Card Surcharges
As of 1st of October will MYOB be charging us the 1.8% Credit Card surcharge + the .25c transaction fee or will it be removed as per the RBA's recommendation?
Forum Discussion
I understand MYOB's 1.8% + 25c covers more than just interchange fees, but I think we're only hearing half the story here.
From 1 October the RBA is also reducing interchange fees, specifically to reduce card acceptance costs for merchants. They've estimated these changes will save merchants around $1.2 billion per year.
MYOB is very clear that we can no longer pass the 1.8% fee onto our customers, but there's been very little said about the reduction in MYOB's own underlying card processing costs.
So the question is pretty simple – how much of that saving will MYOB be passing onto us through a reduction in the 1.8% + 25c fee?
Telling businesses to adjust our pricing to absorb the fee, without answering that side of the equation, isn't really good enough.
Agree 100%. We will be cancelling this payment facility. Totally unacceptable MYOB isn't being transparent about what they will then charge it's current customers for this payment service. It's not like we don't pay enough for the actual software monthly.......
agree....we will be cancelling too from October....as you mentioned we pay enough in fees nd when our clients do pay us with the Credit card facility we have to wait days to receive the money and i cant edit the online payment description.....
