On 1 October, the little card surcharge plenty of retailers have been adding at the counter goes away.
The Reserve Bank has confirmed it. From that date you cannot surcharge eftpos, Visa or Mastercard, and the card networks will enforce it through your merchant agreement. This is not a proposal you can wait out. It is coming.
For most of us in this channel the surcharge was a quiet way to claw back the cost of taking cards. That option is gone. The cost is not. It just moves onto your margin unless you do something about it.
So here is what we would do between now and September.
Ring your terminal provider first. Most systems will not turn surcharging off by themselves, and we have seen plenty of shops assume they will. Get it confirmed in writing. While you are at it, check your point of sale so no card fee is quietly sitting as a line on a receipt after the date.
Then look at your prices. Work out what accepting cards actually costs you as a share of sales. For a typical newsagency it is small, often well under two per cent, but it is real money over a year. Decide whether you wear it or lift a handful of base prices to cover it. A broad, gentle adjustment beats fiddling with every ticket.
There is a sweetener most people are missing. The RBA is cutting interchange fees at the same time, so your underlying cost of taking cards should fall. But that saving only reaches you if your provider passes it on, and there is no rule forcing them to. Ask them straight what your new rate will be. If the answer is vague, that is your cue to compare offers.
Handle this calmly and it becomes a small win rather than a headache. One honest price at the counter. No surprise fee at the terminal. No awkward chat while a customer waits. The shops that sort this out early in September will simply look more professional than the ones scrambling on the last weekend.
Find out more: help@newsxpress.com.au.