Inflated EFTPOS Fees in Australia
Updated: Sep 10, 2021
Another ABC Investigation regarding inflated EFTPOS fees apparently charged by merchants. Neither merchants nor customers would expect to pay surcharge fees with cash. This whole new behaviour has been instigated by the driving forces behind cashless payments.
Today we heard from a new customer that he pays $1000 a month in POS fees. Merchants are smart and realise that the card payment game is rigged against them in favour of customers who are so lazy that they have to tap for a $3 coffee. One can easily see how the fees just start racking up for merchants. Just get rid of your POS device, not only save $1000 in fees, but make money another $1000 from people paying you in cash. Get an ATM machine. It's the only payment technology that pays you, the business owners. The mathematics is simple. Every dollar in merchants' pockets counts in this COVID economy.
You can read the article here.