Retailer can’t afford to have Paywave

A Wellington retailer has removed Paywave payments to keep his business afloat after banks reintroduced the contactless payment transaction fees. David Cathro, of craft supply shop Made Marion Craft, estimated the business paid $8000 a year in Paywave fees – about 2 per cent of every transaction. As part of the Covid-19 recovery, most banks waived the fees, and the minimum monthly merchant service fee, for eligible small business customers for a limited time. Cathro said customers were unaware it cost a business for every Paywave transaction, and he had asked customers to not use it if possible. ‘‘I’ve got to tell them I can’t afford it,’’ he said. After Westpac reintroduced the fees on January 1, he removed the option completely. A Westpac spokesman said the bank was working with business customers. ‘‘We encourage anyone who is facing financial difficulties to contact us, so we can identify a solution for their specific needs,’’ he said.