Eftpos

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Eftpos

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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Latest EFTPOS Tyro offer

POS SOFTWARE

Quite a few people have taken on the following offer which is ending soon so if you want to know more, you need to move quickly.

For tyro EFTPOS, however, there was a slight amendment on the offer which I doubt will affect anyone here but here is the latest 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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Another day another outage

POS SOFTWARE

Yesterday a client contacted us which experiencing an outage on their internet. There is nothing that anyone can do now. I had a client that registered himself with the Ombudsman complaining about the problems on the NBN and was told he was number 30,000 on the list.

 

The ACCC measurements here are interesting.
 

 

Depending on your service provider, per week everyone on the net will have on a common major problem of more than 30 seconds one or more times between 6:00 am to midnight. Between midnight to 6:00 am presumably they are saying it is acceptable. 

As frustrating as this is for the average person at home, for a business today, no INTERNET means no EFTPOS = 50% of your business is lost.  If you are selling say telco or Giftcards it means no BUSINESS.

Update 20/11/19: Although not directly related to this, there is now a problem with Office 365 working on the net. 

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Alipay trials request for case study site

POS SOFTWARE

Alipay

 

As readers here will be aware Alipay is the preferred payment method for Chinese people visiting Australia. As about 1.2 million Chinese tourists come to Australia each year and each spends an average of $8,000 per visit this makes them in dollar terms our number one tourist trade. Plus on top of that, there are many Chinese nationals and students living in Australia that use it,  so giving many of our clients' access to a pretty good market. 

If you think you think could benefit from Alipay and would be open to doing a case study could you please contact me ASAP as we need to have it running by the holiday season starts.

I can guarantee you, the work on your side will be minimal, you will get a good deal on EFTPOS as well as the Alipay link.

 

At Peak Central we are ideally located to service the City of Cockburn and surrounding suburbs including Cockburn Central

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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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