When the US state of Maryland banned gas stations from charging extra for using credit cards, many of them simply switched to cash only.
What happens if Aussie businesses decide the incentives aren’t enough for them to keep accepting the cards?
DacheinAus on
It’s extra fees on top of what the branded cards charge for processing. This does nothing for the consumer except remove the “2.49% additional to use a card”
“Payment schemes will still cost money to operate and businesses will still have to pay providers.”
IAmLegallyRetarded_ on
Australia being owned by the credit card companies lobby.
skUkDREWTc on
> Debit and credit card surcharges will be gone by October under Reserve Bank reforms, with big banks likely to foot the bill for the cost-of-living measures.
Lol. Pull the other one. As if the banks are going to absorb the cost.
i0unothing on
A lot of chest beating from various sects and industries but this seems like a nothing article. Where is the details of what is being changed?
Are local businesses absorbing the processing fees? Or is it a flat out ban so no one is paying.
I’ll wait but I’m skeptical this won’t be half baked when they cave to banking and credit card companies.
AndreaMolinariTrento on
Banking should be free for commoners. As is the case in India & China.
pepsimax33 on
Fun fact: it was the Reserve Bank which introduced the current card surcharge model back in 2003, on the basis that the transparency would enable consumers to make informed decisions. Previously, the card schemes used to prohibit surcharging my merchants.
CipherWeaver on
Do it in New Zealand, it’s so annoying that companies push the merchants fees on you. Even high end hotels want an extra 3% to use credit card.
theo-apps on
These fees were incredibly annoying when I last visited as a tourist. I’ve never experienced these fees before in other countries, at least not widespread. It felt like these companies felt like processing cash is free when it’s not.
Cash takes time to count, transaction times are slower, mistakes can happen, it can be lost, higher chance of robbery, etc. It was crazy of them to charge such high fees.
bignuts3000 on
It was a way to offset the cost that banks charge businesses for accepting payment by card. No fees on cash payments. Now businesses will have to add a cost to everything to cover the bank fees or offer a discount for cash….
Careful-Calendar8922 on
Are they gonna end up backtracking like NZ did?
Different_Fox_6197 on
A coffee is five dollars
A coffee paid for with a card is five dollars and fifteen cents
This ban comes in
A coffee is now six dollars
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When the US state of Maryland banned gas stations from charging extra for using credit cards, many of them simply switched to cash only.
What happens if Aussie businesses decide the incentives aren’t enough for them to keep accepting the cards?
It’s extra fees on top of what the branded cards charge for processing. This does nothing for the consumer except remove the “2.49% additional to use a card”
“Payment schemes will still cost money to operate and businesses will still have to pay providers.”
Australia being owned by the credit card companies lobby.
> Debit and credit card surcharges will be gone by October under Reserve Bank reforms, with big banks likely to foot the bill for the cost-of-living measures.
Lol. Pull the other one. As if the banks are going to absorb the cost.
A lot of chest beating from various sects and industries but this seems like a nothing article. Where is the details of what is being changed?
Are local businesses absorbing the processing fees? Or is it a flat out ban so no one is paying.
I’ll wait but I’m skeptical this won’t be half baked when they cave to banking and credit card companies.
Banking should be free for commoners. As is the case in India & China.
Fun fact: it was the Reserve Bank which introduced the current card surcharge model back in 2003, on the basis that the transparency would enable consumers to make informed decisions. Previously, the card schemes used to prohibit surcharging my merchants.
Do it in New Zealand, it’s so annoying that companies push the merchants fees on you. Even high end hotels want an extra 3% to use credit card.
These fees were incredibly annoying when I last visited as a tourist. I’ve never experienced these fees before in other countries, at least not widespread. It felt like these companies felt like processing cash is free when it’s not.
Cash takes time to count, transaction times are slower, mistakes can happen, it can be lost, higher chance of robbery, etc. It was crazy of them to charge such high fees.
It was a way to offset the cost that banks charge businesses for accepting payment by card. No fees on cash payments. Now businesses will have to add a cost to everything to cover the bank fees or offer a discount for cash….
Are they gonna end up backtracking like NZ did?
A coffee is five dollars
A coffee paid for with a card is five dollars and fifteen cents
This ban comes in
A coffee is now six dollars