
A direct debit is an automatic transaction that transfers money from your account to another. Direct debits are handy for paying regular bills, such as your monthly phone bill or gym membership. Automatic payment means you don’t have to remember to pay the bill, and you don’t risk any late fees.
Below are two of Venue Smart’s most powerful technologies (together no one else can provide) that ensure we are the most competitive provider in the market.
Most debit cards issued in Australia (i.e. cards that draw funds from a bank account) are dual-network cards, i.e. support both an international network (Visa or Mastercard) and the domestic EFTPOS network. This means that debit card transactions can be routed through either of those networks.
Typically, when a dual-network card is inserted into a point-of-sale terminal, cardholders determine how the transaction will be routed by selecting either CHQ or SAV for EFTPOS or the CR button for the international network.
However, for a contactless or ‘tap-and-go’/direct debit transaction, the cardholder is not given that option and presently the transaction is usually routed to the international network for processing.
Data collected by the Reserve Bank of Australia (RBA) highlights that merchant service fees on EFTPOS cards are on average lower than fees on Visa and Mastercard debit cards.
1) Can least-cost routing benefit my business?
2) Will every business save?
3) Are there any transaction amount limits for least-cost routing?
4) Will least-cost routing also affect credit card payments?
5) Are protections against fraud and disputed transactions the same for EFTPOS, Visa and Mastercard?
The merchant payments landscape is undergoing a period of rapid, technology-driven change. To make payments a seamless part of the shopping experience, merchants increasingly encourage cardholders to store their payment credentials on file, powering faster checkouts, increased spend, and lower shopping cart abandonment.
Scheme Fee Tokenisation for Merchants allows merchants to convert the card information that consumers save on file into ‘tokens’ and to use this encrypted data to help secure transactions.
Merchants want to optimize transaction approvals in the digital space so they need a solution that can provide both a seamless experience for their consumers with best-in-class security. MDES for Merchants does just that.
Keeps card information up to date
Reduces the likelihood of card declines
Provides an enhanced customer experience
55% of consumers use card on file and yet 81% are still concerned about the protection of these details. By removing card details in the digital space and substituting in merchant-specific tokens that are encrypted, tokens can only be used with intended issuer and therefore security attacks become more difficult.
Information to gather:
Clients
Devices
Representatives
Franchisees