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

Intelligent POS (Point of Sale Systems) are no longer just for the big players in town. Australian businesses are benefiting from technology thats providing positive impact on efficiencies. As a small business owner, your time is precious and extremely valuable. Which is why you need to ensure you’re spending it on things that truly matter- and I am certain bank charges are not in that category. Say goodbye to Bank Charges on Payment Solutions for ever!! www.costlesspaymentsolutions.com

Australia could become a completely cash-free society within 3 years (as reported in The Courier Mail 17/12/2018). This migration to a cash-free economy is due in part to the ease of tap-and-go payment solutions and online payment services. Governor of The Reserve Bank of Australia (RBA), Philip Lowe, says that Australia is at a turning point, with cash set to become a “niche payment”. Here in Australia we are already the sixth-highest users of electronic payments in the world, according to the RBA, with only 37 % of household spending done using cash compared with 69% a decade ago. University of NSW , Professor of Economics, Richard Holden said Australia could become a cash-free society in 3 years (ie 2021). So with the spending focus by consumers more towards card payments, how is your Business/Club/ Association placed to be able to accept this transaction surge in a “Costless” manner?

Boom In Tap and Go Payments In Australia

The number of customers making payments using a smartphone/I-Phone or smartwatch is surging as the desire to pay with cash or card declines.

Are you able to accept payments in this manner?

How are these transactions impacting on the fees charged by your bank?

If you have questions, please do not hesitate to contact me.

Kind Regards Mark