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How small business owners can love payment solutions

(Source: Supplied.)

Terminals and payment solutions are key for every small business, but with complex costings and connectivity issues, can you really love them?

There are many challenges with running a small business, from customers not paying their bills on time, increasing costs, long hours and a myriad of government regulations, but still there are millions of small businesses across Australia.

That’s because there are lots of things to love about running a small business, from being your own boss, working on something you are passionate about and being able to deliver the best product you can to your customers, and having them come back for more.

But what about payment solutions? Where do they sit in the rankings of best and worst things about running a small business? Is it really possible to love payment solutions?

There’s a perception that as we enter the second half of 2022, payment solutions may not be where they should be considering all the other technological advancements that have been made.

For instance, smartphones now mean the average Australian carries more computing power in their pocket than the original space shuttle; so the knowledge is there, the capability is there but are the actual systems and solutions available?

There have been recent technology advancements in payment terminals, which include greater reliability and connectivity options. But small businesses still face a challenge with payment solutions hiding costs or charging high transaction fees when customers make a payment.   

So for many businesses ‘love’ is probably not the first word that comes to mind when thinking about payment solutions.

That is changing with CommBank’s new payment terminal with innovative features meaning that there is more to love about payment solutions.

The CommBank Smart Terminal uses dual SIM and WIFI1 for extra connectivity meaning businesses are always ready to use and take payments, and doesn’t everyone love getting paid?

Not only will your business always be ready to accept payments, but the CommBank Smart Terminal offers Same Day Settlement2. Meaning you get your money quickly and there is a lot to love about that.

In addition, CommBank’s Smart Terminal offers a flat 1.1 per cent fee per transaction on all major cards3, giving small businesses simplicity that they will love. Plus, the Smart Terminal has no lock-in contracts for greater flexibility and terminal rental is a flat $29.50/month per device4.

As we emerge from the pandemic small business owners need to focus on their product, on understanding how customer behaviours have changed and ensuring they can meet these new demands. The need to focus on the important parts of business and commerce has never been more important, and that means that small businesses need to take every simple win they can. 

If you want peace of mind about how your customers are going to pay you, how quickly you will get payments in your bank, what your costs will be and that your payment terminal will always be ready to accept payments, then you are in a really great position to be able to love your business and focus on delivering the best product or service you can to your customers. To find out why there is more to love about the CommBank Smart Terminal head to commbank.com.au/smart-terminal.

Author: Andrew Young – The Shout.

Things you should know: As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on the information, consider its appropriateness to your circumstances. 

1 4G only available in 4G compatible areas. Subject to network coverage and compatible areas.

2 Same Day Settlement is available on all Eftpos transactions made before 10.00pm (Sydney/Melbourne time) for eligible customers with a CommBank transaction account and a linked CommBank merchant facility. Please visit www.commbank.com.au/bta for more information on Same Day Settlement. The target market for these products will be found within the product’s Target Market Determination at www.commbank.com.au/tmd.

3 1.1% available for Mastercard, Visa, Amex/JCB, Eftpos, and UnionPay transactions (additional costs may apply for all other cards).

4 Eligibility, fees, terms and conditions apply. For more information visit www.commbank.com.au/smart-terminal

Commonwealth Bank of Australia ABN 48 123 123 124. AFSL 234945.