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?

Costless Payment Solutions

This 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
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Join us for a Live on Thu, 28 May at 4:00 pm for an incredible Presentation by Mark Grant from Costless Payment Solutions on To Surcharge or Not To Surcharge!! Thats the question. We are facing an ever increasing pressure on our profits from business expenses. So what are your plans to address this? Surcharge laws in Australia have been in place since September 2017. I will help you understand the confusion surrounding surcharge, and how you can use surcharge to reduce your expenses and improve your profitability. Join us here live on Thu, 28 May at 4:00 pm! https://zoom.us/j/647014821

We have experienced changes to how we manage and use our money during this pandemic. Here are some of the changes: – (1) Cashless Economy Numerous Businesses have directed consumers to pay by card rather than cash during this covid-19 period. The reason for doing so is to prevent any spread of disease that could occur when dealing with cash (including coins). A report from The Reserve Bank (Consumer Payments Survey 2019) stated that there were still many households using cash for all expenditure. This report evidenced that 27% of all transactions were completed using cash a sharp decline from 62% in 2010. (2) Tap N Go A change was made last month (April 2020), where in limits on “contactless” payments were increased from $100 to $200. The new payment limit also extends to customers using digital wallets via other payment devices (such as mobile phones and smart watches)

No business can afford to ignore social media as part of its marketing. To be most effective, organisations should look to be active in two or at least three networks. Australians are reasonably active consumers of social media. We are at least as avid as USA Users but not as active as some Asian countries. Some key facts:- approximately 18 million Australians have active social media accounts ie 72% of our population From August 2019 to February 2020, Twitter and Linkedin switched places in traffic volume order, Linkedin now has more traffic than twitter. Source:- www.genroe.com.au

I was honoured and somewhat overcome to be awarded Networker of The Year at the national awards on 16th November 2019. The nominees for this award were all 500 members of Bx Networking, so to receive this award after being a member for 4 months was overwhelming. Have you been to a BxNetworking Meeting? If not, you are missing a networking concept that is both fresh, innovative and provides instant results for your business. If you have any questions regarding Bx Networking, please do not hesitate to contact me