- Time to take advantage of the payments regulation changes coming into effect
The Reserve Bank of Australia’s changes to the cards and payments regulations set to come into effect on 01 July 2017 will come as welcome news for retailers.
These new regulations should significantly reduce the cost of accepting card payments, one of the top five costs of doing business for retailers in Australia. With local retailers facing increasing levels of global competition and technological disruption, such an opportunity to reduce the costs of doing business is an opportunity for local retailers to invest, innovate and be more competitive at a time when margins are tight.
In order to maximise the benefits of the changes coming into effect, retailers will need to review the structure of their existing payments arrangements in light of these new regulatory changes and avoid locking into any new payments contracts until the full impact of the changes is clearly understood.
Grant Thornton’s payments advisory team is uniquely placed to help retailers take advantage of the upcoming RBA cards payments regulations. They are the only payments team that is led by payments experts with extensive experience in both the retail operations and banking sectors. They have experience negotiating payment solutions with payments providers on behalf of retailers and implementing payments technology solutions.