Latest / Early Edition with Ryan Bridge / Carolyn Young: Retail NZ chief executive says it's not the intent that PayWave fees passed to consumers aren't always as accurately reflected

Transcript

Carolyn Young: Retail NZ chief executive says it's not the intent that PayWave fees passed to consumers aren't always as accurately reflected · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: Though we could be missing out on two hundred and
• 0:02
  Speaker 1: fifty million dollars a year due to payWave and online
• 0:05
  Speaker 1: credit card fees. That's according to the ComCom the Commerce Commission,
• 0:09
  Speaker 1: who say that there needs to be more regulation to
• 0:11
  Speaker 1: stop retailers unnecessarily overcharging their customers. They are consulting on
• 0:16
  Speaker 1: the changes that they want to make. They've also set
• 0:19
  Speaker 1: a goal to see SURD charges for contact lists or
• 0:22
  Speaker 1: online payments fall between one and a half and two percent.
• 0:25
  Speaker 1: Karen Young is from retail end Z and she's with
• 0:28
  Speaker 1: me this morning. Carolyn, good morning. What do you think
• 0:31
  Speaker 1: what do you think is a reasonable fee to charge?
• 0:35
  Speaker 2: Look, I think it's an early days to work out
• 0:37
  Speaker 2: what would be a reasonable fee to charge with what
• 0:40
  Speaker 2: we do now is it's a pretty complicated system and
• 0:42
  Speaker 2: there's a lot of players with their hands in the
• 0:45
  Speaker 2: till while we're worsening to the process and when we
• 0:48
  Speaker 2: want it to be much more simpler, more straightforward, easy
• 0:51
  Speaker 2: for retailers and consumers to follow, something that's open and
• 0:55
  Speaker 2: transparent so that everyone understands how it looks and what's
• 1:01
  Speaker 2: reasonable to pay.
• 1:02
  Speaker 1: So do the shop owners get charged? Do they all
• 1:04
  Speaker 1: get charged a different amount from you that merchant service
• 1:08
  Speaker 1: fee that they pay or is that a uniform fee
• 1:11
  Speaker 1: across everyone.
• 1:13
  Speaker 2: There are lots of different sees within the payment gateways
• 1:19
  Speaker 2: that you pay, depending on the type of card, the
• 1:23
  Speaker 2: banks you're with, the terminal provider, the card transaction that
• 1:28
  Speaker 2: goes through. You know, there's lots of different ways in
• 1:30
  Speaker 2: which that comes through, and what we're one of the
• 1:33
  Speaker 2: one of the things we're looking for is to make
• 1:35
  Speaker 2: sure that it's all streamlined so that everybody's bank statement
• 1:39
  Speaker 2: clearly states what their total SEE is at the end
• 1:43
  Speaker 2: of each month.
• 1:45
  Speaker 1: Are we getting ripped off? Is the ComCom right?
• 1:50
  Speaker 2: There's probably an element of the fees that could certainly
• 1:54
  Speaker 2: be trims, that's for sure, and that sits with the
• 2:00
  Speaker 2: the financial services system within that space, and that's passed
• 2:05
  Speaker 2: on to retailers and often passed on to consumers.
• 2:08
  Speaker 1: So you're saying, it's not the retailers who are who
• 2:11
  Speaker 1: are adding a bit of fashion there, it's the visas
• 2:14
  Speaker 1: and the master cards.
• 2:16
  Speaker 2: Well, there are times when some of the fees that
• 2:20
  Speaker 2: are passed on to consumers are probably not as accurately
• 2:24
  Speaker 2: reflected as they could be. And part of that from
• 2:28
  Speaker 2: the conversations we've had with people is through lack of
• 2:32
  Speaker 2: knowledge through a really complicated system. So we want system
• 2:35
  Speaker 2: to be a lot more simple and straightforward so that
• 2:38
  Speaker 2: everyone can follow it and that all of the players
• 2:43
  Speaker 2: in that space. There's always bad actors that operate in
• 2:47
  Speaker 2: spaces that they are providing good advice to businesses, you know,
• 2:51
  Speaker 2: both retailers and hospitality businesses, and we're working alongside hospitality
• 2:56
  Speaker 2: to jointly go out to our members and come back.
• 3:00
  Speaker 2: We're pretty aligned on where we see things and we
• 3:02
  Speaker 2: want to see improvements across the board.
• 3:04
  Speaker 1: All right, Carolyn, thanks so much of your time. It's
• 3:06
  Speaker 1: Carolyn Young from Retallion ZED. For more from News Talk
• 3:09
  Speaker 1: zed B listen live on air or online, and keep
• 3:13
  Speaker 1: our shows with you wherever you go with our podcasts
• 3:16
  Speaker 1: on iHeartRadio