I was disappointed to receive advice from the ANZ, a bank which has done well out of its relationship with Bill Express in newsagencies, announcing a change in merchant terms and conditions. They have removed the $500 break fee if the merchant agreement is broken within two years and replaced with a break fee of $250 regardless of when you break. Given that many agreements entered into when Bill Express guided people to an ANZ merchant relationship would be more than two years, it’s another fee newsagents need to navigate.
I am curious that the ANZ would send out this announcement following the announcement a couple of weeks ago to Bill Express newsagents taking away the marketing subsidy which, for many, was the difference between losing money or breaking even on the service.
It’s as if the ANZ has heard opf the newsagent anger, anticipated a mass exodus and sought to place a barrier in front of newsagents considering quitting Bill Express and the ANZ merchant arrangements. Why else announce what is effectively a new break fee right now?
Mark, agree the timing of this announcement is a little to conveneint. But let me just add at least you have been given the common courtesy of being notified of the change. I still haven’t received any such notication. While I will be challenging the application of the fee it won’t take long to recoup this loss when we do away with Bill Express – about a month on most recent figures!!
Mark
Mark you’re right, they have provided fair warning. The timing on the back of the Bill Express issues is unfortunate for newsagents.
Hello Mark,
I’m thinking of doing the same. How did you go agains ANZ?
Cheers
Vic, they are a bank, a big bank. Paying the $250 costs less than fighting. I soon saved it by switching.