Unlike in the UK and the European Union where card surcharges are banned, retailers in Australia are allowed to recoup their payment costs through surcharging their customers, as long as they are not making a profit out of it.
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“Australian Banks profit nearly $1 billion a year from card surcharges as RBA does nothing”
so split across the big 4, say $250m each and $5-10b in profit each… they can afford to stop
Card surcharges are just another way for retail outlets to gouge their customers with hidden cost.
Any honest business absorbs the cost of credit card fees because they know that the labour cost of banking cash or the transactional cost of EFTPOS is a rounding error.
Dishonest businesses who deal with cash under the table don’t account for the labour cost of banking cash, so just perceive as credit card fees as an extra expense.
Isn’t it the merchants themselves who impose these 1.5% charges? I usually pay it, but it does annoy me.
While we’re at it, let’s get rid of the ‘minimum purchase for card purchase’ policies.I should not be punished for putting the money straight into your account and saving you the hassle of constantly managing the till cash, counting takings at day’s end and going to the bank.
Still have to do both, so if the bank is taking a cut, then I’m going to at least get a minimum sale out of the deal.
i dont get why it’s a percentage… the database on the server thats on whether transactions are happening or not, the always on internet connection, doesnt cost more because i bought a pastry with my coffee today… what the!?