Phil Wicks: Small Business NZ founder says retailers shouldn't be making profits from card transaction fees

Acceptance that reviewing the way fees are charged for PayWave and online card transactions in New Zealand is a positive for all. The Commerce Commission is consulting on regulation it says could save Kiwis $250 million. People spend $1 billion each year on fees in-store and online. Small Business New Zealand founder and BSP advisory group director Phil Wicks is questioning whether some retailers are taking advantage. “There is quite a variation in fees. I mean at the end of the day, the retailers shouldn’t really be making profits from their EFTPOS. They should be making their profits from the goods and services that they sell.” LISTEN ABOVESee omnystudio.com/listener for privacy information.