Rental payment platform DEFT scraps card payments for rent
Macquarie Bank's DEFT platform has stopped accepting credit and debit card payments due to new government surcharge restrictions.
Macquarie Bank's DEFT platform has stopped accepting credit and debit card payments for rent after new government surcharge rules came into effect. The policy prevents businesses from passing bank surcharges to customers, forcing payment platforms to absorb the costs instead.
Fewer than 2 per cent of DEFT's 1.2 million monthly rental payments currently use cards, but advocates warn that renters who rely on cards to spread payments may struggle to meet rent. Some renters use credit card rewards to fund holidays or save for Christmas.
Card payments remain available through BPAY and AustraliaPost. DEFT says it is evolving toward fast, fee-free payment methods.
Renters concerned about making payments should speak to their managing agent early.
- 1.2 million
- Monthly rental payments via DEFT
- 1200
- Managing agents using DEFT
- Less than 2 per cent
- Card payments percentage
- $724
- Average rent
Why it mattersRenters who budgeted card payments for cash flow or rewards now need to find alternatives or face pressure on household finances.
AustraliaAustralian renters using DEFT may face cash-flow challenges if they relied on credit cards to spread payments or accumulate rewards.
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