A new law implemented on September 1 now prohibits business owners from charging their customers with excessive fees on credit, debit and prepaid cards.
So, what’s considered to be excessive? According to deputy chairman of the Australian Competition and Consumer Commission (ACCC), Michael Schaper, “if a business’ cost of acceptance for Visa credit is 1.5
Businesses are still able to set a flat fee across all payment methods, but there is a catch (of course). Rather than setting the fee at the maximum, or even average, of the businesses processing fees, business owners are required to set fees at the LOWEST rate. For example, if your business is charged a 1
With fines up to $126,000, you’ll want to make sure your business is following the rules. Book an appointment with us today and we’ll make sure you’re safe.