April 20th 2022
What is Least Cost Routing? A CMSPI Insights Infographic
Estimated to save Australian retailers $800 million annually, Least Cost Routing (LCR) aims to provide merchants more cost-effective routing options and promote competition between card schemes.
In the Reserve Bank of Australia’s most recent October 2021 Review of Retail Payments Regulation, acquiring banks and schemes are expected to comply with a new set of recommendations to continue promoting LCR availability and uptake among merchants. These recommendations include opening online LCR to merchants by the end of 2022.
To make sure that your business doesn’t miss out on millions of savings, check out CMSPI’s infographic on least cost routing to ensure you have the right tools and considerations for implementation.