Zeller launches iPhone payment scheme as CEO downplays further merchant fee regulation
Australian payments platform Zeller has launched its Tap to Pay on iPhone system, with CEO and co-founder Ben Pfisterer promising a best-in-class experience for merchants — and a fee structure which fairly represents the hidden costs of providing point of sale services.
RBA gives Big 4 banks another ten months to lift their game on least-cost routing
The Reserve Bank of Australia has given breathing room to the major banks and payment service providers failing to promote least-cost routing among merchants, saying they have until June 2024 to boost merchant uptake before facing a regulatory crackdown.
Visa and Mastercard to limit “tying conduct” that offers some merchants cheaper credit processing fees
Payment giants Visa and Mastercard have pledged not to offer merchants cut-price credit transaction rates if they lock into their debit transaction systems, a move small business advocates hope will level the playing field for local SMEs.
RBA considers regulation to enforce least-cost routing access for merchants
The Reserve Bank has issued a new warning to banks that make it difficult for merchants to access cheap debit card transaction fees, saying it will consider regulation banning 'default' transaction routing.
SMEs slogged with card transaction fees three times higher than big business, with least-cost routing yet to reach full potential
Australia's smallest businesses are saddled with card transaction fees triple that applied to major corporations and the take-up of cheaper options remains "disappointingly low", according to the Reserve Bank of Australia.
Tap to the future: Government could crack down on payment companies making it harder for SMEs to access the cheapest fees
A new Treasury consultation paper puts the spotlight on least-cost routing: the system allowing small businesses to choose the cheapest payment system whenever a customer taps their card.
RBA changes mind, says Least Cost Routing can now happen on mobile wallets like Apple Pay
The Reserve Bank of Australia has substantively shifted its position on how banks and credit card schemes prioritise their products in mobile wallet Apple Pay.
John Durie: Least cost routing in the spotlight as ACCC pursues Mastercard over misuse of power
The ACCC's case against Mastercard is its second-ever section 46 case since the law was amended five years ago, alleging the payments giant misused its market power.
John Durie: ACCC takes Mastercard to court over card payment agreements with retailers
The ACCC alleges that after the RBA changed the rules in 2017 to demand so-called least cost routing, Mastercard did deals with the major retailers in an attempt to sidestep the new directives.
John Durie: Small business wants action on labour shortages and high bank fees, but the government has done nothing but talk
The government comes to the election having supported action on least cost routing in principle last September but having done nothing about it.
John Durie: Retailers test how far they can push prices amid inflation before consumer behaviour changes
Cost-of-living increases are a key election issue but the reality is many manufacturers and retailers like some inflation.
Labor pledges to cut invoicing delays, minimise merchant fees, and slash red tape in its small business election platform
Labor has made its election pitch to the small business community, promising to cap invoice payment times at 30 days, champion lower merchant service fees, standardise disaster support, and slash red tape at tax time.
