Surcharging

News about surcharging and consumer fees

With no consensus on card fees and surcharging, will the public interest prevail?

If the Reserve Bank wants consensus on its proposal for merchant fees and surcharging, it’s a lost cause. The best the central bank can hope for is a decision in the public interest, leveraging strong sentiment on issues such as scheme fees, least-cost routing and the burden on small business.

Fintech

Payments reforms put global providers in the frame

After years of deliberation and delay, federal parliament has finally passed changes to the Payments System Regulation Act. While the reforms give the Treasurer new special powers to designate payments systems in the ‘national interest’ they are unlikely to advance the RBA’s mandate to support competition. Currently only eftpos, NPP, Visa and MasterCard are designated payment systems.

Merchant Service Fees

Tyro’s bizarre warning to SMEs, while industry still peddling costly bundled rates and surcharging

Tyro is warning customers to only make “modest price adjustments” in the wake of the proposed RBA surcharging bans next year, while continuing to promote hefty 1.4% bundled plans with surcharging to new small business clients.

Merchant Service Fees

Airline ticket price hikes ahead, as Qantas promises to pass on surcharge costs

Qantas believes that while the RBA's aims are admirable, it will not get the results it wants - with the proposed ban on surcharging more likely to see an inflationary effect.

Merchant Service Fees

RBA tries to head off critics of surcharge assumptions

The Reserve Bank of Australia (RBA) yesterday moved to head off criticism of the data it used in its Review of Merchant Card Payment Costs and Surcharging consultation paper.

Merchant Service Fees

Merchants cop more card fee increases, despite RBA pressure

Merchant fees across Australia's major payment networks have increased over the past six months, despite intensified regulatory scrutiny from the Reserve Bank of Australia (RBA).

Merchant Service Fees

Coalition chaos over surcharge ban, card fees

With Treasury spokesman Ted O’Brien missing in action, mixed messages have come from coalition leadership on card payments and surcharging.

Merchant Service Fees

Will NZ retailers get their “no tap” signs out after proposed POS surcharge ban?

New Zealand retailers may be reaching for their “no tap” terminal signs again, after their government proposed a ban on surcharges for most Visa and Mastercard POS payments this week.

Merchant Service Fees

NZ continues surcharging and preserves zero debit interchange option

New Zealand's Commerce Commission has retained a zero debit interchange option for merchants, continued card surcharging and reduced other interchange fees for businesses accepting Visa and Mastercard payments.

Merchant Service Fees

Buyout target Smartpay exposed to fallout from RBA reforms

Publication of the RBA’s payments roadmap put Tyro’s share price under pressure on Tuesday, but the business fallout will be more widely distributed in the payments sector.

Fintech

Retailers accuse RBA of “political fix” on card fees

Small business groups say the RBA’s proposed reforms won’t bring down card fees anywhere near as much as anticipated, and consumers will end up paying higher prices.

Merchant Service Fees

eCommerce jobs go as Tyro implements new product and technology model

With its future under the cloud of a languishing share price, US rivals looking to Australia for acquisitions, and the RBA set to up end its business model, Tyro is vowing to go it alone.

Merchant Service Fees

RBA options paper set to ignite heated debate on card fees and surcharging

When the Reserve Bank of Australia (RBA) kicks off its consultation on the Review of Merchant Card Payment Costs and Surcharging next Tuesday, Australia will have three big payments consultations running in tandem. Why?

Merchant Service Fees

Chalmers dodges a productivity test on payments

Federal Treasurer Jim Chalmers has ducked for cover after his office was asked to explain why taxpayers are wearing the cost of government agencies only being able to accept online debit card payments processed through the Visa and Mastercard networks.

Merchant Service Fees

Historic shakeup? Surcharge ban prompts A2A and crypto challengers

The dominance of card giants and Australia’s big banks’ revenue streams are under threat as the industry readies for structural transformation in the face of a looming debit card surcharge ban and escalating costs for merchants.

Surcharging

Scheme fees in Europe’s spotlight after 10 yrs of fee cap failures

A group of prominent European retailers has renewed calls to regulate fees charged international card schemes (ICS) on card transactions, saying a lack of controls is seriously undermining efforts to reduce the cost of card payments.

Merchant Service Fees

Federal Government debit surcharges continue, despite proposed ban

Aussies are continuing to cop debit card surcharges for Federal Government services such as new passports, visas and national parks entry, despite a proposed ban.

Surcharging