Aldi released a media announcement on Saturday keeping up pressure on the banks over EFTPOS fees. Here is the full announcement:
ALDI calls for proof that banks’ internal costs will increase due to changes to EFTPOS interchange model
ALDI is today calling for Australian banks to prove their net costs are increasing as a result of changes to EFTPOS interchange fees.
Steven Bigg, ALDI Managing Director Finance and Administration says ALDI believes the overall increase in net costs to the banking industry is minimal and is calling for greater transparency of any unjustified cost increase to retailers.
“Any investigation will show the banks will increase their revenue to the tune of tens of millions of dollars each year at the expense of retailers, if all the Major Banks adopt a similar stance to those banks that have already advised their retailers in writing as to the magnitude of the fee increase,” he says.
“We also see the potential for adverse effects on competition due to inconsistencies in how these charges are being applied to retailers, in what is already acknowledged as one of the most concentrated grocery retail sectors in the world.
“In light of the Federal Court’s judgement that consumers and retailers have been misled, we believe the decision to change the interchange fee structure should be further reviewed in an open and transparent manner, and the changes placed on hold until this review has taken place.”
ALDI has now made a decision NOT to place any surcharge on EFTPOS transactions within its stores.
As I have noted already, it is terrific for small business retailers like newsagents to have Aldi making the running on this issue as they are more likely to get media coverage than us.
For the record, we will not be introducing EFTPOS fees in any of my newsagencies. We use Tyro broadband Eftpos and appreciate their helpful position on the new fees. This will help us keep our costs down.