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Westpac to cut payment fees for business customers to lowest rate in market
23 September 2026
Small businesses will pay less every time a customer taps, swipes or inserts their Visa, Mastercard, eftpos or UnionPay card thanks to reduced Westpac Flat Transaction Rates from 1 October.
The change to 0.79% for eligible new and existing customers will be the lowest in market among the major banks and merchant acquirers1.
The move is expected to save a typical small business $80 a month or nearly $1,000 a year2, when the RBA’s surcharging ban commences on 1 October. This will help small business owners manage the change as operators continue to face higher wages, rent and operating costs.
"We know small businesses are doing it tough and every dollar counts. For a cafe, retailer or tradie, these savings can add up over the course of a year and help offset other rising costs," said Paul Fowler, Chief Executive, Business & Wealth.
“As small businesses prepare to absorb higher costs with card payment surcharging ending from 1 October, passing on these savings means businesses can keep more of what they earn and better manage that transition."
From 1 October, for eligible new and existing customers:
- Westpac's Flat Transaction Rate for EFTPOS terminals and PayWay will be reduced from 1.20% to 0.79%1.
- EFTPOS Air and OnlinePay customers will see rates reduced from 1.40% to 1.25%3.
“As more Australians are choosing to pay digitally, these changes make it easier and more affordable for businesses to accept payments, helping them manage costs while giving customers the secure, convenient payment options they increasingly expect,” said Fowler.
“Alongside this new merchant offer, we will continue to invest in products and services that help business owners manage cash flow, access funding, get paid faster and run their businesses more efficiently. We are committed to supporting small businesses which remain the engine room of our economy.”
More information is available at the Westpac website.
Footnotes
1 For Flat Transaction Rate customers. Eligibility criteria, T&Cs, fees & charges apply. A Westpac business transaction account is required for EFTPOS Air, OnlinePay and Presto. EFTPOS Air is available only on compatible devices. Major banks and merchant acquirers include: CBA, ANZ, NAB, Tyro, Zeller, Square, Stripe as of 23 September, 2026. Compared against those groups publicly advertised flat ongoing rate.
2 Based on typical small business transaction volumes of around $20,000 per month.
3 Charged as a % of the gross or net dollar value processed for Visa, Mastercard, eftpos and UnionPay transactions.
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