AMP Bank GO warns: if the savings don’t flow through, everyday Australians will still pay.
AMP Bank GO has welcomed the Reserve Bank of Australia’s outcome on card payment processing fees and surcharging, calling it the most significant reset of the payments system in more than 20 years.
But there’s a warning: if the savings don’t flow through, everyday Australians will still pay. The biggest risk now lies in any gap between surcharges ending and lower interchange fees actually flowing through to small businesses, reducing the cost of accepting payments. If banks and payment providers can continue charging the same unfair card payment processing fees, everyday Australians will still pay – either out of their own hip pockets, or through the loss of small businesses that can’t absorb yet another hit.
John Arnott, Director AMP Bank GO said the reforms finally put a spotlight on a problem that has been quietly draining small businesses for years.
“The reforms shine a light on opaque card payment processing fees that have been quietly eating into small business margins for too long.
“This will reduce surprise fees at the checkout for customers – but now we need to make sure small businesses aren’t left footing the bill.
“The longawaited changes offer hope, but until we see them flow through, card payment processing fees will keep chewing up already razorthin small business margins.
“At a time when cost of living pressures are really biting, card payment processing costs have been adding fuel to the fire.
“Small businesses have been caught in the middle of a payments system stacked against them.”
Enough is enough – banks must now act
AMP Bank GO says the pressure now has to shift to banks and payment providers to do the heavy lifting and drive prices down. National research from AMP Bank GO shows just how fed-up small businesses are:
- 95% believe there should be greater transparency around card payment fees and surcharges.
- 3 in 4 feel disadvantaged compared to big business when it comes to card payment processing fees.
- 1 in 3 believe absorbing card payment processing fees will put their business at risk.
Small businesses employ more than 5 million Australians, contribute more than $550 billion to the economy every year, and make up over 97% of all businesses in Australia1.
John Arnott said timing is critical:
“It’s now over to banks and scheme providers to step up. There has to be pressure to force prices down – because small businesses can’t absorb these costs any longer.
“Small businesses have been ripped off by opaque and unfairly high fees for too long. “Margins are already wafer thin and many operators are one shock away from closing their doors.
“Greater transparency is a big step forward – but transparency alone won’t pay the bills. For many small businesses, this isn’t a nice to have. It’s about survival.
“The market needs to move quickly to turn visibility into lower prices, and small businesses need the confidence to vote with their feet.”
Visit AMP Bank GO’s website to learn more about its commitments to small business.
About the research
AMP Bank GO commissioned research to understand Australia-based small business owners’ attitudes around fairness in banking – a survey of 1,021 sole traders and small business owners (up to 19 employees) was conducted by Dynata in October 2025.
The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517