Unlike many other countries where merchants pay the EFTPOS transaction fees, in Australia debit card issuers have been paying the bills. This will soon change, and the fees will be charged to merchant acquirers. This shift is causing concerns that the costs might finally translate to higher ticket prices for consumers.
Under the proposed changes, Eftpos Payments Australia Limited (ePal), the company established to manage the eftpos debit payments network, will charge merchants’ banks a 5 fee for all eftpos transactions over $15.
The Council of Small Business Organisations of Australia said consumers would likely end up bearing the brunt of the new fee, as retailers struggled amid tough trading conditions.
“Some people will build it into their costs, while others will take the option to say, ‘Well, if you use a card you’ve got an extra 3 per cent or 5 per cent added to the cost of the transaction’,” executive director Peter Strong said.
Read more about the story here: http://www.heraldsun.com.au/business/entrepreneur/eftpos-changes-to-be-felt-at-the-register/story-fn7ve51s-1226114956855
