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Eftpos

POS SOFTWARE

I have now clients that are doing much of their business with a Buy Now, Pay Later  (BNPL) service. They have little choice as most users of BNPL have stopped using their credit card to spend goods. It makes sense if you hold a BNPL account and say you buy $20 in a shop on EFTPOS, they get surcharged 50 cents, so it costs him $20.50, and they have to pay now. If they buy the same product with a BNPL card, they get it for $20 and gets up to eight weeks to settle. 

The retailer's problem is that the current business model of the BNPL is to charge the retailers the fees. Then demand that the retailer does not pass on these costs. So to the retailer, the immediate problem with BNPL is that they are losing between 3 to 7 percent.  Many products my clients handle cannot afford these fees. 

For some items like Lay-by, most retailers, I see, will accept this loss. This is cheaper than monitoring the Lay-by, plus it avoids the current legal minefield of Lay-bys.

This is about to change with the Big Banks coming in. What the banks will be offering is a much bigger mass distribution of BNPL. According to the CBA bank, they will do a check on someone. If that person is seen as a reasonable risk, which seems to be everyone with an income source, they will offer them a BNPL option. If your customer uses this option, which I believe will work on your existing EFTPOS system, you have no added fees to you, the retailer. I am not sure whether you will know your customer is using BNPL.

If so, the retailer is looking at the BNPL market doubling in size and the fees coming down massively.

It is going to be big!

I did bring up with the CBA but did not answer is many products are not allowed with BNPL, e.g. live animals. We had to change our systems to make BNPL work because of this. Will they be permitted with commbank BNPL? Who knows? If the retailer does not know BNPL is used, how do they enforce this ban?

 

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POS SOFTWARE

 

One result of this COVID disaster is that usage of card-only transactions has increased. Many of my clients have seen a significant reduction in their cash transactions. According to some figures, I have seen about 30% of Australians now no longer use cash. Some are saying that within three years in Australia, we will ditch notes and coins. Here is an interesting video on some of the issues.

I doubt it. Many of our clients have tried card-only transactions. They quickly reverted to accepting cash. The Reserve Bank of Australia in December reported that, while cash has fallen, it was not plummeting. I remember similar statements said about cheques a few years ago, well cheques are still used today. Still, there are many signs that Australia is moving into a more cashless society which does not mean cashless.

I expect that with lockdown ending, cash will go up. Conversely, cashless will go up as our Social Security will be offering large numbers of Australians a free debit card CDC. I have been told that only our clients are using CDC in our market space now, but I expect this to change soon.

BNPL, e.g. Afterpay, is growing and now makes up about 10% of cashless transactions. The worry here is the high added cost to retailers as they pay with BNPL much of the fees. 

These cashless transaction fees are a long-term problem for retailers. Particularly smaller retailers, as their fees are proportionally bigger.

The question here is, what are you going to do about it?

Many of my clients have introduced EFTPOS fees, then claiming it did not affect their trade. I doubt it; when I look at their sales using big data, I can often see an impact. It is small but its there.  

I have noticed that many of my clients when asking me, have not done much research. So I have been able to get them significantly reduced fees on cashless transactions.  

Note: I am not saying that fees are the only criteria. For example, the quality of service is also important, as recent events with outages have shown. 

The other issue is that large organisations enjoy card payments analysis with detailed reports on their customers that smaller retailers cannot get unless they have a DTI system installed.

 

 

 

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POS SOFTWARE

For months now, we have been rolling out DTI, you can have it in minutes. This is the latest form of EFTPOS and Credit card receipting, reporting, and tracking.

It sends receipts by SMS and/or email free. 

Soon you will be able to send the receipt directly into your customer banking app making it, what we call a smart receipt. The advantages of smart receipts are that they speed up the check out as receipts can be sent directly to the customer's banking app.

-Conventual receipt requires an operator to tear off and present to the customer. Besides labour costs, we also have the cost of printing. 

-Digital receipt by SMS requires from you 
a) An outlay of about $1,000 for extra equipment, including a new printer and dongle to do this for each register, or you have to pay for an SMS provider and then a customer's phone number. 
b) You require access to your customers' email account, something people are sometimes reluctant to give. 

Plus, also on offer is a free integrated business intelligence report. This gives you an analysis of your customers' payments. It contains details, some of which only the big retailers get now.

It is a good deal.

Try DTI now free, it will take a minute to set up!

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POS SOFTWARE

Tyro compare

When your terminals arrive, please call us immediately to reintegrate them.  We need the new terminals or the fixed old ones to reconnect.

When this started, we went through our list new we have finally worked our way through almost all of them. <weary> If you have not heard from Tyro, it may be that they do not know about your unit's problems so you need to contact them on 1300 966 639. 

Although almost all Tyro sites were unaffected, a few were and badly. So what happens now, someone did something wrong, and I doubt it will be pretty. It is unbelievable as Tyro has had a brilliant record up to now. I know as POS Solutions was with them from the start, we are their first customer.  

What I can say is that our priority has always been to get our affected clients ASAP back online. So to minimise the disruption.

 

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POS SOFTWARE

Is Tyro coming to replace one of your terminals? 

Check the address on the email they sent you!

It appears on some that their trading address in the Tyro system is incorrect. 

Also, as some with problems have told us, they have not received a collection email. 

If there are any such problems, please contact Tyro support on 1300 966 639.

Plus

1) Do not remove any of the Ethernet or power cables attached to the unit. You are going to need them for the new unit.

2) Keep track of all the expenses that this has cost you.

Status updates are available here.

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POS SOFTWARE

 

Many of our clients use Tyro. So on their behalf we made enquires what is happening about the current outage. I have been told about 15% approx has been affected by the recent outage for a couple of days. The problem has been found. The fix is taking time to resolve, a few days. If you want to follow the progress of the outage, click here.

There is a statement about it released to the ASX here.

 

https://youtu.be/0Ng-fG8Ys84

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Please provide us updates on this as it has been few days without fpos; which is making it inconvenience for our business. Thanks
ABN 21633735350

Updates are available here.

https://status.tyro.com/

We suggest that you contact tyro on their 24/7 Support line on 1300 966 639 or email them at cs@tyro.com

 

 

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POS SOFTWARE

Say an international customer pays using their credit card. If you have activated Dynamic Currency Conversion (DCC), they get a choice of whether to pay in their own or your currency. DCC can be attractive to them. The reason is that generally, they are not interested in your currency. They want to know what it will cost them in their money. Yet, it does open you up to legal issues that I am sure no-one wants. A reasonable discussion on this is here.

These legal problems are severe. Visa was in the Federal Court over it when it attempted to ban DCC.  The courts found that Visa acted anti-competitively and fined them. So they re-instate it.

Well, it appears that the credit card providers are now appearing to transfer or notify some of the legal problems to their merchants, so beware.  

If you decide to do the DCC! 

Our POS Software does all the conversions relevant to local currency. It does not know of the legal information now required to give.  This depending on what country you are in and the country of the customer's card. It looks something like this.

This has to be given to the customer, so what we are recommending is that if you are using DCC that you give the customer the credit card machine receipt as ours will not have this information.

Tyro has put together a checklist that I suggest if you use DCC to follow.

Our advice is that although your customer the DCC maybe sometimes wanted by the customer generally it is costing them more and you now have a legal headache, so maybe it is best now if on to politely turn it off.

If the customer wants to buy they can pay in your currency.

 

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POS SOFTWARE

What is happening now is both EFTPOS/Credit card usage, and fraud rates are way up.  What fueling the increase in fraud rates is that more EFTPOS/Credit transactions are not done in the shop.

Of the EFTPOS/Credit fraud, by far the biggest category, 71% is friendly fraud.  

Friendly fraud started when a customer queries what looks like a legitimate item on their account.  If it proceeds, what generally happens is that the bank will cancel the transaction. They will then debit the merchant. These people tend to prioritise consumer rights over merchant rights. Still, they do not like it, and since the rate is going up, we participated in a meeting to see what could be done. 

The responsibility to prove friendly fraud is on the merchant.

Here are some points you can do to reduce the risk.

1) The new DTI system that we are rolling out can help a lot the merchant. If you have not yet, signed up, do it while it is free. If it costs you nothing and can help, why not use it?

Details here.

2) If they are in the shop, process all transactions under the camera. Video evidence is something courts do accept.

3) Check the order, if the transaction amount is higher than usual. 

4) Another often larger order comes from the same customer after delivery. A fraudster who gets away with it will often try again.

4) Save delivery documentation. Signed documentation is a big help. 

5) If in doubt, contact your EFTPOS/Credit provider.

 

Hope this is of help.

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POS SOFTWARE

Often you want to figure out what is going on, even if you are sure it's right. Sometimes, you need to determine that it is correct.

 So if you are looking to reconcile your EFTPOS/credit payment to the banks, if so, what you find is you are reconciling your daily sales, yet many of the bank fees are monthly figures. As such, the totals will not match.

Well, here is a report that can help you.

You will find it here marked in red.

Once there you can get a report in excel that you can reconcile.

See how you go, everyone, who has done it has told me that they have found something interesting.

 

 

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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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