Eftpos

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Eftpos

Merchant surcharging (BNPL) sector eg Afterpay and Zip

POS SOFTWARE

Buy Now Pay Later (BNPL) is now big business in Australia and growing fast. As many as 30% of Australian adults now have one or more BNPL accounts, which makes for roughly 5.8 million users nationally. Nearly half of these users say they’ve stopped using their credit card to spend goods.

Why not a BNPL customer buys $20 in your shop on EFTPOS, you surcharge 50 cents, so it costs him $20.50 which they are paying now. If they buy the same product with a BNPL card, they get it for $20 and gets good terms to pay. 

Why no fees, well the business model of the BNPL is to charge mainly the retailers not the customer in return what the BNPL companies offer is a lot of business to the merchant and quite a bit of service.  To the retailer, the first immediate problem with these services is the fees as they are looking at fees between 3 to 7 percent.  Many of their products cannot afford these fees.  Many stores cannot afford to switch from a low-cost EFTPOS model to a BNPL model.

Often I find on Lay-by most retailers would accept this loss as it is cheaper than monitoring the Lay-by plus it avoids a legal minefield. But Lay-by is only a tiny percentage of the overall trade of retailers.

The other problem is many retailers question whether the BNPL model will drive much business into their shop.  

What many retailers, that handle BNPL do is only offers those products and services that have margins good enough to pay BNPL plus restrict the use somewhat of BNPL.

All BNPL companies and I have spoken to a lot of them, have made it quite clear that they do not like surcharging. Some of the BNPL, although they do not like it, they will accept surcharging, but some will not take it. The other point is that the customers that use BNPL have made it quite clear that I do not like surcharges either. I have seen them abuse merchants on social media who do it.

This is putting every retailer in a terrible plight.  To BNPL or not to BNPL

So I welcomed the news that the Reserve Bank of Australia is questioned 'whether there are "policy implications" from "no surcharge" rules that restrict the ability of merchants to apply a surcharge to pass costs to customers – something not available to the credit card schemes.'

Consider this

As most people who have BNPL, have a few BNPL cards, if one BNPL enforces the ban on surcharges and the merchant reluctantly accepts it because they are so big. Then the public will be drawn to that BNPL, and the other BNPL which does allow surcharging will be disadvantaged. 

If the BNPL are forced to allow surcharging, I suspect few users of these BNPL will accept these fees of 3 - 7%.

We all I am sure will all be quite interested to see how this comes out. 

 

 

 

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Tyro special offer

POS SOFTWARE

I was asked to pass on a special offer for tyro EFTPOS, however, there was a slight amendment which I doubt will affect anyone as here is the lastest offer.

PosBrowser integrates seamlessly with Tyro EFTPOS. Experience the integrated difference for your in-store payments today.

Integrated EFTPOS designed for Retail

  1. Direct Integration - Our EFTPOS machines speak directly with your Point of Sale system
  2. No Manual Keying - Means no keying errors or reconciliation discrepancies 
  3. Integrated Receipts - Give your customers one integrated receipt, with their invoice and EFTPOS details all in one

Save time & money1 with Tyro EFTPOS

  1. No lock-in contracts or breakage fees with Tyro
  2. Tyro Tap & Save customers as an average are saving 7.6% on Merchant Service Fees2
  3. Until the end of January 2020 - sign up with Tyro and receive $200 in your Bank Account to get you started3. T&Cs apply

 

Want to know more, please let me know or click here!

 

Important Information

1. Tyro does not guarantee any cost savings by opting in for Tap & Save. Savings on eligible transactions processed through the EFTPOS network vary for each business depending on their card mix, transaction volume and amount, industry, and pricing plan. Eligible transactions are contactless debit card transactions less than $1,000. Tap & Save is not available on Special Offer pricing which includes some flat fee simple pricing offers or where you surcharge on debit card transactions as cost savings may not be realised. Yomani CR, Xentissimo and Xenta terminals do not support Tap & Save. For details refer to the FAQs at Tyro.com or call 1300 966 639.

2. 7.6% savings on Merchant Service Fees represents the potential savings of Tyro eligible merchants (calculated as an average), over the period December 2017 to May 2019 and was based on actual eligible transactions processed during this period.

3. Tyro $200 Cashback Offer Terms and Conditions

These Terms and Conditions together with the relevant Tyro Terms and Conditions available at https://www.tyro.com/terms-and-conditions/ (Merchant Terms and Conditions) govern this offer. By providing your details to Tyro Payments Limited (ABN 49 103 575 042) (Tyro), in connection with this offer, you agree to be legally bound by these Terms and Conditions. ‘you’ and ‘your’ mean the person or persons in whose name the account will be held with Tyro.

This offer is available to eligible persons from 9:00 am 01 October 2019 (Sydney time) until 5:00 pm 31 January 2020 (Sydney time) (Offer Period). This Offer is not applicable in conjunction with any other Tyro offer. Tyro reserves the right to extend or withdraw this offer at any time at its sole discretion. If Tyro withdraws the Offer, Tyro will honour the Offer in respect of all New Customers that have their applications approved by Tyro before the Offer is withdrawn, provided that applicants satisfy all of the Eligibility Criteria. New Customers can cancel any live application in the event that Tyro withdraws the Offer.

To be eligible for this offer, the following criteria must be met:

  1. You must have received an email from Tyro or one of its current Plus Partners (as listed at https://https://www.possolutions.com.au//) inviting you to take up this offer;
  2. You must not have held an account with Tyro within the 6 months prior to the start of the Offer Period;
  3. You must have applied to become a Tyro EFTPOS Banking merchant during the Offer Period and be approved as a Tyro EFTPOS Banking merchant within 30 days;
  4. You must not be an additional terminal or MID (additional account) to an existing location or existing ABN; and
  5. You must not be a member of a merchant group, corporate group, buying group or franchise group that has an agreement with Tyro, (the Eligibility Criteria).

Tyro may, in its sole discretion, determine whether or not the Eligibility Criteria are met.

Provided the Eligibility Criteria are met, $200 will be deposited into the bank account nominated in your application form to become a Tyro EFTPOS Banking merchant ($200 Deposit). $200 Deposit

The $200 Deposit is only payable once per ABN. The $200 deposit will be paid within 90 days after the date you are approved as a Tyro EFTPOS Banking merchant.

Tyro Payments Limited ACN 103 575 042 AFSL 471951 (Tyro) is the issuer of its own financial products. As Tyro does not take into account your personal circumstances, please consider if these products are suitable for you. You can contact Tyro on 02 8907 1700 or tyro.com and access Tyro's dispute resolution process at tyro.com/complaint-resolution-process/. Tyro may pay financial benefits and/or referral fees to our partners.

 

Want to know more, please let me know or click here!

 

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Alipay

POS SOFTWARE

Alipay Australia

China is now Australia’s fastest-growing, largest and most valuable tourism market. Growth rates have been incredible, and they now have about 30% of total spend by international visitors in Australia. 

Added to that the number of Chinese resident and students in Australia is steadily growing, now about 30% of international students in Australia come from China.

Itwire studies have shown that 99% of Chinese tourists in Australia have Alipay. In 2018, Alipay transaction volume in Australia increased by 110% and using Alipay the amount spent per person was up by 40% and its a wide range of products that they buy here.

This is opening up a terrific market in Australia for Alipay

If you have any serious interest in getting your share of this market, I do suggest that you consider adding it as a payment type in your shop.

So we are pleased that we are offering a direct integration. It will work through Tyro EFTPOS which as Tyro has no contracts, so it is easy for any of our clients to add this payment type if they want it. If you are interested, let me know.

 

 

 

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Integrated Payment

POS SOFTWARE


Today most of our clients use Integrated Payment to automatically send the Point of Sale (POS) information when a sale is made to go to the EFTPOS unit. 

Some of the newest payment methods require it, including what I think will be one of the biggest payer, the Department of Social Security with its CDC debit cards.

Currently some of the advantages would be

1) A simplified process as there is less work for the sales assistant as they do not have to key the information manually in the EFTPOS unit.
2) Saving time
3) Eliminates errors in the manual data entry.
4) Reduces arguments are there are fewer steps.

Today the costs of integrated payment and manual are roughly identical. 

Are you holding your business back by not having it?
 

We have several very good offers for integrated solutions currently available.

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Integrated EFTPOS now reducing bank fees

POS SOFTWARE

In the past, the big push for integrated EFTPOS with Tyro was the speed. Imagine this a customer walks into your shop, picks up a few items,  makes his way to your sales counter and sees the queue, puts the things down and walks outs. The big plus for integration was that as most people now use an EFTPOS card to buy, by having the EFTPOS integrated, you could save some time on each transaction as well as having less keying mistakes. Today I would say with improvements in technology doing EFTPOS transactions with an integrated EFTPOS  is faster than with cash.

What they now have is an option to reduce fees through least-cost routing. What it does is that when an EFTPOS transaction is done, there may actually be a few ways that the funds can flow from their account into your account. What Tyro does is select the route that is the cheapest.  Using this a merchant saves on average about 7%.

If you want to find out more, click here.

 

 

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EFTPOS/Credit reliability

POS SOFTWARE

If EFTPOS unit goes down, a typical effect today is that a merchant loses about half their business and  I guarantee that this figure will go up. We have some merchants serious thinking of giving up cash altogether in which case it will be 100%.

A short time ago almost every EFTPOS unit went down with a problem from Telstra. Yesterday CBA had a problem. Today our helpdesk had people ringing up about issues with ANZ. If I made a bet that someone will contact us tomorrow about an EFTPOS unit problem, I would win as TPG is currently having internet issues.

As such, I think you should have thoughts about possible disaster planning with EFTPOS.  

So have a chew about these units.

 

 

 

 

 

It is available from Assembly payments through Westpac, and it is part of the Presto Smart integrated EFTPOS solution. It connects directly to your computer and/or LAN (local area network) to incorporate the EFTPOS to your Point of Sale. How should your internet connection go down, this unit automatically switches over to 3G so you can continue to take payments on EFTPOS. If the 3G completely fails, it will still work in standalone mode.

Conclusion - these 3G and standalone backups in case of failure makes EFTPOS much more reliable.

If you are interested in knowing more let me know or click here.

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New EFTPOS monitoring

POS SOFTWARE

What the recent outages which brought almost all EFTPOS terminals down in Australia have shown is that it is very hard for a retailer or for us to determine what has gone wrong initially. 

We all know something is wrong, but what? Could it be the terminal in the shop, the connection or the EFTPOS network? What I find worrying, is from these recent outages, it became clear that many people working on the EFTPOS network for support did not know initially that something was wrong either. Then as the support lines overloaded, soon we all knew something was happening.

So what I  do like about the Westpac Presto Smart terminals is they have real-time monitoring.

What it does allow is the EFTPOS escalation team to have real-time monitoring on your terminal. So it allows them to check terminal battery level, transaction errors and the most important the connectivity status that your terminal sees.

Plus it also means that they can receive alerts if terminal issues are occurring as well, so they know more about what is happening.

This all will save us a lot of time if something goes wrong. 

Click here for more details.

 

 

 

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Plan for EFTPOS outages

POS SOFTWARE

A few days ago EFTPOS went down, almost every point of sale software support bay like ours was hit by our clients ringing up asking what is happening. Yesterday Westpac went down in many places because every other EFTPOS provider was working we go even more calls what is happening. Unfortunately, there is little we can do once the EFTPOS goes down.

The reality is that a retailer cannot assume that their EFTPOS will suffer an outage every so often.

Note in England; they have a pretty good fix that seems to work well to stop these outages, they fine banks for outages.

What can be done when it is happening?

What I do suggest you do first is check whether it is your POS system or whether its a bank problem. Some banks, e.g. tyro have a status page here that tell you whether it is their bank's error. Also if you want you can subscribe so at least you will get a warning if a tyro scheduled maintenance is coming up.

Now also test, whether a payment can be accepted by another channel e.g. sometimes people's credit accounts, do not work but their debit accounts do work.  

What can be done before it happens?

You may be able to do something before it goes down so contact your EFTPOS provider and check with them if something can be done.

For example, many EFTPOS providers can supply you with a unit that has an Electronic Fall Back (EFB) mode. If so, this will allow you with some limitation and conditions to continue to process EFTPOS even when their network is unavailable.

Some EFTPOS units do allow a backup internet so you can switch either to a 3G mobile network as a back-up and/or can use WIFI. So if your internet goes down, the unit can switch to another internet provider. Just make sure it switches back with the outage is over.

Note WIFI is not generally considered secure so you may want to discuss this option with the bank in detail.

Hope this helps.

 

 

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EFTPOS Stands

POS SOFTWARE

I really like this new stand that is being given out now to support the new Westpac Presto EFTPOS solution. Take a look at the specifications, I think you will be impressed too.

 

It is very professional looking, has a nice grip and its tilt is extremely good making it easier to use. This is my favourite but if you want to see the full range of stands now available, please click here.

If you want to know more about Westpac’s new integrated EFTPOS called Presto? Click here to find out more...

 

 

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Uber VISA

POS SOFTWARE

I am wondering how these new ranges of VISA cards which I expect will be open to Australians soon will go?  Here is one such card.

Uber VISA

 

As it is only available to residents of the United States, so you will not see many of them right now.

One problem with the current VISA/Mastercard point system is they basically work on frequent flyer points which to a significant percentage is of minor interest as you need to buy a lot over a long time to get a reward. These cards most compelling feature is often the discounts of the services on offer; for example, this card offers a 4 percent rewards rate on dining out. Now if that is Ubereats and its restaurants that could be huge for many.  I know of millenniums that use Ubereats almost every night. Another plus for these millenniums is with these cards they can get 2% back on such products like Amazon, Best Buy, Netflix, Apple Music, etc.

The problem from physical merchants is they can in Australia only charge fees based on VISA and Mastercard as a group. Not that it matters as there is no way of knowing in advance that it is a premium card often we do even have a card, just a mobile and all we get back electronically is very general details, e.g. VISA or MasterCard. What is going to happen is that the rate on regular cards is going to go up as these premium cards rate goes up. Then these fees will go up for everyone. This is going to put pressure on merchants.

This problem needs to be addressed soon as already. I hear that Facebook announced that it is going to soon really push these cards. 

 

 

 

 

 

 

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