Merchant Advocacy & Guidance Network association president Rebecca Fairbrother is representing business owners who want to reduce the amount paid in merchant fees to banks. Every time a customer uses a credit card at Mag and Turbo Tyre and Service Centre, owner Tina Bate is charged what are called merchant fees. Banks in New Zealand charge merchant fees up to 10 times higher than other countries because there are no regulations, said Merchant Advocacy & Guidance Network (Magnet) association President Rebecca Fairbrother. Bate's merchant fees went from 2.10 per cent to 1.70 per cent since Fairbrother renegotiated the rates with her bank. Brya Ingram/Stuff Bate's merchant fees went from 2.10 per cent to 1.70 per cent since Fairbrother renegotiated the rates with her bank.

Source: Stuff February 25, 2021 15:45 UTC