Merchant card rates

The Commonwealth Bank has today announced that they will offer a new blended rate (that is one rate for all types of cards) of 1.1% to most of their customers, starting 1 December.

Go check what you are paying now. Be careful, since the headline rate isn’t always the average of what you pay; often you’ll get a low rate like 1.0% for some cards, then a higher rate like 1.5% on premium cards, and those premium cards are often most of your transactions.

The new 1.1% rate also applies to Amex.

Now I’ve rarely been a fan of the Commonwealth Bank and their archaic processes, but this is a pretty good deal. Compare that to the typical 2.9% plus 30 cents for Paypal, Stripe and Square (prices may vary depending on regions and what you’ve negotiated).

If you do change acquirers, let us know and we can help with the transition without any downtime on your website. There is a once off setup fee of $150 to do the integration and process some test payments, which is billed to us and we pass on.