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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now