A new Cost of Acceptance Statement now applies to The Redbourne Group’s redPAY payment gateway offering ensuring it complies with the latest Australian government requirements.
Cost of Acceptance update a benefit to customers
The Reserve Bank of Australia has mandated that payment gateway providers such as redPAY provide their customers (merchants) with enough information to clearly know what their credit card surcharge fees are. With this information, the merchant can on-charge its customers a surcharge amount that does not exceed their ‘Cost of Acceptance’.
“This government initiative is about protecting the rights of consumers,“ said Stephen Menhinnitt, Managing Director of The Redbourne Group. “It is ensuring that if end-consumers are onchargd the credit card surcharge fees – which is a legal option – then the maximum amount they will have to pay is the actual surcharge costs – not some inflated amounted.”
In applying the new government standards, the Redbourne Group has updated its redPAY statement to include a more comprehensive ‘Cost of Acceptance’. “We have also provided the ability for the merchant to view their redPAY costs right down to an individual client level. The benefit of this is full disclosure of your ‘cost of money’.”