Description

Issue of revised circular to ensure compliance with the RBA standards No 3,

‘Scheme rules relating to merchant pricing for credit, debit and prepaid card transactions.’

• The RBA rules have been enacted largely in response to excessive credit card surcharges in some industries, these changes have applied to all entities from 1 September 2017.
• The new rules provide appropriate clarifications on allowable cost recovery charges, showing updated guidance on allowable charges for, and calculations of cost of acceptance in transactions.