Diners comes to terms with Coles

Diners Club and Coles Myer have confirmed they have settled their dispute over merchant fees charged to the retailer. Diners Club has renewed its contract after agreeing to lower its merchant service fees. It's believed that Diners made large concessions, lowering its rate by about 40 basis points to less than 1 per cent of each transaction value. Coles Myer's contract with American Express is also up for review this year. Amex's rate is believed to be about 1.3 per cent of each transaction value.