EFT­POS - new fee sys­tem

Townsville Bulletin - - Investor -

EFT­POS Pay­ments Aus­tralia Ltd says it will in­tro­duce a new pay­ment model for EFT­POS trans­ac­tions, mean­ing mer­chants’ banks will now be charged a five cent fee. The pro­posal, ex­pected to be in­tro­duced on Oc­to­ber 1, will re­verse the cur­rent sys­tem in which a card­holder’s bank pays a five cent fee to the mer­chant’s bank for each trans­ac­tion. EPAL said the new ‘‘ mul­ti­lat­eral in­ter­change’’ fee model was de­signed to re­place the pre­vi­ous sys­tem of bi­lat­eral in­ter­change fee ar­range­ments be­tween mer­chants’ banks and card­holder’s banks.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.