Cash discounts set to replace card surcharging
Hi Cash Lovers,
Cash discounts are 100% legal and can replace card surcharges says the Reserve Bank of Australia and the Australian Competition and Consumer Commision.
Card surcharging will be banned on Visa, Mastercard and eftpos payments from 1st October.
The RBA says:
"Businesses that wish to steer consumers towards other payment methods can do so by providing discounts instead of using surcharges."
The ACCC says:
"Yes. Businesses can offer discounts to consumers who pay using a particular payment method, such as cash or PayID."
Both the RBA and the ACCC say business is expected to absorb card costs or raise their prices on their FAQs pages.
The RBA says:
Q: What about the impact of removing surcharging on businesses? Will my business have to absorb the costs?
A: Businesses will still incur costs when accepting card payments after surcharging is removed. Those costs can be reflected in a business’s overall pricing, rather than charged as a separate surcharge.
The ACCC says:
Q: Can businesses increase prices when card payment surcharges are removed?
A: Yes. Businesses can continue to recover the cost of accepting card payments by incorporating that cost into their overall pricing for the products or services they sell.
The RBA can't be more explicit - business can replace card surcharges with cash discounts. Retailers can replace their surcharge signs with "Discount for Cash" signs.
Get the word out - Cash is about to make a big comeback in Australia.
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