Kogan Founder Responds to ATO Card Ban, Says It Should Absorb Credit Card Fees
'Over the last 10 years, the rate at which their collections has grown is 50 percent higher than the rate at which the GDP has,' said Ruslan Kogan.
The head of Kogan has criticized the Australian Tax Office’s (ATO) decision to stop accepting credit card payments. This move follows the Reserve Bank of Australia’s (RBA) ban on credit card surcharge fees, which took effect in October. The RBA’s ban forces businesses to absorb these costs, with some small cafe owners facing an additional $1,000 per month in fees.
- Kogan CEO criticizes the Australian Tax Office’s (ATO) decision to remove credit card payment options.
- The ATO’s decision comes after the RBA’s ban on credit card surcharge fees took effect in October.
- Businesses are now required to absorb the costs associated with credit and debit card payments.
- Some small cafe owners report an increase of approximately $1,000 per month in fees due to the change.
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