Currently, our users in our marketplace can enjoy the cheapest EFTPOS/Credit rates. But, we are looking forward to getting lower rates. In the process of looking, we were invited to join because I think we are considered the technology leader in our marketplace, a trial.
For those of our customers on the trial, the banks will pay. I calculate a typical user of ours is looking at about $300 a month. When I do the figures for many of my users, that will cover the EFTPOS, so many of our users will get free EFTPOS which is very nice.
What they will be asked is to send sales transaction information from their POS Software.
Needless to say that much of the information the banks know already. Plus, as its banks so strict confidentiality will be enforced. You will get a secret code that only you, the bank's agent, and we will know. Plus, the exact details of what will be sent. You will be able to restrict some of the information being sent if you wish.
As part of the trial, what excites us is that our users will have access to some of the latest and most advanced electronic payments functions that no-one else has yet got, e.g., free advanced SMS receipt. Your customers will have better Bank Reconciliations too. What I like is the bank certification of payments. Now, if you argue with someone over the amount of the payment paid, it is you against them. Now those on the trial will have a bank certified amount to back them up.
I am not sure how long this trial will continue. It may be a month, and it may be years. It all depends on whether the banks and their agents think it's worthwhile continuing.
We will release more details in the invitations that we will send out next week.