Eftpos

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Eftpos

Bank trials of your sales data to start

POS SOFTWARE

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.

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This is a top rated integrated EFTPOS offer to think about

POS SOFTWARE

Come this time of year, at the start of the financial year, is the best time in my experience if you are thinking of upgrading your EFTPOS to do so.

This is a very good offer, 

They are waiving account keeping fees for 6 months for new to bank customers. All existing Westpac clients on PC-EFTPOS and standalone can be converted over to an advance integrated EFTPOS system.

WestPac six month free EFTPOS offer

Some functions 

  •  Fast and secure payments to save you time.
  •  Take payments anywhere in-store. 
  •  Wireless connectivity. Instant settlement into a Westpac account. 
  •  View near real-time transactions, settlements and monitor your terminal health on the Presto Dashboard. Seamlessly connects your   EFTPOS terminal to a range of Point of Sale systems. 
  •  Allows you to accept payments anywhere in-store and/or at the table, reducing queues and maximizing sales.

For a grade A, integrated EFTPOS system this is an extremely good offer which could save you a lot of money plus improve your business.

Click here for details.

To get started

Make some enquires, click here

For WestPac click here for partner details.

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More Problems people have with moto payments

POS SOFTWARE

MOTO payments are EFTPOS transactions where the payment card used is not present. It is often used for payments made over the phone.

 

 

For many of my clients, this is a major source of income.

Besides having higher fees than regular credit card transactions, they can also be trouble as yesterday one of my clients found out. As the card was not there when the transaction occurred when the customer complained, it was my client's responsibility to prove that the actual cardholder authorised this transaction, This was impossible to do. A chargeback was done. The transaction cancelled. The goods sent are lost.

The problem is that for many of my clients there is no alternation but to accept MOTO payments

If so here are some tips that the bank sent, that might help by giving you some warning signs, so I thought I would share them here:

  1. If the delivery address does not look right
  2. Overseas orders
  3. Orders from people claiming that they cannot be contacted
  4. If a transaction is big or has orders for large quantities of the same item that do not seem to fit.
  5. If the same person starts giving you in a short time many orders
  6. If the orders are required urgently

What can I say but be careful? Accepting MOTO payments is a business decision.

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Tyro 3 months' rebate of Merchant Service Fees up to $500

POS SOFTWARE

Tyro made an offer to our users which I thought you may be interested in reading. However, they have a few points that are changed from my initial post so I have decided to post the offer with the changes below.

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

The big problem now is that because of this coronavirus. Shoppers are increasingly wanted to pay by methods that don’t involve touching terminals and cash. No-one seems impressed by the hand sanitisers nearby and the frequent cleaning of the terminals. Today people do not want to touch the terminals thinking they are unclean. I think they are right, how many people touch those terminals every hour in shops? 

As such some of our clients have reported cash is way down and have seen big jumps in contactless payments by almost 40%.

We have been asked to submit a report about this but based on preliminary figures, this is considered to be real and a general problem as few seem to think when this coronavirus is over this will go back to before.

This is seen as a big problem looming for retail.

This means that many of our clients need to rethink their EFTPOS strategy.

So I think this offer is very timely as tyro has excellent contactless payment systems.
 

 

Image
Tyro $500 offer

 

 

If you want more details please click here.

 

 

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There is no evidence that cash spreads COVID-19

POS SOFTWARE

There is a lot of scaremongering now over the coronavirus with snake oil 'solutions' being proposed. One of the claims made is that cash is not safe, and those contactless payment methods should be used if possible.

Now there is a strong business case for retailers to switch to electronic payment methods, e.g. security, time-saving, cost savings etc. but there is little reason to add the coronavirus to this list. What we believe about coronavirus is that it primarily spreads by breathing. It can spread by contact but as a recent report by the Bank for International Settlements (BIS) in Switzerland found no scientific evidence banknotes and coins could carry the virus more effectively than other objects. 

What they found is that...

"Scientific evidence suggests that the probability of transmission via banknotes is low when compared with other frequently-touched objects, such as credit card terminals or PIN pads."

"On the contrary, frequent handling of a contactless card or an EFTPOS machine terminal may actually carry greater risk." The big problem here is that EFTPOS terminals can be handled by a large number of shoppers daily.  

This report is supported by the Australian government official report too.

Want to read more click [[here]] and here.

A false claim made now is that the World Health Organization said that handling cash could spread the virus, in fact, it has rejected such reports that they did say this.  

Clearly the EFTPOS terminals need to be cleaned. Here is how you clean an EFTPOS unit. I suggest you do this frequently.  One point you may want to consider is, if the claim is true and EFTPOS is so much safer why are not the banks actively promoting that now?

Note if you do decide to go cashless anyway, you must display a sign seen by the public before they begin their purchase that your shop is cashless; otherwise, there could be trouble.  

 

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Sending Credit Card Information over Email

POS SOFTWARE

 

PCI DSS are standards which all organisations that transact via credit card must abide by regardless of your business size. You can’t partially comply.

One of its requirements is that credit card information must not be captured, transmitted, or stored via email. This is because a standard email is considered to be unprotected being in clear text and it leaves a trail of copies (in the ISP store-and-forward gateway, in inboxes, sent folders, drafts folders, email trash, web browser caches, computer recycle bins.

It goes on to state that it is a violation to request or transmit credit card information by email.

Although our software makes no such request, we are making a change to our software over this to specify this requirement.

If a person was to send you an email with their credit card details say

Visa Card 

Card Number: 4550064304232410
Expire Date: 01/2023
CVV 322
 

You have not done anything wrong unless you requested this information but if you were to reply to that email, you have to change the text to something like this.

Visa Card 

Card Number: ************2410
Expire Date: **/****
CVV ***

before you can reply.

I actually suggest that you use a payment gateway like paypal

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PC EFTPOS

POS SOFTWARE

 

Rather than having a separate unit which is independent of the point of sale, what PC EFTPOS integrates the EFTPOS handling into the point of sale software.

There are many advantages in doing this, here are some. 

1) It reduces operator errors by eliminating double data entries and re-keying errors from a manual entry on the EFTPOS.

 

No more accidentally keying into the EFTPOS terminal $20 instead of $50. 

 

2) Improve speed of service for your customers, as you can see an integrated Tyro Efpos (dark blue) takes just a fraction over a second on any day of the week.

 

 

 

3) Better reconciliation, we have a report designed for this 

You will find it here marked in red.

 

Once there you can get a report.

 

If you do not have it, I suggest you try it out. 

What it will do is give you a seamless transaction process, speedy payments and easy reconciliation!

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The credit/debit card network

POS SOFTWARE

While I was explaining the costs of Tap and Go and the benefits of you using Least Cost Routing, I noticed that some people were unclear on how the system works so I thought I better explain it.

This is a chart of the Credit Card network. Although it is for America and the charge figures are different in Australia, the overall system is roughly the same, and as a first-level approximation will do for this post.

 

Now we will follow through the chart by the numbers

1) A person purchases something in your store and uses a credit card.

2) Your EFTPOS unit will send the relevant details to the Acquiring bank, which is the provider you are signed up, eg CBA, NAB, Tyro, etc.  As you have a relationship with these people, the fees are relatively reasonable.

3) The Acquiring bank will then go to the VISA, Mastercard, Alipay, etc. What there can be is a problem here as some of these Card networks fees can be fairly high. The merchant does have some controls, eg many merchants refuse some Card networks. The problem, however, can be here is that some cards like VISA have a range of cards with different fees and its very difficult for a merchant to identify which of these cards has the high fees. The other problem is that ACCC does not allow you to charge on the card type but only the supplier. I think this is wrong.

4) This is where the big problem arises with the fees. The Issuing Bank has no association with you on this transaction, it is the one paying the money and charges you the most. I can see no pattern in the charges although I am sure there is one. 

Now when you use Tap and Go, you have no choice on how the transaction goes, so this is how it goes. That is why it generally has the highest fees.

If the customer selects Debit which has lower fees and you have Least Cost Routing in place, the Acquiring bank determines whether it is cheaper to put the transaction through the Card Network or whether it is cheaper to go direct to the Issuing bank. It will then select the cheapest way. Using this a merchant on our system saves on average about 7%. I have not seen any problems in usage with this option. That is why I think all my clients should make sure they have it.

 

Please click here for actual figures on how knowing how it works you can save.

 

 

 

 

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Alipay now on Tyro

POS SOFTWARE

We are having a bit of a laugh here about people encouraging Chinese tourists in the shop with all this coronavirus now.

The experts, by the way, are disputing whether the masks will work and if so by how much. One point I noticed was whatever the medical people are saying they are all wearing these masks in China.

 

Alipay

 

Alipay is the preferred payment method for Chinese people visiting Australia. As about 1.2 million Chinese tourists come to Australia each year and about 91% of them have Alipay. Each Chinese person spends an average of $8,000 per visit. This makes them in dollar terms our number one tourist trade. Plus on top of that, many Chinese nationals and students are living in Australia that uses it,  so giving Alipay access to a massive market in Australia. 

Anyway having said that Alipay should now if you use Tyro for EFTPOS be available, click here for details

It’s all done through the terminal too, so merchants don’t need an extra device clogging up their area.

The cost is a flat rate of 1.3% (plus GST) currently across the board so I would suggest in your point of sale software a 1.45% surcharge initially.  Although you may want to review that if you start using it, as generally, these fees are calculated by the following method

1、Fee amount = total transaction amount in Chinese currency * exchange rate * fee rate

2、The fee amount is rounded

You may find that the exchange rate and rounding affect the amount, but even so, it would not be by that much, I am sure. Also, it may be a plus that it is in Chinese currency as I noticed when I was in China, I got a better rate for my money there than in Australia.

 

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Tap and Go and the refusal by retailers to use Least Cost Routing

POS SOFTWARE

I thought this article here on a study from what the major retailer groups in Australia view on 'tap and go'  and the refusal of many retailers to use Least Cost Routing on debt is worth a read. What I find fustrating is that our clients have had this option "Least Cost Routing" for many years and many do not use it. 

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