News and Press

Small business advocates say they are deeply concerned about the lethargic rollout of least cost routing services by the major banks, following the publication of new research showing that only 18 per cent of Australian debit card payments are routable.

Least Cost Routing has to be made available to retail businesses, but it still isn’t a legislated default. A recent COSBOA summit focusing on payment processing costs for small businesses highlighted where Australia is sitting internationally as a result.

Suncorp’s new ‘Wave and Save’ aims to help businesses save on merchant fees through Least Cost Routing (LCR). The Wave and Save transaction limit will be set to a default position based on the merchants pricing plan, where transaction fees are the same via both the eftpos and credit card network.