ASB Supports Move To Regulate Merchant Service Fees
Wednesday, 12 May 2021, 12:43 pm Press Release: ASB Bank
ASB welcomes the Government’s announcement today that
it will introduce a bill later this year to reduce and
regulate merchant service fees in New Zealand.
ASB’s
Executive General Manager Business Banking Tim Deane says
the changes are timely and necessary.
“ASB has been
a supporter of regulatory intervention to help get the
balance right for businesses paying merchant service fees,
recognising that card payment networks are a complex eco
system involving multiple payment and financial services
parties.
“A large portion of the fee relates to
interchange fees and we support the Government’s moves to
reduce these fees and ensure all payment providers operate
on a level playing field.”
In December last year,
ASB led the way by implementing a substantial rebate for
small and medium sized ASB business customers as it waited
for the Government to conclude its consultation with the
payments industry on the future of merchant fees.
Mr
Deane says ASB is pleased today’s announcement will ensure
more money stays in the hands of business customers during
what is shaping up to be another tough trading year for many
due to the ongoing effects of the COVID
pandemic.
In 1847, ASB opened as the Auckland Savings Bank with the pledge: 'to serve the community; to grow and to help Kiwis grow'. And that is very much what ASB is about today.
ASB is a leading provider of integrated financial services in New Zealand including retail, business and rural banking, funds management and insurance.
ASB strives to consistently provide its customers with outstanding service and innovative financial solutions. They're dedicated to providing simple financial products that allow their customers to bank with them how and when they want.
We all have our own ways to measure progress, and our own stories about the things that matter to us. Whatever way you choose to measure progress, and whatever your goals, ASB is there to help you get one step ahead.
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