Research conducted by Stokes Mischewski, which was commissioned by Visa, shows more than half of Australian businesses are unaware of the credit card fees they pay.
As a result, Visa has launched the Visa Better Value for Business campaign to highlight cost savings small businesses can make by reviewing their credit card acceptance practices.
Vipin Kalra, Visa’s country manager Australia, said the independent research show 89 per cent of Australian merchants consider faster payment and lower costs as the most important benefits of accepting credit cards, yet many are paying higher fees than they need to.
“In these tough times, it’s crucial for businesses to be aware of the facts and understand the options available to them.”
Kalra also said data from the Reserve Bank of Australia shows that average merchant service fees on American Express transactions are more than twice as high as those on Visa.
“The research confirmed that one in three businesses feel their business is suffering to fund these higher fees, so this campaign is designed to provide facts, information and advice from other businesses on how to get the best value from their credit card acceptance programs,” he said.
The Visa Better Value campaign includes case studies from a range of well-known retailers, and incorporates communications to merchants through a website, trade advertising and trade shows.
Visa has also developed an online merchant fee saver tool that allows retailers to calculate the potential cost savings available to their business by changing their card acceptance practices.
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