John Small: Commerce Commission Chair on the draft decision to reduce card payment fees for businesses
The Commerce Commission has issued a draft decision to reduce fees for businesses accepting card payments. It's proposing an estimated reduction of around $260 million a year where costs are handed down from banks to process payments. The commission revealed in July that businesses incur $1 billion in fees to provide card payments. Chair Dr John Small told Heather du Plessis-Allan a few will be annoyed by it, but it's important they strike a balance. He says they've consulted widely on it and believe they're at a point where they can simplify these rates and bring them down. LISTEN ABOVE See omnystudio.com/listener for privacy information.