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Month: December 2019

Payment Surcharges- only charge what it costs you!! From 1 September 2017, all businesses that impose payment surcharges on card transactions need to comply with the new law that bans excessive payment surcharges. If you are unsure if you comply or require further information please contact me 0419762478, mark.grant@costlesspaymentsolutions.com

December 9, 2019 by Mark Grant

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Buskers with digital codes, school canteens with no cash!! Physical cash is on its way out!! The Reserve Bank of Australia (RBA) has declared that currency was likely to become a “niche payment” used only in emergencies. Is this the most “Costless Payment Solution?”Train Commuters now pay for their travel using their credit/debit cards. Those relying on Cash donations (such as charities, the homeless) are facing a technology-driven issue- not of their own fault. Charities such as The Salvation Army have implemented EFTPOS Terminals to counteract this change in their fund-raising environment. Is this the most “Costless Payment Solution” for them? Small Charities are known to struggle with the transaction fees on donations, some are charged 2.2% (22 cents on a $10 donation). This certainly mounts up over a year. An estimated $6 billion goes missing every year through the “black economy” (most of it cash). With this progressive adoption of electronic payment solutions and less cash ‘deals’, may result in increased tax revenues and ultimately more spending on services for the needy in our community. How are these changes affecting you, your family, and your business?
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Households are using the pandemic to build their nest eggs and guard against recession, with investments and savings trending higher since the start of 2020. This is evidenced by the average total balance of Commonwealth Bank Term Deposit and Savings Accounts (which account for a large portion of the market), increasing by 5% over the months of January to July 2020. Before the pandemic, total household income grew by 4% a year according to the Commonwealth Bank. It has grown 11% a year between January and August 21, 2020. Low growth in salaries and wages, including the job keeper payments, was offset by increased government benefits. However, purchases on Commonwealth Bank Credit and Debit Cards only increased by 8% a year over the same time frame.
During COVID-19, it is reported that half of Australia’s franchise stores recorded a substantial reduction in revenue, with Cafes, Restaurants, Gyms, and Child-Related Businesses among those most affected. A Pulse Check Survey was conducted by the Franchise Council of Australia of 70 franchisees covering 12373 stores nationally. Approximately 46% of survey respondents reported that revenue was less than half compared with the June 2019 quarter. Consequently, 35% recorded increases in revenues, with takeaway food, health, and freight businesses amongst those benefitting. The Franchise Council revealed the greatest challenges in the June 2020 quarter were landlord issues (54%), the health and wellbeing of franchisees and staff (54%), and franchisee financial performance (52%). What are your thoughts? What or have you struggled with during this time?
In this podcast, I am interviewed by Jackson Millan of Aureus Financial about my innovative payment solutions that have been specifically built with small businesses in mind integrating surcharge and how you can save thousands, if not tens of thousands by having the right payment solution in your business, club or association. https://open.spotify.com/episode/6TgTVp7tdNmKMIA6lEHf2x?si=5-hlpKyERZKQECze-nvmXQ

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