CommBank Slashes Merchant Fees Ahead of Card Surcharging Ban

Commonwealth Bank has announced it will reduce its merchant fees to support businesses in managing costs. This move comes as businesses continue to navigate a range of expenses, including wages and card surcharging fees.

The bank's Executive General Manager Small Business Banking, Rebecca Warren, stated that the fee reduction was 'a practical way' for CommBank to help businesses manage costs and keep growing.

As of October 1st, businesses will no longer be able to surcharge customers for eftpos, Visa and Mastercard card payments. American Express, JCB, and UnionPay have also aligned with the reforms and will remove surcharging from this date.

The reduced merchant service fee of 0.99 per cent will lower operational costs for merchants on CommBank's Single Rate Per Transaction pricing plan.