Get the latest retailer news on the New Zealand economy and merchant business in our monthly Retailer News. Each issue covers a range of topics, including merchant service updates, credit card fraud, and economic commentary from BNZ Chief Economist Tony Alexander.
If you have any queries regarding any of these articles, or your Merchant Facility in general please contact BNZ's EFTPOS & Internet Merchant Sales and Services team on 0800 737 774, Option 4.
In the latest Retailer News
September 2016, see previous articles
Tony’s Take – Economic commentary from BNZ Chief Economist Tony Alexander
Data recently released by Statistics NZ shows in the June quarter retail spending in dollar terms was a strong 6.6% ahead of a year earlier. Hardware type sales were ahead 13%, electrical goods 11%, and furniture etc. 9%, so it is not accurate to claim, as some have, that the result simply reflects a booming tourism sector. Kiwi households are enjoying the benefits of ultra-low borrowing costs, rising house prices, strong jobs growth, with extra households coming from record net inward migration.
Looking ahead, our expectation remains for continued firm growth in the NZ economy, low interest rates, strong population growth, and still further house price rises. These are all factors suggesting the mood of householders when it comes to retail spending will be good. A strong Christmas spending period looms.
Transaction Processing and Late Presentment time frames reduced
To simplify Visa rules and to promote efficiency, Visa will reduce transaction processing time frames (i.e. the time from the transaction date to when it is cleared) and globally align the charge back time frames for Reason Code 74. This change is beneficial for two reasons:
a) it allows issuers to better manage card holds
b) it reduces unnecessary cardholder complaints to merchants which can waste time.
Currently there are eight transaction types, with different processing time frames, which may also vary by region or country. And so, to simplify framework and align it globally, Visa is consolidating the transaction types into three categories:
|Transaction type||Maximum Processing time frame|
|Visa Electron and ATM
||Within 5 calendar days of the transaction date
|Visa Prepaid Load Service
||Within 2 calendar days of the Visa Prepaid Load Service date
|All Other Transactions
||Within 8 calendar days of the transaction date
If you have any questions, or need some help, please contact our EFTPOS & Internet Merchant Sales and Services team on 0800 737 774, Option 4.
Previous Retailer News articles