From today businesses are banned from charging a surplus charge to their customers, on credit card and EFTPOS transactions.

The ban does not affect businesses who choose not to apply a surcharge to payments.

This ban restricts the amount a business can charge customers for using EFTPOS, Mastercard, Visa and American Express cards issued by Australian banks.

Businesses must now only pass on what it costs them to use the service – for example if a business’s cost of Visa Credit is 1.5%, then consumers can only be charged 1.5% on any payment made using a Visa Card.

If businesses want to apply just one standard credit card cost to their business, they must select the lowest surcharge being charged to them – for example if their cost for Visa is 1%, Amex is 2.5%, Mastercard 2% then the surcharge would be 1% as this is the lowest amount they are charged by their credit suppliers.

Information has been published to help businesses, by the ACCC and can be found here.

If you are in need of bookkeeping services in near Sunshine Coast then contact Evolve Online Bookkeeping for your payroll, BAS preparation, online bookkeeping, xero set up, and many more.

Jodie Thompson

Jodie Thompson

Jodie is a qualified CPA and company director having managed her own accounting and advisory firm for over 10 years. Jodie’s experience in establishing and growing businesses is second to none and her hands on approach and technical expertise is valued by our team and our clients alike.

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