I was pleased to see the announcement from the Reserve Bank yesterday banning excessive EFTPOS related fees. While the regulation is not as simple as it should be, it is a start. My concern is that it is open to interpretation and you need to complain for an issue to be resolved.
The RBA also announced a process of consultation on the future regulatory framework of EFTPOS Hopefully plenty of small business representatives make submissions, particularly around the control the big banks in Australia have over current arrangements. You can access a paper outlining the thinking of the RBA on the future framework here.
The move to create a same day transfer of EFTPOS will be a huge boost to cash flow – not before time
I tried to read the framework, will not be critical because it is a start as you say, Small business relies on Bretts comment.
Fees in any form is my idea of Bank Reform. I hope the Reserve Bank does not get stuck in the mud, they have to have traction for a fast process, Small Business needs this.
If making a submission, their should not be any grey areas like you highlighted Mark, its a Banks honeypot if they are.
I’m confident the ANF will make a submission on this at the appropriate time. They were all over the EFTPOS issue, lobbying hard in support of newsagents.
will ukash be coming back