Australia
In Australia, debit and credit cards are the most common non-cash payment methods at “points of sale” (POS) or via ATMs. Not all merchants provide EFTPOS facilities, but those who wish to accept EFTPOS payments must enter an agreement with one of the seven merchant service providers, which rent an EFTPOS terminal to the merchant. The EFTPOS system in Australia is managed by Eftpos Payments Australia Ltd, which also sets the EFTPOS interchange fee. For credit cards to be accepted by a merchant a separate agreement must be entered into with each credit card company, each of which has its own flexible merchant fee rate.
The clearing arrangements for EFTPOS are regulated by Australian Payments Clearing Association (APCA). The system for ATM and EFTPOS interchanges is called Consumer Electronic Clearing System (CECS) also called CS3. CECS required authorisations from the Australian Competition and Consumer Commission (ACCC), which was obtained in 2001 and reaffirmed in 2009. ATM and EFTPOS clearings are the subject of individual bilateral arrangements between the institutions involved.
Read more about this topic: EFTPOS
Famous quotes containing the word australia:
“It is very considerably smaller than Australia and British Somaliland put together. As things stand at present there is nothing much the Texans can do about this, and ... they are inclined to shy away from the subject in ordinary conversation, muttering defensively about the size of oranges.”
—Alex Atkinson, British humor writer. repr. In Present Laughter, ed. Alan Coren (1982)
“I like Australia less and less. The hateful newness, the democratic conceit, every man a little pope of perfection.”
—D.H. (David Herbert)