What do you know about small businesses? Now, what do you know about payment surcharges? If you shop at a small business or even if you own a small business, chances are you do not always pay attention to the additional fees that may not be associated with bigger companies of business when you partake as a consumer. To learn more about the new law limits places on customers for their payment methods, check out this article here.
Key Takeaways:
- A new law will go into effect in Australia which will limit surcharges businesses can charge for different payment methods
- The limit for the surcharge will be the actual cost of processing that payment method
- Businesses should receive information to show the cost of processing each payment method so they can comply
“Small businesses will shortly be receiving information from their bank, which will help them to calculate appropriate surcharges when accepting debit and credit cards.”
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