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News.com.au
an hour ago
- Business
- News.com.au
‘Still cheaper than cash': One fee Australians are tired of paying
The bulk of Australian consumers say businesses should be banned from passing on surcharges, with figures showing it is actually a cheaper form of payment than cash. According to survey data commissioned by MasterCard, 69 per cent of Aussies believe card surcharge payments should be banned. A further 85 per cent of Australians say they think these fees should be considered as part of the cost of doing business, with 40 per cent wanting it to be factored into the advertised produce cost, while 45 per cent say the merchant should just absorb the cost. MasterCard division president Australasia Richard Wormald told NewsWire despite customer frustrations businesses should not be absorbing the costs completely. 'Digital payments are another cost of doing business, like coffee beans, rent or wages, and there are real costs involved in providing them,' he said. Mr Wormald said while merchant service fees turn the average cup of coffee up from $5 to $5.08, it is still cheaper than accepting cash, which usually adds around 20 cents per cup of coffee. Currently businesses do not pass on the cost of customers using cash. 'But card payments are actually the cheapest way for retailers to get paid, costing less than half as much as accepting cash,' he continued. 'They should build it into their pricing, just like any other input, which also makes the cost clearer for customers and builds trust.' Last month the Australian Competition and Consumer Commission reminded businesses to ensure they are being transparent with their customers before any card payment surcharges. ACCC deputy chair Mick Keogh said over the coming financial year, consumer law and compliance regarding 'misleading surcharge practices' will take top priority. 'Businesses need to ensure their customers know about any card payment surcharges upfront, and that they are only charging what it costs them to accept those card payments,' Mr Keogh said. 'We understand that small businesses need to be across a lot of information to comply with all of the laws that apply to their business, however, charging excessive surcharges and not being upfront with customers about pricing can result in small businesses losing customers. Prime Minister Anthony Albanese and Treasurer Jim Chalmers previously announced plans to move on excessive card surcharges, as part of a number of proposed reforms to help with the cost-of-living. The government said any reduction surcharges would come in consultation with the Reserve Bank of Australia. Mr Wormald said Australian businesses would likely be able to adapt if the ban on surcharges is passed by the government. 'We've seen in markets like the UK that banning surcharges saw small businesses adapt by building the cost of payments into their pricing, just like any other input,' he said. 'A ban would force businesses to take a closer look at those services, find better value, and ultimately deliver a fairer experience for consumers.' He also dismissed claims it could be inflationary because small businesses would simply slug customers $5.50 a coffee instead of the current $5 plus a $0.08 payment fee. 'The idea that factoring in payment costs would be inflationary does not really stack up. Consumers are already paying these costs through surcharges, so including them in the advertised price does not change what people are paying, Mr Wormald said. 'It just makes the cost more transparent. And in instances where businesses find a better deal that meets their needs elsewhere, factoring in a lower payment cost could lead to lower prices and be deflationary, not inflationary.'
Perth Now
an hour ago
- Business
- Perth Now
One cost Aussies think businesses should bear
The bulk of Australian consumers say businesses should be banned from passing on surcharges, with figures showing it is actually a cheaper form of payment than cash. According to survey data commissioned by MasterCard, 69 per cent of Aussies believe card surcharge payments should be banned. A further 85 per cent of Australians say they think these fees should be considered as part of the cost of doing business, with 40 per cent wanting it to be factored into the advertised produce cost, while 45 per cent say the merchant should just absorb the cost. MasterCard division president Australasia Richard Wormald told NewsWire despite customer frustrations businesses should not be absorbing the costs completely. The majority of Australians say businesses should pay the surcharge on products. NewsWire / Nikki Short Credit: News Corp Australia 'Digital payments are another cost of doing business, like coffee beans, rent or wages, and there are real costs involved in providing them,' he said. Mr Wormald said while merchant service fees turn the average cup of coffee up from $5 to $5.08, it is still cheaper than accepting cash, which usually adds around 20 cents per cup of coffee. Currently businesses do not pass on the cost of customers using cash. 'But card payments are actually the cheapest way for retailers to get paid, costing less than half as much as accepting cash,' he continued. 'They should build it into their pricing, just like any other input, which also makes the cost clearer for customers and builds trust.' Business owners say they are still falling behind despite the 15 per cent Easter holiday surcharge Last month the Australian Competition and Consumer Commission reminded businesses to ensure they are being transparent with their customers before any card payment surcharges. ACCC deputy chair Mick Keogh said over the coming financial year, consumer law and compliance regarding 'misleading surcharge practices' will take top priority. 'Businesses need to ensure their customers know about any card payment surcharges upfront, and that they are only charging what it costs them to accept those card payments,' Mr Keogh said. A total breakdown on why it costs $5.08 for a cup of coffee: Supplied Credit: Supplied 'We understand that small businesses need to be across a lot of information to comply with all of the laws that apply to their business, however, charging excessive surcharges and not being upfront with customers about pricing can result in small businesses losing customers. Prime Minister Anthony Albanese and Treasurer Jim Chalmers previously announced plans to move on excessive card surcharges, as part of a number of proposed reforms to help with the cost-of-living. The government said any reduction surcharges would come in consultation with the Reserve Bank of Australia. Mr Wormald said Australian businesses would likely be able to adapt if the ban on surcharges is passed by the government. 'We've seen in markets like the UK that banning surcharges saw small businesses adapt by building the cost of payments into their pricing, just like any other input,' he said. 'A ban would force businesses to take a closer look at those services, find better value, and ultimately deliver a fairer experience for consumers.' He also dismissed claims it could be inflationary because small businesses would simply slug customers $5.50 a coffee instead of the current $5 plus a $0.08 payment fee. 'The idea that factoring in payment costs would be inflationary does not really stack up. Consumers are already paying these costs through surcharges, so including them in the advertised price does not change what people are paying, Mr Wormald said. 'It just makes the cost more transparent. And in instances where businesses find a better deal that meets their needs elsewhere, factoring in a lower payment cost could lead to lower prices and be deflationary, not inflationary.'
West Australian
an hour ago
- Business
- West Australian
‘Still cheaper than cash': One fee Australians are tired of paying
The bulk of Australian consumers say businesses should be banned from passing on surcharges, with figures showing it is actually a cheaper form of payment than cash. According to survey data commissioned by MasterCard, 69 per cent of Aussies believe card surcharge payments should be banned. A further 85 per cent of Australians say they think these fees should be considered as part of the cost of doing business, with 40 per cent wanting it to be factored into the advertised produce cost, while 45 per cent say the merchant should just absorb the cost. MasterCard division president Australasia Richard Wormald told NewsWire despite customer frustrations businesses should not be absorbing the costs completely. 'Digital payments are another cost of doing business, like coffee beans, rent or wages, and there are real costs involved in providing them,' he said. Mr Wormald said while merchant service fees turn the average cup of coffee up from $5 to $5.08, it is still cheaper than accepting cash, which usually adds around 20 cents per cup of coffee. Currently businesses do not pass on the cost of customers using cash. 'But card payments are actually the cheapest way for retailers to get paid, costing less than half as much as accepting cash,' he continued. 'They should build it into their pricing, just like any other input, which also makes the cost clearer for customers and builds trust.' Business owners say they are still falling behind despite the 15 per cent Easter holiday surcharge Last month the Australian Competition and Consumer Commission reminded businesses to ensure they are being transparent with their customers before any card payment surcharges. ACCC deputy chair Mick Keogh said over the coming financial year, consumer law and compliance regarding 'misleading surcharge practices' will take top priority. 'Businesses need to ensure their customers know about any card payment surcharges upfront, and that they are only charging what it costs them to accept those card payments,' Mr Keogh said. 'We understand that small businesses need to be across a lot of information to comply with all of the laws that apply to their business, however, charging excessive surcharges and not being upfront with customers about pricing can result in small businesses losing customers. Prime Minister Anthony Albanese and Treasurer Jim Chalmers previously announced plans to move on excessive card surcharges, as part of a number of proposed reforms to help with the cost-of-living. The government said any reduction surcharges would come in consultation with the Reserve Bank of Australia. Mr Wormald said Australian businesses would likely be able to adapt if the ban on surcharges is passed by the government. 'We've seen in markets like the UK that banning surcharges saw small businesses adapt by building the cost of payments into their pricing, just like any other input,' he said. 'A ban would force businesses to take a closer look at those services, find better value, and ultimately deliver a fairer experience for consumers.' He also dismissed claims it could be inflationary because small businesses would simply slug customers $5.50 a coffee instead of the current $5 plus a $0.08 payment fee. 'The idea that factoring in payment costs would be inflationary does not really stack up. Consumers are already paying these costs through surcharges, so including them in the advertised price does not change what people are paying, Mr Wormald said. 'It just makes the cost more transparent. And in instances where businesses find a better deal that meets their needs elsewhere, factoring in a lower payment cost could lead to lower prices and be deflationary, not inflationary.'
West Australian
an hour ago
- Business
- West Australian
Australian consumers say businesses should be banned from passing on surcharges
The bulk of Australian consumers say businesses should be banned from passing on surcharges, with figures showing it is actually a cheaper form of payment than cash. According to survey data commissioned by MasterCard, 69 per cent of Aussies believe card surcharge payments should be banned. A further 85 per cent of Australians say they think these fees should be considered as part of the cost of doing business, with 40 per cent wanting it to be factored into the advertised produce cost, while 45 per cent say the merchant should just absorb the cost. MasterCard division president Australasia Richard Wormald told NewsWire despite customer frustrations businesses should not be absorbing the costs completely. 'Digital payments are another cost of doing business, like coffee beans, rent or wages, and there are real costs involved in providing them,' he said. Mr Wormald said while merchant service fees turn the average cup of coffee up from $5 to $5.08, it is still cheaper than accepting cash, which usually adds around 20 cents per cup of coffee. Currently businesses do not pass on the cost of customers using cash. 'But card payments are actually the cheapest way for retailers to get paid, costing less than half as much as accepting cash,' he continued. 'They should build it into their pricing, just like any other input, which also makes the cost clearer for customers and builds trust.' Last month the Australian Competition and Consumer Commission reminded businesses to ensure they are being transparent with their customers before any card payment surcharges. ACCC deputy chair Mick Keogh said over the coming financial year, consumer law and compliance regarding 'misleading surcharge practices' will take top priority. 'Businesses need to ensure their customers know about any card payment surcharges upfront, and that they are only charging what it costs them to accept those card payments,' Mr Keogh said. 'We understand that small businesses need to be across a lot of information to comply with all of the laws that apply to their business, however, charging excessive surcharges and not being upfront with customers about pricing can result in small businesses losing customers. Prime Minister Anthony Albanese and Treasurer Jim Chalmers previously announced plans to move on excessive card surcharges, as part of a number of proposed reforms to help with the cost-of-living. The government said any reduction surcharges would come in consultation with the Reserve Bank of Australia. Mr Wormald said Australian businesses would likely be able to adapt if the ban on surcharges is passed by the government. 'We've seen in markets like the UK that banning surcharges saw small businesses adapt by building the cost of payments into their pricing, just like any other input,' he said. 'A ban would force businesses to take a closer look at those services, find better value, and ultimately deliver a fairer experience for consumers.' He also dismissed claims it could be inflationary because small businesses would simply slug customers $5.50 a coffee instead of the current $5 plus a $0.08 payment fee. 'The idea that factoring in payment costs would be inflationary does not really stack up. Consumers are already paying these costs through surcharges, so including them in the advertised price does not change what people are paying, Mr Wormald said. 'It just makes the cost more transparent. And in instances where businesses find a better deal that meets their needs elsewhere, factoring in a lower payment cost could lead to lower prices and be deflationary, not inflationary.'
India.com
2 days ago
- Entertainment
- India.com
Who is Varun Navani, Indian-origin Gujarati techie whose 'baraat' halted Wall Street? Here's how much he paid to book this famous venue
Image: Instagram/Screengrab An Indian wedding that brought New York's famous Wall Street to a halt, is trending on social media platforms, and netizens are amazed at how the groom, Varun Navani– an Indian-origin techie of Gujarati ancestry– managed to pull off the remarkable feat of blocking one of busiest spots in The Big Apple. The wedding on Wall Street According to media reports, around 400 guests attended the extravagant wedding ceremony, which went viral on the internet after video of the event, showing the bride and the groom, as well as the 'baraatis', dancing to popular Bollywood numbers on Wall Street. Another notable thing about the event which stood out was that even non-Indian guests had donned traditional Indian party attires, giving the ceremony a uniquely Indian look, as if it was taking place somewhere in Delhi, Mumbai, Kolkata, or any other Indian metro city. 'We shut down Wall Street for a 400-person Baraat, Who would've ever thought?! (sic),' wrote the DJ who played at the wedding event as she shared several videos from the ceremony on his Instagram page @djajmumbai. View this post on Instagram A post shared by DJ AJ (@djajmumbai) How much did Varun Navani pay for booking the Wall Street? As per media reports, Wall Street can be rented for $11,000 with proper permits, while the cost of blocking each area in the vicinity ranges between $25,000 to $60,000. These included roads, sidewalks and alleyways in New York's bustling Financial District, commonly known as the Wall Street. With over 400 guests, the event had the typical vibe of an extravagant Indian wedding procession, with the New York Mayor's Office describing it as an 'extra large' event. Who was the bride? Varun Navani married Amanda Soll, a risk–management legal compliance director at MasterCard, in a grand wedding at the Wall Street, which has earned him the moniker 'The groom of Wall Street', a play on words of the famous Hollywood flick 'The Wolf of Wall Street' starring Leonardo Di Caprio. According to reports, Amanda was draped in a red Sabyasachi lehenga, looking very much like an Indian bride, as her friends and family attended the key event. Meanwhile, Varun had donned a stylish ivory sherwani, and made his entry in a vintage white car accompanied by groomsmen. The grand wedding has gone viral on social media, and is being talked about across India as well as the United States. Who is Varun Navani? Varun Navani is a Gujarat-born techie who now resides in Boston, and is the founder of and CEO of Rolai– an AI platform that provides adoption solution and data analytical skills for higher education institutions. Notably, Varun Navani was featured in the prestigious Forbes 30 under 30 list from Boston in 2023, as per his LinkedIn page.
