Latest news (24,632 items)

No guarantees on merchant fees

Asked about the extent to which CBA would reduce merchant service fees once interchange fees fall later this year , David Murray said that, "will have to do with the competition in the market," so no assurances for merchants that their merchant services fees will fall from that answer. read more

Westpac's fivefold fee increase

Westpac's decided on another round of fee increases for merchant customers. The cancellation fee for merchants increased to $250, up from $50 before, for customers of less than three years standing. For long term customers, the cancellation fee is $95, up from $50 before. read more

MasterCard stung over interchange

Britain's Office of Fair Trading found that the interchange fee paid by British banks to each other for MasterCard transactions is excessive and breaches the country's competition law. read more

Gresham Partners profit falls

The boutique Sydney merchant bank that shot up the charts in 2001 thanks to its Billiton connections has had a tougher 2002, with Gresham Partners half owner Wesfarmers revealing yesterday the corporate adviser's profits in the six months to December 2002 were "significantly lower due to reduced corporate activity." read more

Wesfarmers counts on Cashcard

One of the Gresham Private Equity Fund investments gathering steam for Wesfarmers and other institutional investors is Cashcard, the payments processor, ATM deployer and bank. read more

Hartleys halved by board review

Gresham Partners, meanwhile, have the job of advising the board of Hartleys on how to split the transactions processing business JDV from the planning and advisory business. Acting Hartleys chief Tony Howarth said both businesses were in sectors in need of rationalisation. read more

Card spend revives amid seasonal binge

Banks enjoyed stronger than usual growth in the payments cards business during the seasonal spending binge in December 2002, a surge that exceeded the seasonal rises in either of 2000 or 2001. Reserve Bank statistics on payments transactions show that in December compared with November: read more

Interstar tests bored bond market

The annual February sojourn to Arizona by hopeful vendors of Australian mortgage backed bonds failed to detect much interest by the US investors attending the ABS West conference last week, leaving a handful of planned bond issuers to drum up demand. read more

Airline's merchant fees a puzzle

If the one per cent surcharge that Qantas plans is less than half the merchant fees paid by Qantas, then the airline courtesy of its merchant agreements and customer purchasing patterns is paying an unusually high level of merchant fees. read more

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