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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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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
When was the last time your bank tri3ed to save you money with your business payment solutions?
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