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Taxi Non-Cash Payment Surcharge Review 2019

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Taxi Non-Cash Payment Surcharge Review 2019 Taxi Non-Cash Payment Surcharge Review 2019 Further Draft Decision 11 November 2019 An appropriate citation for this paper is: Essential Services Commission 2019, Taxi Non-Cash Payment Surcharge Review 2019: Further Draft Decision, 11 November Copyright notice © Essential Services Commission, 2019 This work, Taxi Non-Cash Payment Surcharge Review 2019, is licensed under a Creative Commons Attribution 4.0 licence [creativecommons.org/licenses/by/4.0]. You are free to re-use the work under that licence, on the condition that you credit the Essential Services Commission as author, indicate if changes were made and comply with the other licence terms. The licence does not apply to any brand logo, images or photographs within the publication. Preface i Essential Services Commission Taxi Non-Cash Payment Surcharge Review 2019 Contents Summary 1 Our role is to set the maximum non-cash payment surcharge in taxis 1 Analysis suggests the current maximum surcharge is too high 2 The maximum surcharge will be four per cent for all payment instruments except commercial passenger vehicle specific instruments 3 The maximum surcharge for Cabcharge instruments will be six per cent 4 We will provide a transition period to allow the industry to adjust 5 A further draft decision gives stakeholders a fair chance to comment 5 Why we regulate non-cash payment surcharges in taxis 6 Cost analysis suggests the current maximum surcharge is too high 7 The reasonable cost of processing non-cash payments is less than four per cent 8 Reasonable costs and actual costs will differ 8 We used a building block model to assess the costs of taxi payment processors 9 We excluded costs that are not associated with processing non-cash payments 10 Benchmarking suggests the current maximum surcharge is too high 14 Our benchmarking suggests the current maximum surcharge should be reduced 14 The current maximum surcharge is high relative to the cost of payment processing in other industries 15 We accounted for the particular circumstances of the taxi payments industry in our benchmarking 16 We estimated our benchmarks using EFTPOS offers and revenue data 17 There will be two maximum surcharges 19 The maximum surcharges 19 Reasons for the change in approach to Cabcharge instruments 20 Two maximum surcharges would better meet our objectives 21 Having a different maximum surcharge for Cabcharge payments should not be confusing for passengers 22 Stakeholder views were mixed 23 Some stakeholders said we excluded some reasonable costs 24 Confidential and anonymous submissions 25 Inquiry into the CPVI Act 26 Appendix A: the non-cash payments supply chain 27 Non-cash payment systems 27 How credit, debit and charge card transactions work 28 Non-cash payments in the taxi payments industry 31 Taxi non-cash payment surcharging in other jurisdictions 34 Appendix B: our bottom-up cost assessment 40 Our bottom-up cost assessment suggests that the current maximum surcharge is too high 40 We used a building block model to assess taxi payment processors' costs 42 Contents ii Essential Services Commission Taxi Non-Cash Payment Surcharge Review 2019 We undertook a bottom up cost assessment of Cabcharge 45 We excluded costs that are not reasonable costs of processing non-cash payments 47 We updated our bottom-up cost assessment in response to submissions 51 Appendix C: our benchmarking assessment 52 The current maximum surcharge is high compared to our benchmark 52 We used revenue data and EFTPOS terminal offers in our benchmarks 57 We estimated the monthly non-cash payment revenue for the typical taxi 58 We estimated the monthly cost for the typical taxi 58 We calculated the monthly cost as a percentage of monthly revenue 63 We considered cost differences in processing non-cash payments in taxis and the broader economy 63 We used benchmarks from Australian banks and merchant aggregators 70 Appendix D: how we have assessed the maximum surcharge 71 Our approach to this review 71 Our assessment approach helps us meet our legislated requirements 72 Appendix E: our legislative considerations 76 The commission's statutory power to determine the maximum surcharge 76 The commission's objectives 76 Factors the commission must have regard to 77 We set the maximum surcharge in taxis 78 Appendix F: regulation of non-cash payment surcharging in other industries 79 Surcharging is allowed in Australia 79 A surcharge must not exceed the average cost of acceptance 80 The RBA’s guidance on surcharge rates 82 Interchange fees are also regulated by the RBA 82 Appendix G: origin of the non-cash payment surcharge 84 The surcharge was first introduced for processing paper dockets 84 The taxi industry inquiry set the maximum surcharge at five per cent 84 Other states have followed Victoria’s example on the surcharge 85 Appendix H: the legislation governing our non-cash payment surcharge role 86 Appendix I: records to be kept on non-cash payment surcharges 100 Appendix J: Detailed list of matters raised by stakeholders 102 Glossary 118 Contents iii Essential Services Commission Taxi Non-Cash Payment Surcharge Review 2019 Summary Our further draft decision is that: • the maximum amounts of non-cash payment surcharges for taxis be reduced to four per cent (incl. GST) for all non-cash payment transactions (non-cash payments) • but commercial passenger vehicle specific payment instruments (such as Cabcharge) will have a maximum surcharge of six per cent (no GST payable)1 • we will delay the implementation of the changes to the maximum non-cash payment surcharge until May 2020. Our role is to set the maximum non-cash payment surcharge in taxis Non-cash payment surcharges are fees charged to passengers, on top of the standard taxi fare, for paying by any method other than cash. Following reforms to commercial passenger vehicle industry legislation, we began a review of the amounts of maximum non-cash payment surcharges (maximum surcharges)2 for taxis in late 2018. In setting the maximum surcharge our objectives are to: • Promote efficiency in the non-cash payment transaction industry by regulating the amount that may be imposed by way of a non-cash payment surcharge. In seeking to achieve this objective, we must ensure that persons facilitating the making of non-cash payment transactions (which include taxi drivers that accept the payment and taxi payment processors that supply the means by which transactions are processed) are able to recover the reasonable cost of accepting and processing such transactions.3 • Promote the long term interests of Victorian consumers. In seeking to achieve this objective we must consider the price, quality and reliability of essential services.4 1 The surcharge for usage of the Cabcharge payment instrument is not subject to GST. According to Cabcharge this is because it is a financial transaction (https://accounts.cabcharge.com.au/subpages/update3_cabchargegst.htm) [last accessed 7 November 2019]. 2 For brevity, in this document we have referred to maximum non-cash payment surcharges as maximum surcharges. 3 Commercial Passenger Vehicle Industry Act 2017 (Vic) s. 122. 4 Essential Services Commission Act 2001 (Vic), s. 8. Summary 1 Essential Services Commission Taxi Non-Cash Payment Surcharge Review 2019 We must also consider a range of other matters: such as the financial viability of the industry and the degree of and scope for competition within the industry.5 In making a determination we must ensure that the expected costs of the proposed regulation do not exceed the expected benefits, and that the determination takes into account and clearly articulates any trade-offs between costs and service standards.6 We must also adopt an approach and methodology which we consider will best meet the objectives set out above.7 Appendix E has more information on our role in regulating the maximum surcharge in taxis. Analysis suggests the current maximum surcharge is too high To set a maximum surcharge, we must form a view on how to assess the reasonable cost of accepting and processing non-cash payment transactions (processing non-cash payments).8 We have used benchmarking and bottom-up cost assessments to inform our view on the reasonable cost of processing non-cash payments. These assessment techniques suggest that the current five per cent maximum surcharge is above the reasonable cost of processing non-cash payments in all cases, except for non-cash payment transactions accepted and/or processed using Cabcharge when an allowance is made for issuing costs. Our bottom-up cost assessments of the costs incurred by several taxi payment processors showed that a surcharge of between 3.3 and 4.3 per cent (including GST) would allow them to recover their actual costs. However, our bottom up cost assessment also shows that, once issuing costs are accounted for, a maximum surcharge of six per cent (no GST payable)9 would be required to recover the reasonable costs of Cabcharge. Details of our bottom-up cost assessment can be found in chapter two. We also undertook benchmarking analysis. It suggested that it may be possible for taxis to process most non-cash payments for as little as 2.5 per cent (including GST). Further information on our benchmarking can be found in chapter three which explains our benchmarking analysis. 5 Given that non-cash payment transactions are prescribed services, the maximum amounts of non-cash payment surcharges are prescribed prices and the non-cash payment transaction industry is a regulated industry for the purposes of the Essential Services Commission Act 2001 (Vic). We must also have regard to a number of other matters: Essential Services Commission Act 2001 (Vic), s 8A and s 33 (see Appendix E). 6 Essential Services Commission Act 2001 (Vic), s 33(4). 7 Essential Services Commission Act 2001 (Vic), s 33(2) and s.
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