Westpac NZ rolls out new merchant fee pricing structure

Tuesday 4 August 2020 12:34 CET | News

Westpac NZ has revealed it is rolling out a new merchant fee pricing structure that will lead to cost savings for more than 10,000 small and medium Kiwi businesses.

Mirage News reports that on 1 September, most businesses will be moved on to a new ‘blended’ merchant service fee, which will provide separated pricing depending on the transaction type. Moreover, merchants on this pricing structure will be charged a new maximum rate of 0.60% on contactless debit transactions, while contactless credit transactions will cost less than standard credit transactions.

In March, Westpac announced a six-month fee waiver on all contactless debit transactions for businesses with an annual turnover of less than USD 500,000. Those businesses will join others on the new pricing structure when their waiver period ends on 21 September. The acquirer’s fee covers costs to the acquiring bank including fraud prevention, merchant support, payment processing, and technology costs.

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Keywords: Westpac NZ, merchant, fees, small businesses, fraud prevention, merchant support, payment processing, debit transactions, credit transactions
Categories: Banking & Fintech
Countries: World
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Banking & Fintech

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