Bolstering Australian businesses through digital value added services
Small to medium businesses are the backbone of the Australian economy, contributing more than half of Australia’s GDP and responsible for generating around 7 million jobs, they serve as an invaluable resource to our economy.
They play a significant role in the Australian economy, often staying nimble and ahead of the curve and are led by some of our most innovative businesspeople – cementing our reputation as a nation of entrepreneurs.
Without a doubt, new business challenges have emerged recently – from forced closure during periods of long- and short-term lockdowns, ongoing cashflow issues, to the loss of a steady customer base. As a result, many businesses are looking for additional measures to help them stay open for business.
With debit cards accounting for around 70% of card transactions in Australia and more consumers moving away from cash after COVID-19, routing has the potential to deliver significant savings for many thousands of small and medium businesses across the country. In turn, these cost savings could also flow to customers in the form of lower prices or reduced surcharges.
As we continue to navigate the impacts of the global pandemic, eftpos is supporting Australian businesses by promoting a range of low-cost payment options and rolling out new value-added services.
Last year eftpos started to provide digital payments solutions for businesses wanting more choice and potential savings in the challenging COVID environment.
eftpos which is best known historically for helping Australian businesses and consumers with low cost and secure payment options instore, is now also available to Australian businesses that accept online card-on-file transactions from their customers.
This was an important milestone in eftpos’ Australia-first digital product strategy which also enabled the next stage of new value-added services for the Australia market.
One of which includes eftpos’ recently launched new digital payments capability which aims to boost productivity for Australian businesses by enabling funds to be both deposited or withdrawn from an account in real time.
It replaces manual processes with real time transfer of funds between parties, while also providing enhanced transparency and controls.
eftpos’ Deposit and Withdrawal capability opens up lots of new use cases and opportunities for Australian businesses such as peer to peer transfers, third party payment initiated withdrawals, insurance payouts, payroll disbursement, rebates, loyalty cashback, wallet funding, and newsagency lottery payouts, just to name a few.
This capability is good for Australian businesses because it aims to boost productivity by automating the manual and cost inefficient transfer of funds, using eftpos’ existing and trusted Australian card network with access to hundreds of thousands of Australian merchants and millions of consumers.
Another key component of eftpos’ strategy to drive digital competition in Australia is plans for a national QR code payments network.
Aiming to provide Australian consumers and businesses with the better data-rich payments experiences no matter where they choose to shop – online, on their mobile or at the checkout.
The eftpos technology will allow Australian businesses to grow their digital sales with low cost QR acceptance using enriched data and integrated customer loyalty services, by leveraging eftpos’ robust and secure Australian owned network infrastructure.
With trials to commence mid-year, the decision to rollout national eftpos QR code payments network comes at a time when Australians are becoming familiar with QR code technology through daily interactions with COVID19 check ins and increasingly turning to digital shopping.
Right now in Australia, one of the important things for Australian business owners is protecting cash flow. There are many things outside their control such as labour costs and utility bills, however another way businesses may be able to reduce the cost of receiving payments is through Least Cost Routing.
eftpos has long supported Least cost routing (LCR) or Merchant cost routing (MCR), which is designed to help reduce payment costs for merchants. At its simplest level, LCR means whenever someone taps their debit card to pay, that payment is routed to the option which costs the least for the business.
eftpos is looking out for Australian businesses in many ways, from Deposit and Withdrawal capabilities that opens up new use cases and business opportunities, a national QR code payments network that allows businesses to grow their digital sales using enriched data and integrated customer loyalty services, through to least cost routing that can help potentially deliver cost savings.
As the Australia economy builds the road to recovery for small and medium businesses exposed to the shocks felt by COVID-19, this remains a key focus for eftpos, as we rally together behind local businesses.