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
We watched the pre-recorded live webinar yesterday and was not surprised from their scripted response. Their reduction from 1.8% to 1.7% answered my question of 'do I turn off the credit card payment option'?. Yes, which I did today.
We are a micro business and offer credit card payments as an option for clients, our main issue is that most NSW state government departments pay by credit card, this will now have to be done over the phone via our eftpos terminal as the bank's fees are lower the MYOB.
In case anyone is interested in bank fees, my conversation with Westpac this morning regarding fees are as follows:
Terminal fee - $24.75 (monthly)
Terminal transactions - reducing by 0.41%
Eftpos Air - reducing by 0.15% (smart phone option)
Online Pay - reducing by 0.15% (send a link to the client, they can pay by credit card)
Obviously these fees are not going away and as a business we will have to make adjustments, whether that is absorbing the fees or increasing prices.
*Post edited to show the change in price rather than the pricing itself
WOW, you edited my post to show the % in reduction, not the actual rate that I posted. Is it because the bank rates are much lower than MYOB's?
Where is your transparency?
I have to agree with flubber here. This is a really poor look from MYOB and raises some serious questions about transparency in this discussion.
Those actual rates were directly relevant to the conversation. We have been discussing MYOB's 1.7% + 25c fee and whether businesses have commercially viable alternatives. Another customer then provided actual rates they had obtained from their bank, allowing MYOB customers to make a direct comparison, only for an MYOB Community Manager to edit their post and remove those rates, replacing them with percentage reductions instead.
Given the amount of frustration already being expressed by MYOB customers about these changes, I would have thought greater transparency and open discussion would be the appropriate response, not less.
Hi flubber , advertising competitors is technically enough to have the entire post removed.
However I try not to do this whenever I can.I think the comparison here is good as far as the changes are concerned. But there are also many factors involved which your post doesnt touch on which can then lean towards providing misinformation to other community members. For example:
- Banks will change their rates based on the turnover of a business, so the rates you are offered will not be the same as what another business is offered (to my knowledge)
- These bank fees also don't include AMEX and potentially the other payments offered by MYOB (Applepay, Googlepay, Paypal)
