Customer-facing businesses across both the retail and hospitality sectors are welcoming the Commerce Commission’s investigation into the retail payment system.
Retail NZ and Hospitality New Zealand, who represent thousands of businesses across New Zealand, said that retail payment systems are a contentious area for businesses. They had joined forces to seek changes in the system, to make it easier for businesses to understand and enable them to provide better customer experiences.
“Retail NZ has advocated strongly for the Government to take action on retail payments so we’re pleased to see the Commerce Commission has opened a consultation on this issue,” Retail NZ Chief Executive Carolyn Young said.
“This is a very complex area for both hospitality and retail businesses to navigate. We believe there is an opportunity for consumers to keep more money in their pockets if the system is improved and surcharges are reduced or removed,” Hospitality New Zealand Chief Executive Steve Armitage said.
Digital payments involve a broad set of participants, including customers, retail and hospitality businesses, the payment networks processing the transactions, technology companies providing point-of-sale infrastructure, and the banks that issue cards to their customers and work with retailers.
Hospitality New Zealand and Retail NZ said there was an opportunity to reduce the complexity associated with digital payments and provide clarity around the role of each participant. This will include clarity over the costs associated with payments acceptance.
“Achieving this clarity requires joint action from Retail NZ and Hospitality New Zealand, businesses, banks, payment service providers, the Commerce Commission and other government agencies,” Young and Armitage said
Retail NZ has already published a Position Statement on Retail Payments, setting out the actions needed from the various system participants. The statement said there was an opportunity to reduce the complexity associated with digital payments and provide clarity around the role of each participant.
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