BSP Warns EFTPoS Merchants on Extra Fees

BSP Financial Group Chief Executive Officer, Robin Fleming, has raised concerns over additional EFTPoS fees charged to BSP and other bank Cardholders by BSP EFTPoS Merchants for purchases, cash out and balance checking.

Mr Fleming said this when responding to a query raised by a disappointing customer who was charged extra fees when trying to cash out K50 after his purchase using the EFTPoS terminal at Hot Rooster Shop in Buka.

“BSP regularly informs customers that they should not pay additional fees to any merchant who tries to apply their own surcharge for use of a BSP EFTPoS terminal,” said Fleming.

“Under the terms and conditions accepted by the bank’s merchants, they are not permitted to charge additional fees on customers. If we become aware of a merchant applying a fee for transactions, we will caution them and remind them of the terms and conditions they accepted. If the merchant continues to apply fees, the bank will remove the terminal from the merchant and discontinue the merchant relationship,” Fleming said.

BSP Retail General Manager Daniel Faunt also reaffirmed this saying, “The availability of EFTPoS at any business increases the volume of sales as customers find electronic payments safe and convenient to do business with.”

“In 2020 BSP removed the minimum fee of K0.50 per transaction for merchants and the fee is now 1% of the purchase amount which for small transactions of say K20 reduces the merchant fee from K0.50 to K0.20. Since May 2021, we have also waived EFTPoS fees for Kundu Standard customers who transact below K26. This means that all transactions below K26 are free whilst transactions above K26 will attract a K0.25 fee to the customer,” said Faunt.

“This enables customer’s convenience in paying for goods at stores and withdrawing cash at the checkout using the EFTPoS terminal without BSP charges, rather than withdrawing cash from ATMs. We encourage customers to continue utilising this payment method for cheaper, faster, safer and convenient way to purchase goods and services,” Faunt added.

BSP will continue to make banking more accessible, cheaper and safer for its customers through its products, electronic banking channels and extensive network of branches and sub branches across PNG.