Why is our doctor, dentist and audiologist charging an extra 2% for credit card payments?
The Retail Payment System Act was passed in May 2022.
That legislation was particularly popular in Parliament, passing with the support of every party but Act.
Minister Clark said it was “unfair that retailers, especially small retailers, have been constantly stung with high fees for offering services they need to survive”.
Merchant service fees are the fees paid by retailers to accept credit cards and some debit card payments.
Many shops choose to pass this fee on to consumers for using credit cards or payWave, resulting in higher prices.
It is hoped that this practice will end, or the passed-on fees will be lower, thanks to the legislation.
The cap on credit interchange fees is set at 0.8 per cent, in line with fees charged in Australia.
The legislation also caps fees for online debit transactions at 0.6 per cent.
www.nzherald.co.nz....
Poll: Are our Kiwi summer holidays helping us recharge, or holding the economy back? ☀️🥝
There’s growing debate about whether New Zealand’s extended Christmas break (and the slowdown that comes with it) affects productivity.
Tracy Watkins has weighed in ... now it’s your turn. What’s your take? 🤔
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73.1% We work hard, we deserve a break!
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16.2% Hmm, maybe?
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10.7% Yes!
Brain Teaser of the Day 🧠✨ Can You Solve It? 🤔💬
How many balls of string does it take to reach the moon?
(Peter from Carterton kindly provided this head-scratcher ... thanks, Peter!)
Do you think you know the answer? Simply 'Like' this post and we'll post the answer in the comments below at 2pm on the day!
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Festive season open hours
As the year draws to a close the Tyre City team would like to wish you and your families a Merry Christmas and a Happy New Year. May the festive season bring you lots of joyful memories, rest, and time with loved ones. We have revised our open hours so we can still serve you and get you safely to your families.
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