Members of Booksellers NZ enjoy the benefits of great group discount schemes and services that enhance your business and make a real difference to bottom-line business costs.
As part of our continued commitment to our members, Booksellers NZ has been working with Westpac to bring a further reduction in the discounted Visa and MasterCard credit card rates offered to members, reflecting both our value and position as a group. As well as the benefit of more competitive rates for new members to Booksellers NZ, these new rates will also be passed on to existing Booksellers NZ members registered with Westpac for discounted credit card processing from 1st May 2010.
As part of Westpac’s Interchange settlement with the New Zealand Commerce Commission, Westpac are committed to offering new pricing options in relation to the Merchant Service Fees that are payable for credit card transactions accepted through merchant facility.
Our members are currently charged a single blended Merchant Service Fee for processing all Visa and MasterCard credit card transactions. This option may be well suited to your business requirements and will continue to be available.
One of the reasons behind the Commerce Commission’s decision to take Visa and MasterCard to court last year (you will recall that they settled at the eleventh hour) was that the Australian Reserve Bank’s intervention in 2003 had the effect of reducing credit card interchange fees from 0.95 per cent of transaction value to the current less than 0.5 per cent.
The new credit card charges will come into effect by April 17, although banks can make changes earlier if they wish, says New Zealand’s Commerce Commission.
April sees the introduction of a policy change for credit card fees: where formerly it was part of your agreement with your bank not to pass on credit card charges to the consumer, this will now change.
So the dilemma is: to pass on the fees as an added charge to your credit card customer? Or not?
All prepared for Christmas, right? You have your Distant Early Warning System in place to make stock reorders in a timely fashion. You have (gulp) invested all the money you can muster in stock you are sure will move. Store hours are in place, staff rosters done.
