eftpos transitions to digital payments to help cut SMEs’ costs

Australian debit card company eftpos has announced that it has commenced the rollout of digital payments solutions for businesses that are looking for cashless solutions in the wake of the COVID-19 pandemic.

eftpos CEO Stephen Benton said that dozens of Australian businesses were already embracing eftpos card-on-file payments, with tens of thousands of transactions being processed through the service each month.

“We’re excited to start making headway in the digital payment space,” Benton said. “It is early days but the service will increasingly enable more small and medium businesses to have Australia’s most popular cards – multi-network debit cards – processed by eftpos, and potentially deliver significant cost savings. These potential savings are particularly important for small businesses during COVID-19 and recovery.”

To date, almost 40 Australian banks have indicated their support of the service, which would allow their cards to be processed by eftpos for card-on-file payments.

Some banks are supporting eftpos processing for regular payments initiated by the merchant, such as monthly subscriptions or payments initiated by the customer, such as occasional grocery orders.

Aussie Broadband’s Managing Director, Mr Phillip Britt said, “We’re very excited to switch on eftpos’ digital payment solution. We believe this solution could potentially help Australian businesses reduce costs during these challenging times.”

And Cluey Learning’s CFO, Greg Fordred, said, “As a rapidly growing online school tutoring business, Cluey Learning needed a low cost, scalable payment method. We’ve now moved to eftpos’ digital payments which we’re finding is a great solution.”

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