflation, global uncertainty and surging fuel prices, Michele Bullock announced the controversial surcharging ban last week by saying the system "no longer works as intended." What she didn't say is that she was one of the people who made it work the way it did.

Regulation

Small businesses are scratching their head at how banning surcharges can be good for them

A wide range of businesses and small business groups are convinced that the RBA has kicked an own goal on inflation with an April Fool’s joke that is not funny.

Merchant Service Fees

The settlement infrastructure that triggered the fake home loans scandal is AML-free

About 90,000 new entities including property settlement monopoly PEXA, brokers, accounts, lawyers will fall under AUSTRAC compliance from July - as PEXA eyes the New Payments Platform.

Digital & Online

Leaked list reveals high risk NPP customers

Cuscal, Westpac, Zepto and ANZ have been told to keep a close eye on more than two dozen companies in the remittance and money transfer, securities with investments and gambling sectors that feature on a leaked “high risk” list of merchants they connect to the financial system via the New Payments Platform.

Digital & Online

Payments fees surge as oil accelerates inflation

Higher ticket prices are creating a surge in payment fees for small businesses, in an economy that Commonwealth Bank and others believe will see the Consumer Price Index rise above 4%.

Merchant Service Fees

Bluesfest collapse triggers refund confusion

Due to a rare ticketing arrangement Stripe and PayPal are now on the hook for millions in refunds via delayed card chargebacks, after the merchant, Bluesfest Enterprises, went belly up.

Digital & Online

Little action on illicit tobacco instore and online payments as “wars” escalate

With illegal tobacco being couriered around the country by Australia Post on the back of online payments, only CBA and Tyro appear to be taking noticeable action as the Federal Coalition sets up its own tobacco taskforce.

Digital & Online

The economics of A2A: the “fee free” illusion in real time retail

Comparisons with other territories used to push A2A retail business cases in Australia are misleading. In reality, buying a coffee, beer or train ticket is most likely cheaper with a debit card on your mobile.

A2A

Illicit tobacco online via payments rails, delivered by Australia Post

Australia Post has become the chief courier service for illicit tobacco, with payments provided by a raft of companies including PayPal, Visa, Mastercard, Klarna, Stripe, Link, and CBA and ANZ BSBs.

Digital & Online

Mixed results for listed pay firms, with Tyro and Cuscal profits up, revenue slower

BNPL player Zip is now heavily dependent on its US business and like Beforepay, it is struggling to impress investors.

Fintech

The great loyalty shake-up: Australia's biggest brands rewire rewards

Australia's loyalty landscape is being redrawn by regulatory pressure, cost-of-living anxiety and a retail data goldrush where every payment is a data point that’s sold and shared.

Merchant Service Fees

Bills-for-points fintechs surge as Pay.com.au float looms

A wave of Australian platforms letting businesses put payables on cards to earn frequent-flyer points is accelerating in a sector shaped as much by loyalty economics as payments innovation.

Fintech

Global payments consultancy BBMS enters Australia as surcharging ban looms

With the RBA’s card surcharging ban set to hit in July, London-based payments veteran Neil Fillbrook is bringing BB Merchant Services’ forensic cost-reduction model to Australia — promising average savings of 23% for businesses.

Merchant Service Fees

NAB’s Citi gamble enters the proof phase as consumer bank execution comes into focus

With migration complete and proprietary lending rising, NAB is betting scale in cards and direct mortgages will lift returns, but market share and margins indicate the next phase depends on execution.

Banks

CBA takes the lead on scams and fraud as credit growth bolsters banks

Granular detail on scams and fraud released by the Commonwealth Bank (CBA) throws down the gauntlet to its competitors.

Banks

Payments recruiter turns industry model on its head with fixed-price search

EasyTalent founder Craig Danvers said commission-based agencies can no longer justify their fees in an era where LinkedIn has democratised candidate access.

Small business unites against card scheme "margin grab"

Ahead of hearings next week, 24 submissions - and counting - have been published by the parliamentary inquiry, with banks joining business in fingering card schemes as a major problem.

Digital & Online

“Card tricks” keeping SME fees high, says IPF

A coalition representing more than 120,000 small retailers has accused global card schemes of keeping their payment costs artificially high by applying a global playbook of “card tricks”.

Merchant Service Fees