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Are you concerned by bank fees for your business, club, or association?

24/06/2020 by Mark Grant

#costlesspaymentsolutions

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Costless Payment Solutions

Retail figures released recently by the RBA (Reserve Bank of Australia) evidence an increase across the country. Further to the RBA’s report, 828 million purchases were made by Australian-issued cards (Credit/Debit) during the month of May 2020 (a 16.5% month-on-month increase). The total monetary value of the card purchases was $52.3 billion. In April 2020, card spending fell by 22% as a result of COVID-19 restrictions impacting consumers spending patterns. How has this change in our economy impacted you and your business?

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Well did you know that the recent Optus Outage in Australia affected 10,000,000 people of which 1,000,000 were business owners. So I presume that of the 1,000,000 most had EFTPOS Terminals that could not operate due to no Optus Signal. Well that is where I can help you avoid this issue next time it happens. And there is every chance it will happen again (telco outage). I hear you say, how can I help you? Well the EFTPOS terminals that I offer , have a roaming sim card built into them. Therefore if this terminal is operating using the optus signal (and optus experiences issues), my terminals will automatically search for the strongest signal in the atmosphere to continue to function. Can you afford not to have a costless payment solution that operates at all times? Mark Grant mark.grant@costlesspaymentsolutions.com
Smartphones used more frequently for payments than cards
Is It Really That Easy!! Do you charge customers/clients a surcharge on transactions for accepting card payments in your business? If not why?If you are, what rate are you charging them?Example- You have your merchant facility with a bank , who charge you (the business) the following transaction costs:-Eftpos per transaction- 60 cents per transaction Mastercard/Visa – 2% per transaction American Express- 3 % per transaction. According to The Competition and Consumer Amendment (Payment Surcharges) Act 2016, what rate are you able to pass onto every client/customer who pays you by credit card/debit card?The answer is the lowest cost denominator- 60 cents. Most businesses would say 3%!! So to comply with the law, from the above example, you are only able to pass on 60 cents per transaction.However your bank would continue to charge you 2% per transaction for Mastercard/Visa and 3% for American Express Transactions. Therefore you would be losing money in this scenario.The option is to pay 1 rate for all cards ( with this rate either to be passed on automatically to your clients- making this EFTPOS Terminal fee free for you) or for the transaction costs to be absorbed by you in your buisness.For more information, please contact:-Mark Grant email- mark.grant@costlesspaymentsolutions.com phone- 0419762478
Square Terminal Outage
The pandemic has led to more use of cards with our spending. Resulting from the fear of spreading coronavirus by using notes and coins, have led to businesses and personal consumers to rely on debit and credit cards as well as smartwatches. The Reserve Bank of Australia’s Assistant Governor said last week there had been a sudden shift to contactless payments during the pandemic. Automatic Teller Machine withdrawals in April 2020 fell 30% from March 2020. In April, some banks altered contactless tap-and-go limits to $200 as a measure to reduce the need to enter pin numbers for payments. 59% of people say they will use some cash but not as much once the pandemic ends. 44% of people use a credit/debit card or mobile for payment more than 12 months ago. 59% say some of their local stores are only offering contactless payments. * Source- MYOB Survey of 1080 Australians May 2020 #costlesspaymentsolutions

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