Articles tagged with Interchange Fees
Commerce Commission Proposes Cut to Company Card Fees Saving NZ Businesses $40M Annually
2 weeks ago | 175 viewsThe Commerce Commission has proposed reducing the fees businesses pay to accept company cards, potentially saving retailers around $40 million annually and contributing to a total expected saving of up to $290 million per year for businesses. Commerce Minister Cameron Brewer highlighted that current interchange fees in New Zealand are nearly double those in Australia and unfairly burden businesses, which often pass these costs onto consumers through higher prices. The draft decision is open for consultation, with a final ruling expected later this year, aiming to ensure fairer payment processing costs and benefits for both businesses and consumers.
Tags: Commerce Commission Cameron Brewer retailers interchange fees company cards businesses consumers New Zealand Government banksNew Bill Bans Surcharges on Foreign and Commercial Cards for Easier Payments: Impact on Businesses and Consumers
9 months ago | 873 viewsThe Government, led by Commerce and Consumer Affairs Minister Scott Simpson, is expanding the surcharge ban to include foreign-issued cards and commercial cards, aiming to simplify transactions for businesses and consumers. The Retail Payment System (Ban on Merchant Surcharges) Amendment Bill has passed its first reading, prohibiting surcharges on in-store EFTPOS, Visa, and Mastercard payments. The ban, set to be implemented within a month of passing the Bill, aims to save businesses up to $90 million annually and prevent surprise costs for Kiwi shoppers at payment terminals.
Tags: Government payment pain point surcharge ban foreign cards Commerce and Consumer Affairs Minister Scott Simpson Retail Payment System Amendment Bill Commerce Commission banking fees merchant service fees interchange fees