Are new advances in payment technology costing small retailers more?
Our pharmacy recently changed banks for our merchant facility (eftpos machine). We have moved from a blended rate for visa and mastercard transactions to a system that charges us a different rate depending on the type of card that is being used. We have never accepted AMEX cards but now we are finding that some of the premium visa/mastercards credit cards seem to be charging a fee almost as large.
The banks seem also to have geared the paywave function to extract the maximum fee from the retailer.
Some banks are incentivising customers to choose the CREDIT option.
As small independent businesses it seems that we are being placed at a disadvantage to larger corporates that are able to negotiate lower fees.
As a small independent business, is there a way to stop being a soft target for bank gouging?
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