ANZ this week became the first major Australian bank to offer merchants a choice as to how contactless (Tap and Go) debit card transactions are processed. Prior to this all major banks automatically routed contactless debit card transactions through the higher-cost Visa and Mastercard networks. ANZ merchants now have the option to send dual-network contactless debit card transactions to the eftpos Australia network.

Tyro Payments has made this functionality, known as least-cost routing, available to its merchants since March 2018 but other banks have been slow to follow.

Banking Day reports that Westpac is preparing to offer eftpos processing functionality for contactless payments to its retailers from Monday.

Read the full Banking Day article for further information.

This summary was published with permission from the author George Lekakis, Associate Editor, Banking Day.

Australian POS financing startup PayRight raises $30+ million Posted on: 08-04-2019

Australian POS financing startup PayRight raises $30+ million

Payright, an Australian payment provider plan, has raised over $30 million dollars in funding as it aims to reach its goal of international expansion and the deployment of a custom digital platform.

Read More

How to select an EFTPOS provider: Essential criteria a small business should consider Posted on: 08-03-2019

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

With almost twenty banks and payments service providers to choose from, selecting an eftpos provider for a small business like a retailer or café can be difficult.

Read More

eftpos CHQ & SAV now available on Square across Australia Posted on: 12-11-2018

eftpos CHQ & SAV now available on Square across Australia

eftpos CHQ & SAV transactions can now be made on Square terminals at tens of thousands of businesses across Australia when using eftpos-only chip cards.

Read More

Merchant Service Fees – Lean in and Learn Posted on: 19-10-2018

Merchant Service Fees – Lean in and Learn

Did you know Merchants can negotiate their cost of Merchant Service Fees 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.

Read More

What is Interchange and Why Does it Matter? Posted on: 01-08-2018

What is Interchange and Why Does it Matter?

Even if you have never heard the term ‘interchange’ this article is for you as we look at what it is, why it exists and whether it matters to merchants who accept scheme-branded (Visa, Mastercard and eftpos) payment cards either online, in-store or both.

Read More

Tyro ‘Tap & Save’ Merchants Achieve Up to 20 Percent Savings Posted on: 12-06-2018

Tyro ‘Tap & Save’ Merchants Achieve Up to 20 Percent Savings

Tyro has achieved over 10 percent conversion of existing merchants and solid increase in new merchant sign ups since its launch of least cost routing in March 2018.

Read More