Due to the increasing number of fees associated with using electronic payment methods, Chemist Warehouse has launched a new payment method that will allow customers to avoid the additional charges at the checkout.
Customers will be able to make direct payments using QR codes.
Through the new payment method, known as Pay by bank, customers will be able to complete their transactions by scanning the QR code at a payment terminal.
It will allow them to make a quick and easy payment without setting up an account or using a third-party application.
Although it will not save them money, the system will allow Chemist Warehouse to save millions of dollars.
According to reports, the pharmacy annually forks out around $15 million in fees for processing payments. However, it does not pass these fees on to its customers.
Despite this, chairman Jack Gance said that these costs are a significant part of the company’s potential profit. Therefore, it is important that the company has a low-cost payment system.
The company will start implementing the new payment method in its stores and online in early 2025.
Although the system will allow customers to pay with their devices, they will still be able use cash, credit cards, and their debit cards.
This change comes as the government considers banning the imposition of fees on credit and debit card payments.
According to Jim Chalmers, the Treasurer, the government is considering banning the imposition of debit card surcharges to ensure that both consumers and small businesses can benefit from lower costs.
He stated that people shouldn’t be punished for using a card, and small businesses should not have to pay excessive fees just to receive payments.
Although surcharges are already prohibited in the European Union and Britain, Australian consumers still face a fee of around 0.2 to 2 percent of the transaction value when they use a credit or debit card.
This fee is imposed on businesses to cover the costs of processing transactions, which are typically charged by card companies and banks.