Visa & MasterCard crack down on surcharging
Credit card analysts predict the average surcharge levied on Visa and MasterCard purchases will more than halve when the Reserve Bank moves to stop businesses slugging customers with excessive fees for paying by plastic next year.
MasterCard corporate affairs vice-president David Masters says he expects businesses such as taxi payments group Cabcharge a key player in charging credit card fees to drop excessive charges or have their card processing withdrawn.
“The Reserve Bank has empowered us to take action on this matter in the consumer interest and we will be looking at all options,” Mr Masters said.
Visa Australia country manager Vipin Kalra said the company would take a “very, very robust” approach to stop merchants padding their bottom line through excessive surcharges.
Source: Perth Now