The uptake of tap-and-go purchases during the pandemic has made spending easier than ever, but small businesses say they’re taking a hit as a result. 7NEWS
Point-of-sale processing fees have become a topic of contention, and small businesses are calling on theLooking for a new job or job candidate? Post jobs and search for local talent onPOS processing fees are incurred by businesses when customers pay using in-store electronic terminals, such as by tap-and-go. These fees differ depending on the bank involved.
“I know some other businesses at the moment are looking at, or have started, charging customers,” restaurant owner Manny Notaras said.“The costs are going up, inflation is going up, and I know from my end I’m $2000 every month out of my pocket.”“I try not to go back to businesses that charge a surcharge,” one person said, while another complained that banks “already have your money and then they’re charging you to use it”.
This is something the Reserve Bank wants to fix, with an initiative called Least Cost Routing whereby merchants are always given the option to use the most affordable payment option.RBA payments boss Ellis Connolly says the take-up has been “disappointingly slow”, revealing last week National Australia Bank has been the slowest by far.
“If we can keep the costs of doing business down, that means the business doesn’t have to increase their prices.”The small business community wants the federal government to mandate the banks and payment providers to make least-cost routing available.“All the costs are going up and here is a way that is no cost to the government, no cost to the budget, to enforce a system that will save costs to small businesses.
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