Debit card surcharges cost around $500 million a year.
In a move that could reshape how Australians pay for everyday purchases, the federal government is preparing to ban businesses from slapping surcharges on debit card transactions. This plan, pending a review by the Reserve Bank of Australia , promises to put money back into consumers’ pockets.
Bigger businesses can negotiate better deals on fees. This difference is primarily driven by the ability of larger merchants to thrash out favourable wholesale fees for processing card transactions. For small businesses, the cost of accepting cards can range from under 1 per cent to more than 2 per cent of the transaction value, which can eat into profits, especially for those working with tight margins.
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