Heres some context.
One of my cafes uses Tyro as the fees were very cheap when they first started out and we have stuck with them for that.
I have the right to charge the merchant service fee.
Why should the banks get a cut, you are accessing your own money.
Initially we called it a convenience fee as to type in your pin never cost anything however the paypass system became convenient and in hospitality sped up the queue for ordering.
Now it is become the norm to pay with card, so why should a customer have to pay more?
Being a Cafe owner, I do currently pass this fee on as it equates to over $2000 per month which the bank (tyro in this case) is charging.
Thats $30k a year i pay in fees to use the card system.
Bit outrageous right?
It doesnt cost the banks / or tyro or institution $ to provide this service.
TYR Price at posting:
77.3¢ Sentiment: Sell Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)