ASB welcomes the Government’s announcement today that it will consult on merchant services fees and has immediately moved to implement a substantial rebate for small and medium sized ASB business customers until the outcome of the consultation. The rebate announced today will be back dated to 1 December 2020.
ASB's Executive General Manager Business Banking Tim Deane says, "Merchant services fees are a complex eco system involving multiple financial services parties. A large portion of the fee relates to interchange fees over which ASB has little control, which is why it’s timely, necessary and welcome for the government to provide overarching direction to the industry via this consultation.
"ASB is committed to backing Kiwi businesses in these challenging times. We’re pleased to be able to put more money in the hands of our business customers at what is a crucial time in the trading year. We know every bit counts after such a tough year."