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Retailers now have a smarter way to accept payments

With lockdowns ending and Christmas approaching, retailers are gearing up for a strong finish to a difficult year. And when shopfloors get busy, a reliable payments solution is essential – which is why CommBank’s new Smart Terminal is the perfect addition to your store this holiday season.

As Australia opens up again after months of lockdowns, retailers are looking towards a brighter future. According to recent CommBank data, card spending was up 16 per cent in the week ending 15 October 2021, compared to the corresponding week in pre-pandemic 2019 (Source: CommBank Weekly Card Spend data).

This uptick looks set to continue as we head into the holiday season and consumers return in-store. While online sales have risen over the past 18 months, CommBank’s recent Consumer Insights report reveals that in-store shopping still remains the overwhelming preference for consumers in most categories, from groceries and alcohol to fashion and homewares (Source: CommBank Consumer Insights Report, May 2021.)

CommBank’s Head of Consumer and Diversified Industries, Jerry Macey, says consumers are optimistic about the recovery of Australia’s economy and ready to start spending again. 

“With vaccination rates allowing for the easing of lockdowns and the potential for both domestic and international travel, consumers are increasingly confident about the year ahead,” he says. 

“That means merchants need to be prepared. So having a robust payments system with minimal downtime is critical.”

That’s where CommBank’s new Smart terminal comes in. The successor to the popular Albert tablet, the Smart terminal offers ultra-reliable connectivity and state-of-the-art features to keep your business online, along with highly competitive pricing.

Handle payments the Smart way

With the Smart terminal, CommBank seeks to transform how payments happen in Australia – making them more intelligent, convenient and connected. In an Australian first, this new standalone merchant terminal features dual-SIM functionality for more reliability and connectivity – giving businesses more options in the event of network disruptions. 

The Smart terminal has taken all the best features from CommBank’s Albert terminal, then improved on them, based on feedback from merchant customers. The new terminal is smaller, with a sleeker, attractive design. It can also connect to Wi-Fi, 4G/3G – (connectivity to a secured Wi-Fi network is supported subject to network coverage and compatible areas) – and broadband, making it perfect for both static and mobile stores. Merchants can easily split payments, add surcharges or tips and email electronic receipts.

Right now, retailers can also take advantage of a refreshed pricing plan for the Smart terminal. Small businesses can use Smart to accept payments for just 1.1 per cent per transaction – a highly competitive rate (For Mastercard, Visa, Amex/JCB, Eftpos, and UnionPay transactions – additional costs may apply for all other cards). 

A future-ready payments solution 

CommBank’s Group Executive for Business Banking, Mike Vacy-Lyle, says this new payment solution has been designed with the future of businesses in mind. “Using the latest technology and customer feedback, we’re making payment solutions that are more intuitive, customisable and secure,” Mike says.

“The new, smarter features of the Smart terminal will be particularly useful for hospitality, retail, and healthcare businesses, helping merchants save time with inbuilt surcharging and tipping, and same-day settlements to help manage cash flow.”

Later this year, CommBank plans to further expand its payment options, launching a mobile Secure Card Reader that can easily pair to a business’s own device, allowing merchants to take chip and contactless payments.

CommBank is also working on expanding its App Marketplace – a place where businesses can go to customise their Smart terminal with apps tailored to their industry and their customers.

Find out more: CommBank’s Smart terminal is available nationwide. Learn more at www.commbank.com.au/smart-terminal.

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