Will all merchants save money on their merchant service fees when Wave & Save is enabled on their terminal?
Prior to the introduction of Least Cost Routing, all contactless transactions were routed via the credit card network and charged the credit card fee. Eligible merchants who process scheme debit card contactless transactions above their Wave & Save Transaction Limit may see a reduction in their merchant service fees due to the lower acquiring cost for these transactions when they are processed through the EFTPOS network. The savings may differ across merchants as it’s dependent on their industry type, pricing plan, card mix and transaction value and volumes.
Please note that some bank issued scheme debit cards have a maximum daily card limit of up to $1000 on EFTPOS transactions**. If one of these cards is used and they have exceeded their daily card limit, the transaction amount will be processed via the credit card network and the credit card fee will be charged.