From 1 September 2017, new laws prohibit businesses from charging customers excessive fees when making payment by Eftpos, Mastercard, Visa or American Express. LegalVision is offering existing clients a free consultation to help them prepare for these changes.
Key Points
- The ban covers all businesses that charge customers for using these payment methods.
- The ban has applied to large businesses since 1 September 2016 and will now extend to all businesses, including small businesses.
- If you use these payment methods, you cannot charge a customer more than what it costs your business to process the payment.
- The new laws won’t apply if you don’t charge your customers fees for paying by card. However, not passing on these costs to customers could mean that you are absorbing large bank fees.
- Under the new laws, businesses have a number of options for managing their payment systems.
Getting your surcharge levels right could help you cover thousands of dollars in bank fees. Getting them wrong could cost you thousands in fines.
Your Free Consultation
As part of your free consultation, we will:
- breakdown the new laws for you;
- explain how they affect your business’s payment process; and
- outline your legal options for accepting credit card payments.
Fill in the form on this page to schedule your free consultation today.
