Sunday 24 March 2013

New Rules On Credit Card Surcharges By Retailers.

Following a review by the Reserve Bank of Australia, Visa has introduced new restrictions on any surcharge that retailers make for the customer use of credit cards.

Basically, retailers must restrict any surcharge to “a reasonable cost of card acceptance”. The justifiable surcharge can be made up by the Merchant service Fee (MSF), terminal line cost, credit card terminal rental, annual acceptance fee and employee training to operate the terminal.

At the time of writing, other credit facility providers had not followed Visa’s lead.