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Each time a consumer pays with a credit or a debit card (this includes physical cards or devices such as smart phones or watches), your business incurs fees or costs associated with processing that transaction. As a business, it’s your choice whether you want to absorb these costs or recover them by passing some or all of the cost onto the customer in the form of a surcharge.
This guide is intended to help you decide whether surcharging is right for your business. We also outline your responsibilities as a merchant when surcharging, and tips on how to surcharge compliantly according to the Reserve Bank of Australia standards.
When deciding, ask yourself the following questions;
An alternative to surcharging could be to include the costs of all business expenses (including transaction fees, rent, equipment etc) into the pricing for your product or services, or by finding ways to reduce other business expenses.
If you choose to surcharge, there are three important things that you should keep in mind to ensure that you surcharge compliantly:
The Reserve Bank of Australia (RBA) standard states that merchants can only pass on the average cost of what it costs them to accept each type of card transaction. Surcharging more than your Cost of Acceptance may constitute ‘excessive surcharging’ and can be investigated by the Australian Competition and Customer Commission.
Your ‘Cost of Acceptance’ is the cost to you as a business for accepting a particular card type. According to the RBA, surcharging calculations can cover:
We provide more information on your options for calculating Cost of Acceptance later in this article.
It is worth noting that the RBA’s surcharging standard does not apply to card payments for taxi fares. This is the responsibility of State and Territory regulators. If you accept payments for taxi fares using an EFTPOS machine, please check the applicable rules in your State or Territory.
Depending on your payment provider, there are two ways to calculate and surcharge:
For more information on Tyro’s Dynamic Surcharging feature visit tyro.com/surcharging.
If you’re a Tyro customer and would like to review or adjust your Tyro surcharge preferences, log into the Tyro Portal and go to Self-service > Surcharging.
To learn more about surcharging, such as applying refunds (e.g. the surcharge must be refunded too), take a look at the following links to the ATO, RBA and ACCC.
ATO – GST and surcharging
RBA – Card payment regulations explained
ACCC – Merchant and consumer information
1 Tyro’s Dynamic Surcharging feature enables you to set a surcharging amount for Mastercard, Visa, eftpos, UnionPay and American Express, JCB, and Diners Club
2 Tyro’s Dynamic Surcharging feature is available on Tyro CounterTop (Yomani) and Mobile (Yoximo) EFTPOS machines.
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