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Small business accountants Sydney talk about EFTPOS credit card surcharges being banned

One of the biggest things that everyone can take away from this is, that it is a big win for consumers, while putting a lot of small businesses out of costs as a loss. This ban will now affect billions of transactions every year without a doubt and your small business accountants in Sydney will go over some of the fine print for you.

Here’s what your business accountant should be telling you:

• The ban has been implemented from September 1, 2017 to all businesses across Australia who are using an Australian Bank
• This ban means businesses can only charge customers what it actually costs them and no extra surcharges from your business can be put on it
• Customers should expect credit card surcharges to only be 1-3%, depending on the type of card used
• Businesses are not allowed to add their own internal costs when calculating the surcharge
• If it costs a business 1% percent to process a Visa Debit transactions, yet 1.5% for Visa Credit and 2.5% for American Express. The single surcharge across all transactions will be 1%, due to it being the lowest of all payment methods
• Many businesses may not know about this new change and your small business accountant should be the first one to inform you. As there could be fines on your business if are charging people too much

As a small business owner, it is vital for you to stay on top of any regulations that change. This gives you the chance to ensure a secure business with no way of incurring extra costs!

Feel free to contact our small business accountants in Sydney with any enquiries that you may have.

 
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