THE financial services inquiry led by David Murray is calling for a ban on outrageous surcharges on credit and debit card transactions in the Murray Report into financial services industry.
Retailers may be limited to 12 cents or 0.5 per cent of the transaction value, whichever is less, News Corp reported on 4 December 2014.
Town Hall (Sydney) newsagent Hendri commented on the news report and said;
While I agree that customers should not be slugged by exorbitant fees on Credit Cards and EFTPOS payment, merchants and retailers should not always be portrayed as the bad guys in this kind of news.
We do have surcharges for Card transactions. In our case, transactions that are less than the minimum and those that involve transport ticketing.
The most common question (less informed) customers asked is “why there is a surcharge on this?” In my opinion, before this can be appropriately answered the customers should understand the following:
- How much do the banks charge the merchants?
- How much commission do State Transit pay the agents? If the commission is just barely enough to cover processing fee (labour, equipment, etc), How do customers expect newsagents to absorb the banking fees? (Anyway I do not believe that it even cover the processing fee, one of our staff member was very stressful on the early days when they started to roll out OPAL, and the commission received can hardly pay for additional staff).
What do other newsagents think and what do they charge?