Banks on a winner
WITH regard to bank fees charged to merchants, many do not realise that the new “PayWave” is there only to help the bank. Each transaction is deemed to be a credit transaction regardless of the account from which the money is taken. This adds to the merchants’ fees.
The cost of the instant terminal is also much higher than the older EFTPOS machines.
The banks have put themselves into a win-win situation. TINA LLOYD, North Haven.