For many small businesses installing a complex POS system just isn’t in the budget. But it’s also essential for businesses to accept credit card payments. MYOB research shows that over 60 percent of small to medium businesses don’t offer credit card as a payment option, and as a result they lose customers.
That’s why we introduced MYOB PayDirect. It’s a smartphone payment solution which enables SMEs to use their existing smartphone as a secure credit card terminal with the aid of a paired Bluetooth card reader. For business owner Ivan Zarezkij who owns Melbourne’s only gourmet burrito truck, Iv’s Burritos, offering this service was vital for his customers.
“In the past we could only accept cash, which made it really difficult,” says Ivan. “If there was no ATM nearby, it meant we would miss out on sales. MYOB PayDirect now gives us the ability to accept every kind of payment from wherever we are.”
Recent research shows another trend emerging. Just a few years ago, ‘tap and go’ was a foreign concept to us. But in 2007 Australia moved towards contactless technology with MasterCard and the Commonwealth Bank of Australia first introducing PayPass to the country. Snap back to 2015 and we are now leading the trend, with roughly 54 percent of Aussie consumers using a contactless card.
MYOB PayDirect’s new contactless card reader means that customers can now walk in-store and, for purchases under $100, can tap their card against the contactless card reader and secure the purchase.
When Ivan took up MYOB PayDirect’s new contactless card reader, he noticed a significant improvement in his sales process. Being a fast-moving mobile business, this allows both him and his customers better access to:
Faster transactions – low-value transactions with a contactless card reader are approved without a PIN or signature, enabling SMEs to service faster and reduce waiting times.
Better convenience – tap and go makes it easier for customers to pay by simply tapping their credit or debit card on the reader.
High levels of safety – peace of mind and safety for customers as their card never leaves their hand.
More security – transactions are processed through a reliable and secure network.
At MYOB, we are always looking for ways to “simplivate” – innovate through simplification. Introducing a contactless card reader for tap and go payments is the simplest and most effective method for small to medium businesses and their customers to transact in real time. And that’s really exciting for us.