This is a courtesy email to advise of some recent Reserve Bank of Australia changes in relation to card payment surcharges.
What does this mean for your business? The Reserve Bank of Australia (RBA) recently completed its review of card payments regulations, including Standard No 3 of 2016 (“Standard”) which relates to card payment surcharging:
If you currently do not apply a card payment surcharge, then you don’t need to do anything.
If you currently apply a card payment surcharge to your customers, then you will need to review these changes.
What are the changes?
As a client of Debitsuccess you cannot pass onto your customer any ‘card payment surcharge’ that exceeds your costs of transacting by that particular card. The Standard clearly defines what costs merchants can recover by applying a card payment surcharge.
When is this effective from?
All large* merchants from 1st September 2016.
All merchants from 1st September 2017.