Access Westpac Banking Benefits
Westpac's long partnership with Retail NZ to support the growth of New Zealand's retail industry provides our members with a range of special deals including:
- an all-in-one, low cost business banking option
- preferential merchant rates
- a range of personal banking benefits including preferential home loans
Find out more about Westpac and their special deals for business and personal banking:
Merchant Service Fees for processing card transactions
From 1 May 2019, Retail NZ members will have a new pricing structure for processing card transactions through Westpac. This new pricing structure is called Interchange Plus.
Interchange Plus means that you'll be charged two rates for each transaction:
- A variable rate for the interchange fee that is set by the card schemes; and
- A separate combined fixed rate for all other scheme, switch and acquirer (Westpac) fees - this is the rate negotiated for Retail NZ members.
|Transaction type||Main bank*||Non Main bank*|
|Card present||Interchange + 0.28%||Interchange + 0.53%|
|Card not present||Interchange + 0.35%||Interchange + 0.60%|
More than $15k per month via a linked gateway
|Interchange + 0.80%||Interchange + 1.05%|
Less than $15k per month via a linked gateway
|Interchange + 1.10%||Interchange + 1.35%|
*Fees depend on whether your settlement account is with Westpac. Please contact Westpac for more information on whether you meet the criteria for a main bank customer.
More information on interchange fees can be found here.
Further information, including terms and conditions and eligibility criteria, can be found here.