Month: September 2022
When you pay a business using certain payment types, for example a credit card, the business incurs costs for processing the payment.
These costs are usually paid by the business to its bank.
Some businesses include these costs in the price they charge for their goods or services. Others pass the costs on as a payment surcharge.
On 25 February 2016 the Competition and Consumer Amendment (Payment Surcharges) Act 2016 became law.
This law was introduced to stop businesses from charging payment surcharges that are excessive (for example from charging a customer more than what it costs the business to process the payment.)
A business is not required to impose a payment surcharge, but if it chooses to then it is only allowed to pass on to the customer the costs that the business was charged for accepting payment of that payment type.
The ban applies to all businesses, regardless of their size. For more information please refer to www.costlesspaymentsolutions.com
Please call 0419762478