The Commerce Commission has issued a draft decision to reduce fees for businesses accepting card payments. 

It's proposing an estimated reduction of around $260 million a year where costs are handed down from banks to process payments. 

The commission revealed in July that businesses incur $1 billion in fees to provide card payments. 

Chair Dr John Small told Heather du Plessis-Allan a few will be annoyed by it, but it's important they strike a balance. 

He says they've consulted widely on it and believe they're at a point where they can simplify these rates and bring them down. 

LISTEN ABOVE  

The Commerce Commission has issued a draft decision to reduce fees for businesses accepting card payments.&nbsp;
It's proposing an estimated reduction of around $260 million a year where costs are handed down from banks to process payments.&nbsp;
The commission revealed in July that businesses incur $1 billion in fees to provide card payments.&nbsp;
Chair Dr John Small told Heather du Plessis-Allan a few will be annoyed by it, but it's important they strike a balance.&nbsp;
He says they've consulted widely on it and believe they're at a point where they can simplify these rates and bring them down.&nbsp;
LISTEN ABOVE &nbsp;

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Open your mind to the world with New Zealand’s number one breakfast radio show. Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda. The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more. The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show.

Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.

The sharpest voice and mind in the business, Mike drives strong opinion,...

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John Small: Commerce Commission Chair on the draft decision to reduce card payment fees for businesses

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/19db96ec-8a20-4a51-b95d-b2490142c139/transcript