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What do retailers think about BNPL?

The term ‘Buy now pay later’ (BNPL) is what we think of when customers can take home their purchase but pay for it over time.   Once, this kind of ‘pay later’ shopping was about applying interest-free periods after the purchase, during which no payments are made, and no interest charged. Immediately following this interest-free period, payments were expected in full, otherwise the interest from the original time of purchase was added. That interest could be substantial.  It’s an option that seemed good – on the surface at least – for the consumer, in [...]

Integrating Alternative Payment Methods

Alternate payment methodologies are widely available, multiple contingencies have to be overcome if they can truly take off in Asian markets, a panel has revealed. A panel of industry leaders spoke at the two-day Seamless Asia event, highlighting how various online merchants and service providers have a host of payment options available to them in order to bring about a more seamless transaction and overall process for their customers. At the same time, these merchants are somewhat bound by the habits and cultures of the [...]

Surcharging and Cost of Acceptance

Author: Mangala Martinus, Managing Director, Payments Consulting Network The Reserve Bank of Australia (RBA) has established changes to card payments regulations banning excessive payment surcharges and providing new powers for the Australian Competition and Consumer Commission (ACCC). This new standard affects the amount that merchants can surcharge for card transactions. The standard applies to all business/merchants that impose payment surcharges on payment transactions regardless of their size. If a business chooses to impose a surcharge on its customers for making [...]

How to select an EFTPOS provider: Essential criteria a small business should consider

Author: Mangala Martinus, Managing Director, Payments Consulting Network, Sydney With almost twenty banks and payment service provider to choose from, selecting an eftpos provider for a small business like a retailer or café can be difficult. We have listed the top four criteria we believe a small business should consider when selecting a new EFTPOS service provider for in-store payments: 1. Card Acceptance Generally, Visa, Mastercard and eftpos cards are now accepted as standard by all providers. Most service [...]

Merchant Service Fees – Lean in and Learn

Author: Robert Roylance, Associate, Payments Consulting Network, Sydney Did you know Merchants can negotiate their cost of Merchant Service Fees (MSF) to improve their profit margins? This may be a very big surprise to the many thousands of merchants around Australia who have accepted the percentage buried somewhere in a contract. The MSF may be a ‘blended’ rate or it may be an ‘interchange plus’ or a ‘cost plus’ rate, depending upon the preference and circumstances of the particular merchant. [...]

What is Dynamic Currency Conversion?

Author: Robert Roylance, Associate, Payments Consulting Network, Sydney Dynamic Currency Conversion (DCC) is one of the very few ways that a merchant can generate an income from their customer payments. It is not for everyone, but every merchant should consider whether it is suitable for them. DCC payment transactions become possible when the payment card of the customer is issued in an overseas country. This means that the transaction will be subject to a foreign exchange rate as far as [...]

Interchange Reform: Are We Falling Down a Rabbit Hole?

Author: Michael Swannell, Associate, Payments Consulting Network, Brisbane The Productivity Commission (PC) has released their final conclusions and there are a range of findings affecting the payments system. One of these which sparked interest was the recommendation to “introduce a ban on card payment interchange fees by the end of 2019. Any other fees should be made transparent and published”. To me, executing this resolution without broad consideration for the impacts on card payments, feels akin to Alice in Wonderland [...]

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