Bundy small businesses must review their payment surcharges ahead of law change
BUNDY small businesses are being reminded to prepare now for the ban on excessive payment surcharges that will apply to all Aussie businesses from September 1.
The new law limits the amount that a business can charge customers for use of payment methods such as Eftpos, MasterCard, Visa and American Express cards issued by Australian banks.
It came into effect for large businesses last year.
Small businesses will shortly be receiving information from their bank, which will help them to calculate appropriate surcharges when accepting debit and credit cards.
The ACCC has also published a fact sheet at www.accc.gov.au so business owners can better understand their obligations.
Businesses can only pass on to customers what it costs them to process a payment.