Fears small businesses will be stuck with card fees in surcharge overhaul
The RBA and business groups are split on the incoming card surcharge ban, with the latter seeking assurances merchants will be better off.
Small businesses will be stuck with the cost of accepting card payments without further assurances on backend fees, business groups say, challenging claims that new fee caps and transparency measures will leave traders nearly a billion dollars better off each year.
The Reserve Bank of Australia (RBA) on Tuesday confirmed surcharges for debit and credit transactions using the EFTPOS, Visa, and Mastercard networks will cease on October 1 this year.
It found surcharging — a price signal encouraging consumers to choose cheaper payment options — is no longer working as intended.
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