From October 1, Australian businesses will no longer be able to charge extra fees for using EFTPOS, Visa, or Mastercard networks, as part of Reserve Bank of Australia reforms. This aims to ensure consumers see the final price they pay. However, while surcharges are banned, businesses may absorb costs by raising prices or removing card payment options altogether. Macquarie Bank has already removed credit/debit card payments from its DEFT platform, which handles 1.2 million rent payments monthly. For some renters, credit cards provide cash flow management via interest-free periods, but this option is shrinking. The reforms may inadvertently limit payment flexibility, as costs could shift to overall prices or alternative fees. While the RBA lowers interchange fees, card payments won't become free. Businesses might stop accepting cards, forcing consumers toward fee-free methods like PayID. This change could impact those relying on credit cards for rent payments, potentially requiring alternative solutions like payment plans. The shift reflects broader trends in Australia's payment landscape, with implications for both private and public sectors.

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When managing a business, the significance of checks cannot be overstated. Many companies still rely on checks as a primary payment method, especially for larger transactions or when dealing with vendors, suppliers, and payroll. Because these payments can be frequent, purchasing checks in bulk becomes a strategic cost-saving decision. Not all check providers offer the […] The post Purchasing Checks in Bulk: Top Tips to Getting a Good Deal first appeared on Flowster.

As you develop your small business plan, don't forget to think about how your customers will pay you. In this article, we share eight payment methods for small businesses in Canada to consider.