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Welcome to the Costless Payment Solutions Blog.

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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

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Smartphones used more frequently for payments than cards

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As reported in the Sydney Morning Herald on Sat 21/10/23, payments on smartphones especially Iphones, accounted for more than a third of all card transactions in the June Quarter, according to the Reserve Bank Of Australia.

This process (payments using phones) is not favoured by the banks as this encroachment into the payment space has provided Apple with a small and growing income stream.

Most importantly for Apple, they have forged a closer relationship with their customers, which may lead to the opportunity to sell other products such as savings accounts for example.

Digital Wallets became popular during the Covid 19 Pandemic and are dominated by Apple and Google.

Consumers prefer the digial wallet option as it is convenient and more secure than using a card to make payments.

Google does not charge fees for its wallet but Apple does.

For more information , please make contact as follows:-

email- mark.grant@costlesspaymentsolutions.com

call- 0419762478

www.costlesspaymentsolutions.com

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

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Square Terminal Outage

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As reported in the Weekend Australian on September 9,Businesses across Australia were unable to accept card payments as a fintech outage left Square Terminals unusable.


One cafe in Sydney’s inner west, stated that about 150 customers had visited their cafe, with only a handful of clients having cash to pay for breakfast.
“This is the reason we changed from tyro to square a couple of years ago. We had similar problems with outages”, the business owner mentioned ” This is the fourth outage the cafe had faced with Square this year.

Were you impacted by this outage?

What steps have you taken to prevent this from harming your business in the future?

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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Are you transferring funds overseas and wanting to do so with no transfer fees and a competitive exchange rate?

Torfx are able to provide both even with a dedicated account manager for you to speak with.

Should you have any questions:-Please call 0419762478 or email mark.grant@costlesspaymentsolutions.comwww.costlesspaymentsolutions.com

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    As a small business owner in 2023, you wouldn’t be mistaken for thinking the economic outlook was bleak. But adversity breeds opportunity.

    This year, Australians are grappling with belt-tightening inflation, the likes of which we haven’t seen in three decades. How small business owners respond to soaring supply costs, continued staff shortages and customers with diminishing spending capacities will determine whether they survive or thrive.

    Have you considered reducing your banking costs?

    The Decline of The Local Bank Branch in Australia

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    IT is often mentioned that COVID 19 changed our personal and business lives for ever.

    COVID 19 sped up the process of consumer’s moving away from using cash for purchases.

    I dont know if it is coincidence, but Australian Banks have closed over 700 branches from 2020 to 2023 (as reported in The Sydney Morning Herald Sat 21/1/23).

    How will you seek help from your bank, if you cant visit them?

    Cashless Australian Economy

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    A cashless economy is closer to realty, according to the Australian Banking Association, which states that the number of people leaving home without their wallet and relying on their phone or another device to pay for goods or services has doubled in 3 years.

    This is as reported in The Weekend Australian on May 13 2023.

    According to the report from Australian Banking Association, consumers leaving their wallets and purses at home, has risen from 19% in 2019 to 38% in 2022.

    Payments using methods other than cash are increasing rapidly.

    One in two Australian smart phone users, say they have used their mobile phone to make a purchase in-store, in-app or on a website, rising from 18% in 2019 to 49% in 2022

    What are your thoughts?

    How have you prepared for this in your business?