With the new RBA regulation payments in place as of 1 July, the ACCC cracking down on payment surcharging. and the myriad of payments options available to improve customer experience, it is not surprising that many retailers are overwhelmed by their payments options and strategy. Grant Thornton's payments advisory team has the retail and banking experience to assist all our clients with their payments strategy, while enhancing the customer experience.
SMALL business owners have been urged to review their payment surcharges ahead of the ban on excessive payment surcharges in force 1st September. The ACCC recommends small businesses assess their current surcharge models before the law comes into force, which limits the amount a business can charge customers for use of EFTPOS, MasterCard, Visa, and American Express.