Latest / Best of Business / Ankit Bansal: Dairy and Business Owners Group chair on the Government banning in-store card surcharges

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Ankit Bansal: Dairy and Business Owners Group chair on the Government banning in-store card surcharges · Best of Business

• 0:09
  Speaker 1: You're listening to a podcast from News Talks'd be follow
• 0:12
  Speaker 1: this and our wide range of podcasts now on iHeartRadio.
• 0:16
  Speaker 2: Small retailers are pushing back at the government's move to
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  Speaker 2: bank credit card surch charges from next year. The Commerce Minister,
• 0:22
  Speaker 2: Scott Simpson told us he's doing a good thing.
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  Speaker 3: What we want is to have transparency of pricing. Well,
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  Speaker 3: if a retailer doesn't want to take a payWave, they
• 0:33
  Speaker 3: don't have to. There are other ways of pain.
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  Speaker 2: And Bansel is the chair of the Dairy and Business
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  Speaker 2: Owners Group and with us high An Kit.
• 0:41
  Speaker 4: Well, Hi, Heather, thanks for having me on the show.
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  Speaker 2: Yeah, do you like this idea of banning the search charges?
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  Speaker 4: Oh look, Rita head. Our retailers are very concerned by
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  Speaker 4: the dis proposed changes as the banks can still charge
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  Speaker 4: us whatever the dianjection fees they like or we can't
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  Speaker 4: pass it on, so that seems unfair to us.
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  Speaker 2: How much do you get charged in your merchant fees
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  Speaker 2: every year?
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  Speaker 4: Well, well, on our average small retail is a payer
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  Speaker 4: somewhere on between seven and ten grand, are you on
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  Speaker 4: depending on which banks they're with?
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  Speaker 2: And is it going to get past is it just
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  Speaker 2: going to simply be built into the prices that we pay. Now,
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  Speaker 2: what are you going to do? Are you going to
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  Speaker 2: absorb it?
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  Speaker 4: Absolutely? Now it has to be passed on to the
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  Speaker 4: consume consumers and the problem is we have to do
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  Speaker 4: it across the board, so even if someone was paying
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  Speaker 4: with cash, will still one way or another will pay
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  Speaker 4: for these charges.
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  Speaker 2: Did you did you warn the government before they did
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  Speaker 2: this that that would be the likely impact?
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  Speaker 4: We were like, we were taken by surprie. We had
• 1:37
  Speaker 4: no idea that this is coming. So but we will
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  Speaker 4: be definitely working with our minister and we will be
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  Speaker 4: raising these issues with him.
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  Speaker 2: Okay and kit thanks very much, really appreciate it. And
• 1:48
  Speaker 2: kid ban sell Dairy and Business Owners.
• 1:49
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