The Association of Travel Management Companies (ATMC) is further preparing members for the Reserve Bank of Australia surcharge changes, bringing together payments leaders from American Express, Mint Payments and WEX to unpack what the reforms mean for corporate travel management companies.
Its July session on the subject formed part of ATMC’s regular monthly meeting series, which gives corporate travel professionals a forum to connect and hear directly from industry experts.
ATMC chair David Goldman said the meeting gave members clarity on the changes ahead of their October start date.
From 1 October, merchants will be banned from surcharging card payments made through the eftpos, Mastercard and Visa networks, under reforms announced by the Reserve Bank of Australia removing surcharging for all designated card networks from that date, having withdrawn its prohibition on no-surcharge rules.
American Express has separately confirmed it will remove surcharging from the same date, despite not being subject to RBA regulation. Businesses will still absorb the cost of accepting card payments, but the RBA is lowering interchange fees at the same time, a move it expects will help offset lost surcharge revenue and benefit small businesses most.
For corporate travel management companies, one detail is worth flagging: the interchange fee cap on commercial and corporate card transactions is being held at 0.8 per cent, but the RBA is abolishing the 0.5 per cent benchmark rate on 1 October, which could push average interchange fees on business card transactions higher – an aspect that likely explains why TMCs are seeking guidance now rather than waiting for the deadline.
“With the October changes fast approaching, this session gave our members clear guidance on what’s changing and why, alongside a bigger-picture view of payments as a more sustainable and transparent approach to client payments,” he said.
Goldman added that the combination of regulatory detail and commercial context would help companies manage the transition with their own clients.
“For corporate travel management companies navigating these reforms with their clients, that combination of regulatory clarity and commercial insight is invaluable.”
