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.
TL;DR
- 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.