Pinned down

PIN@POS has started this month. How did your business fare?

By the time you read this we will be in the new PIN-only era! The transition was difficult for most businesses—I know for my business there have been additional costs for multiple terminals.

This move to PIN@POS is telling about how the banking system views our industry. While lip service is paid to our great contribution, most banks didn’t offer support to restaurants and catering businesses through this process. I have to stress the exception was the Commonwealth Bank, who worked with the Association on a solution that was, without doubt, the best in the market.

The fact is the banks were the big winners out of the PIN@POS change. They are the beneficiaries of the reduction in fraud. In contrast, all of the costs have been borne by the merchant (you!). The credit card system works, almost entirely, at the merchant’s cost. The merchant service fee you pay (in the case of the R&C CBA deal that’s 0.81 per cent) is what pays to operate the system.

You would think the merchant would be the focus of these changes. Unfortunately, this is not the case—rather, the card holders were front and centre. This needs to change!

Matteo Pignatelli
President, Restaurant & Catering

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