SUNBIZ

BSP Lowers Merchant Fees

The new Merchant Service Fee will come into effect from 15th July 2019.
18 May 2019 10:00
BSP Lowers Merchant Fees
BSP

BSP, is enhancing its support for the national initiative to move Fijians towards a cashless society.

BSP Country Head Haroon Ali has announced BSP will waive its EFTPoS Merchant Service Fee for below $5 transactions and also lower the same fee to
1% for above $5 transactions capped at $0.40 to encourage the use of debit cards below $40.00 worth of purchases for goods and services.

Using EFTPoS service became free for all Fijians on their debit cards following a Government policy effective the 1st of January 2019, however EFTPoS merchants
continued to pay the same service fees to the Bank.

Mr Ali confirmed that the change will make EFTPoS transactions cheaper for BSP’s EFTPoS merchants, especially those low valued transactions under $40.00.

“Under the new Merchant Service Fee, when a customer buys two meals costing $15.00, the merchant will now pay $0.15 in fees and only $0.06 for a cup of
coffee costing $6.00 compared to the current flat fee of $0.40 each for both the
meal and coffee,” he added.

“The customer continues to enjoy this transaction free of fees.”

BSP expects that this reduction in EFTPOS Fees will encourage BSP Merchants to accept debit cards for payment of lower value of goods and services especially
those that are valued below $5.00 where there will be no fees at all. Consumers will be able to buy a small bottle of water or soft drink using a debit card with no EFTPOS service cost to the Merchant.

Mr Ali further added that, “BSP, in the last 8 years, has invested close to $14m to improve and upgrade its cards services. A total investment of $13.7 Million has been made in hardware and software to bring BSP’s EFTPoS services on par with the best in the world. In addition, approximately $1.5 Million is spent annually in technology, maintenance costs and support personnel by the Bank to maintain its EFTPOS service. This commitment to cards service and expenditure will
continue in the future.”

“We are excited to see more customers and businesses reaching for BSP EFTPoS service as their preferred way to pay/receive for payment of goods and services
in lieu of cash because now it is cheaper, faster, safer and more convenient,” added Mr Ali.

The new Merchant Service Fee will come into effect from 15th July 2019.

BSP has 17 branches, 118 ATMs, over 1,800 EFTPoS Terminals, SMS Banking, Online Banking and a new BSP Fiji Mobile Banking app to enhance customer’s access to their own funds.

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