iscoverAustralia’s payments system is on the cusp of its most significant reset in decades, writes Chris Jewell.
What the RBA’s surcharge ban means for accountants and their clients
28 July 2025
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9 minute read
The Reserve Bank of Australia (RBA) has unveiled a bold proposal to ban surcharging on eftpos and card payments, lower interchange fee caps, and mandate fee transparency across the board. While this is welcome news for consumers, who collectively pay $1.2 billion in surcharges each year, the implications for small businesses, and the accountants guiding them, are profound.
The RBA’s aim is clear: “to address some of these high costs and inefficiencies in the system,” as Governor Michele Bullock put it. The preliminary conclusions from its Merchant Card Payment Costs and Surcharging Review are far more than a technical adjustment. They represent a fundamental realignment of the national payments infrastructure: one that champions transparency, fairness, and efficiency.
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For accounting professionals, especially those advising SMEs, this isn’t just a regulatory footnote; it’s a paradigm shift. In a world where cash usage has plummeted from 70 per cent in 2007 to just 13 per cent in 2022, the old logic of recouping card processing costs via surcharges is fast becoming obsolete.
Soon, payment costs will be absorbed into business models, not passed on to customers as a visible extra. The complexity and potential “invisible tax” of absorbed fees mean many small businesses will be looking directly to their accountants for expert guidance during this crucial period of adaptation.
The Account-to-Account imperative
As with any major regulatory change, the transition won’t be seamless. Accountants will need to help clients reassess pricing models, understand true cost structures, and forecast the impact of absorbed fees on margins. This is where accountants step into a more strategic role, guiding clients through the minefield of cost management, pricing adjustments, and selecting efficient payment solutions.
But this reset is also a catalyst for smarter, more efficient ways to pay and get paid. The removal of surcharges, combined with mandated fee transparency, throws a spotlight on account-to-account (A2A) payment solutions like PayTo. Built on the New Payments Platform (NPP), PayTo enables real-time, bank-account-based transactions that bypass traditional card rails and their associated fees entirely.
For businesses, the benefits are impossible to ignore:
- Cost efficiency: A2A payments often cost just a fraction of credit card processing, and frequently less than debit card fees.
- Real-time settlement: Funds move instantly, supporting better liquidity and cash flow.
- Simplicity and transparency: With fewer intermediaries, merchants gain clearer insights into their costs of acceptance.
- Security: Direct bank-to-bank transfers reduce fraud risk, as sensitive card data isn’t required.
The RBA estimates that 90 per cent of Australian businesses will be better off under the new interchange caps, with small businesses, which pay closest to the current caps, seeing the greatest benefit. Yet, the true opportunity lies in moving beyond legacy card payments altogether, adopting lower-cost, real-time alternatives that put cash flow and customer experience front and centre.
The way forward: A strategic pivot for accountants and businesses
With a proposed start date of 1 July 2026, the industry has a clear runway to review, strategise, and adapt. For accountants, the opportunity is clear: educate clients on the advantages of emerging payment solutions, particularly A2A options like PayTo. Advising on the adoption and integration of these solutions will be a key value-add in the coming years.
The RBA’s review isn’t just about removing a fee; it’s about reshaping the economics of payments in Australia. It signals a future of greater competition, transparency, and innovative payment alternatives. For accounting professionals ready to guide clients through this transition, the rewards in efficiency, strategic value, and client trust will be substantial.
Chris Jewell is the co-founder and president of Zepto.
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