The payment dilemma
Whenever I’m at the checkout, I’m torn between payment options. Do I whack my purchase on the credit card to earn ‘reward’ points? Or do I use my hard-earned from my ‘savings’? Sigh, if only shoplifting was a more socially accepted practice…
The reason I bring up my payment dilemma is that up until now, this hasn’t been a problem for me when paying businesses that use mobile payment services. Generally speaking, the Friday night souvlaki van or electrician have only taken credit card payments from me. Apart from a few banks here and there, it’s been a bit tricky taking EFTPOS payments via a mobile payment solution.
Mobile EFTPOS is now here
All that’s changed now with MYOB PayDirect accepting EFTPOS transactions. Nice. So there’s wins for consumers like me (EFTPOS accounts for a massive 70% of debit card transactions), and there’s wins for businesses who use PayDirect (EFTPOS is a more cost effective transaction type for merchants, with a fixed fee of 35c as opposed to a percentage of the transaction). Even nicer!
There are other handy benefits as well, like no subscription fees. But perhaps the most important driver for a solution like this is what came out of a recent research study conducted my MYOB.
The latest data from the MYOB Business Monitor – a Colmar Brunton conducted survey of more than 1000 Australian small-medium sized businesses – shows that 56% of respondents report that they or one of their team now works on the road. This has increased by 4% from the same time last year.
Importantly, 49% of all respondents take payments on the road and 13% of businesses reported losing customers due to not having EFTPOS facilities. Those business owners aged 18 – 29 are the most likely to report losing customers (28%) due to not having EFTPOS facilities.
No EFTPOS; no sales
It’s a pretty compelling argument.
Perhaps the last word should belong to someone who’s using PayDirect in their business. Ivan Zarezkij, Iv’s Burritos General Manager, says the introduction of PayDirect has simplified the way he accepts payments from his mobile food truck. As an existing PayDirect customer, Ivan is delighted he can now take EFTPOS.
“In the past we could only accept cash, which made it really difficult. We used to keep an eye out for the nearest ATM to direct customers to. If there was no ATM nearby, it meant we would miss out on sales. MYOB PayDirect gives us the ability to not only accept every kind of payment, wherever we are, it also makes it really easy to keep track of our accounts.”
Sigh, looks like my payment dilemma now extends to businesses using PayDirect, too.
For more information visit the MYOB PayDirect web page.
MYOB PayDirect payment plans
- $0 per month + 1.95% (inc. GST) per credit card transaction or 35 cents (inc. GST) per EFTPOS transaction + card reader fee of $125 inc. GST. Ideal for mobile businesses who have the need to take payments on the go. No lock-in contracts.