Popular payment system DEFT to ban all debit and credit card rent payments

Macquarie Bank has made a major change that will affect millions of renters and homeowners. Picture: Max Mason-Hubers / The Australian A leading national payment system, that handles 1.2 million rental payments per month, is making sweeping changes to the way Australians can pay their rent and strata payments. DEFT, an online secure payment system that is a subsidiary of Macquarie Bank serves over 1,200 real estate agencies for rent alone, alongside widespread use across strata management firms including Jamesons Strata Management, PICA Group, Ace Body Corporate and Netstrata. Macquarie Bank have announced that DEFT will no longer accept payments via debit card and credit card payments, meaning huge changes for many homeowners and renters. The change comes in line with the Reserve Bank’s decision to remove payment surcharges for all designated card networks – eftpos, MasterCard and Visa – from October 1. The move means customers will now pay the price they are advertised, without added surcharges when they pay by card. Businesses will now absorb the costs associated with their payment systems, making it illegal to put these fees back onto a customer. However with the change, millio...