The Competition and Consumer Amendment (Payment Surcharges) Act 2016 commenced this year, which bans excessive payment surcharges. The new laws will limit business surcharges on payment methods such as credit and debit cards to the direct costs of the payment method, such as bank fees, according to a new Reserve Bank of Australia standard which is currently in discussion.
If your business issues a surcharge for credit or debit card use, consider whether your surcharge is higher than the cost of accepting that type of payment. If so, you should review the surcharge and make the appropriate adjustments before the ACCC begins enforcing the new laws.
Alternatively, if your business has been subjected to such charges, you may now have grounds to seek a refund.