Merchant fees for credit and contactless debit cards are a big cost for business. Retail NZ has been campaigning for cheaper merchant fees for some time. We are pleased that the Government has responded to this by passing the Retail Payment System Act 2022, key parts of which come into force from Monday, 14 November 2022.
Our New Zealand payments research shows that Kiwi merchants pay a lot more than merchants in Australia and the UK. Fees in New Zealand are static or increasing, while they are going down overseas. Check out our survey reports here:
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