Lower Bank interchange fees to 'enhance' credit card earn rates

[SOPOOR]

Wow! I understand monthly terminal rental fee and minimum monthly merchant fee, but annual fee on top of that?? And, 'transaction service fee' on top of 'service fee'??? Wow! They charge you a service fee IN ADDITION TO charging you a fee for providing the service?? Excuse me while I pick up my jaw from the floor...

its a bank!
eould you expect otherwise! ?

 

[Cruiser Elite]

FYI Bendigo Bank Merch Fees:



Monthly Terminal Rental $19.00 - no other fees whatsoever - Merch Fees and Terminal Rental subject to 10% GST.

 

[CaptJCool]

Nearly as good as the infamous super fees and insurance gouging. My sister told me her 9.5% resulted in 6% after 3 lots of fees and 3 lots of insurances(fees)

 

[hossein_au]

FYI Bendigo Bank Merch Fees:

View attachment 98799

Monthly Terminal Rental $19.00 - no other fees whatsoever - Merch Fees and Terminal Rental subject to 10% GST.

That is actually pretty good. I presume these are volume-based and/or industry specific?

 

[Cruiser Elite]

That is actually pretty good. I presume these are volume-based and/or industry specific?

No neither - we have had this facility for >10yrs - when it comes to Merch Fees the big 4 are outright thieves.

 

[ragingsheep]

Point of Reference: On this very matter - currently RB permits 'Reasonable Recovery of Costs' for CC usage does it not? Can someone please point us to exact notation of this as it stands currently? Exact notation of what is permitted post July 1?

On your monthly statement from the acquirer, you're supposed to get a line along the lines of "your average cost for accepting Visa/MasterCard cards was X%" and that's the amount you're supposed to be allowed to surcharge to your customers.

Out of curiosity, how much volume do you have on cards? Your rate from Bendigo is fantastic if you're a small business (as someone who's seen what larger and largest merchants are charged to process card transactions).

 

[Kangol]

I wonder what are the ANZ "standard", "premium" and "premium plus" cards are after 5 August? I cannot see anything ANZ offers that could be called "premium plus".
And what is the justification for the different rates of fees charged?

These are the "levels" of card as determined by the card issuer. Higher levels have higher interchange which have higher points earn. The cost is passed on to the merchant. That is changing soon...

 

[Cruiser Elite]

On your monthly statement from the acquirer, you're supposed to get a line along the lines of "your average cost for accepting Visa/MasterCard cards was X%" and that's the amount you're supposed to be allowed to surcharge to your customers.

Nothing along these lines appears on Statement.

Out of curiosity, how much volume do you have on cards? Your rate from Bendigo is fantastic if you're a small business (as someone who's seen what larger and largest merchants are charged to process card transactions).

Yes we are small business - ~50K month on Visa / MC.

 

[ComeFlyWithMe]

Nearly as good as the infamous super fees and insurance gouging. My sister told me her 9.5% resulted in 6% after 3 lots of fees and 3 lots of insurances(fees)

I'd say that's due to your sister not taking appropriate steps and just letter her employer decide where her super goes. I have little sympathy.

Firstly, the insurances are not compulsory, and can be removed, however super is one of the most cost and tax effective ways to insure for Life, Disability and Income Protection. She may not need or want them.

Secondly, if the fund's fees are that high, change funds. End of.

 

[Freq Flier 2013]

This is the quote I got for my client via Bendigo bank. The issue is that they insist on the client having a bendigo bank transaction account.

Client find bendigo bank internet banking difficult... but at least they have a blended rate.

 

[SOPOOR]

That's pretty bad.

All these interchange fee changes and blended rates are definitely obscuring the pricing structure . Making it worse for business owners.

 

[Scr77]

That's pretty bad.

All these interchange fee changes and blended rates are definitely obscuring the pricing structure . Making it worse for business owners.

I spoke with Bendigo Bank merchant division this week. I asked if the rates would be lowered after the interchange fee is cut. They had no idea what I was talking about and suggested I see a financial advisor!

 

[albyd]

I think that means 'no'. I suspect if they were being cut, they'd be very proactive in delivering the 'good news' to merchants and painting it like it had been their initiative as most people aren't aware of what's happening in this space.

 

[theblank]

I spoke with Bendigo Bank merchant division this week. I asked if the rates would be lowered after the interchange fee is cut. They had no idea what I was talking about and suggested I see a financial advisor!

Line staff wouldnt know, until the Bank has published a rates change. No organisation will drip feed information about future changes to staff before its made official as that is how misinformation is spread and leaves them open to complaints.

 

[EestiTiger]

I am not a business owner so I don't want to pretend I even have a clue about any of these merchant facilities! I used one of these at a farmer's markets a few weeks ago using my AMEX card and thought it was a pretty good solution!

https://squareup.com/au

 

[ChrisFlyer]

Is it common for EFTPOS providers now to quote AMEX merchant fees? Have never seen that before - certainly when I set my own facility up a few years ago, all quotes were for Visa/Mastercard only and you had to deal with AMEX (and Diners Club) direct to get a merchant account and establish your processing cost, before linking those merchant accounts to your EFTPOS terminal (alert AMEX/DC to your main EFTPOS merchant number and terminal number(s), and your EFTPOS provider of your AMEX/Diners merchant account numbers).

 

[theblank]

I am not a business owner so I don't want to pretend I even have a clue about any of these merchant facilities! I used one of these at a farmer's markets a few weeks ago using my AMEX card and thought it was a pretty good solution!

https://squareup.com/au

all those things are 2% and up, Thats the price you will pay for no monthly service fees. Perfect for small operators though.

 

[hossein_au]

I will not touch squareUP with a 10-foot pole; their service is absolutely POSITIVELY the worst of ANY company I have ever seen; they just do NOT get back to you. Period!

I had one for about a year and had to contact them on 2-3 occasions. I never EVER received any reply back from them. Towards the end I had to make a couple of 'director's loan' to the company (I used my personal credit card to loan the company about $370). These couple of once-a-month transactions were properly documented and could be easily explained. The only communications I ever received from squareUP was one email after the first transaction, instructing me to reverse the charge (refund) and informing me that the account would be blocked for a while. All attempts at contacting them went unanswered. They hold on to my money for over 60 days. After the account was unblocked, and after another transaction, I received another email telling me the account was being closed. Again, my attempts at communicating with anyone in order to explain why this was a legit transaction went unanswered. The email said I could either reverse the charge before the account is closed, or they would refund it after 6 months!!

SquareUP is just joke of a company. I hope anyone using them will never have to contact them.

 

[Isochronous]

I will not touch squareUP with a 10-foot pole; their service is absolutely POSITIVELY the worst of ANY company I have ever seen; they just do NOT get back to you. Period!

I had one for about a year and had to contact them on 2-3 occasions. I never EVER received any reply back from them. Towards the end I had to make a couple of 'director's loan' to the company (I used my personal credit card to loan the company about $370). These couple of once-a-month transactions were properly documented and could be easily explained. The only communications I ever received from squareUP was one email after the first transaction, instructing me to reverse the charge (refund) and informing me that the account would be blocked for a while. All attempts at contacting them went unanswered. They hold on to my money for over 60 days. After the account was unblocked, and after another transaction, I received another email telling me the account was being closed. Again, my attempts at communicating with anyone in order to explain why this was a legit transaction went unanswered. The email said I could either reverse the charge before the account is closed, or they would refund it after 6 months!!

SquareUP is just joke of a company. I hope anyone using them will never have to contact them.

The worst bit is somehow they are not part of the FOS so you can't even complain to the regulator.