Legal Tender, Paywave.

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Forums › Finance and wealth management › Legal Tender, Paywave.

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#1656931 24-Oct-2016 14:29

sbiddle:

The hesitance from some retailers to deploy Paywave/Paypass is that it will increase credit card payments vs eftpos payments which in turn will drive up merchant costs. This is the reason McDonalds in NZ were the first retailer to deploy contactless as part of the ANZ trial before the 2011 World Cup and then proceeded to disable it.

Thats a strange thing that I see people do, they have a credit card, the place accepts them but they still use their ATM card and eftpos things. Im the opposite and use my CC places that even dont say they accept it and then make a big deal that its a hassle when I have to use my other card instead.

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nitrotech

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#1657047 24-Oct-2016 17:47

sbiddle:

nitrotech:

Settlement fees for Credit Card transactions are still a huge expense for small business, in the latest government review of fees information suggests that small retailers are paying up to 250% more in processing fees for CC transactions than bigger retailers.

Paywave costs even more - pretty easy to see why there's such a small uptake.

Paywave DOES NOT cost more than regular credit card transactions. It costs the same or less (in some cases depending on the type of merchant you are) than a regular credit card transaction.

Yes you are right for credit card transactions but extra fees are charged by my provider to enable contactless payments on the terminals even though we've had compatible ones for 2 years.

Overall the costs to accept CC transactions are significant and continuing to rise - whatever way you look at it these costs have to be paid for somehow therefore the cost of this convenience will be paid for by the consumer.

sdavisnz

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#1657065 24-Oct-2016 18:45

i find its 50/50, with adpotion at the moment, Maybe we should lobby govt or banks to help the smaller guys get up and running, maybe give them a 2 year free window to try it out and make a decision after that.

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nitrotech

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#1657067 24-Oct-2016 19:10

sdavisnz:
i find its 50/50, with adpotion at the moment, Maybe we should lobby govt or banks to help the smaller guys get up and running, maybe give them a 2 year free window to try it out and make a decision after that.

A review is underway more details here

http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11732061

Not sure if it will go anywhere - but you can bet that if Apple and google are going to clip the ticket that costs will rise.

Banks are unfortunately a bit of a Sky TV can't see fees going backwards without intervention

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#1657074 24-Oct-2016 19:46

nitrotech:

Yes you are right for credit card transactions but extra fees are charged by my provider to enable contactless payments on the terminals even though we've had compatible ones for 2 years.

Overall the costs to accept CC transactions are significant and continuing to rise - whatever way you look at it these costs have to be paid for somehow therefore the cost of this convenience will be paid for by the consumer.

You should probably find a new provider who doesn't want to rip you off!

Interchange rates are under review in NZ and will (eventually) drop and is something I blogged about this months ago. Unfortunately it's taking a lot of time to do something about the issue.

nitrotech

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#1657098 24-Oct-2016 21:06

sbiddle:

You should probably find a new provider who doesn't want to rip you off!

Interchange rates are under review in NZ and will (eventually) drop and is something I blogged about this months ago. Unfortunately it's taking a lot of time to do something about the issue.

Yes I agree and it's part of a wider banking review we are currently working through.

It would seem that eftpos providers/banks are doing very little to encourage businesses to provide contactless - I can only think of 1 pamphlet that arrived with our new terminal 2+ years ago.

The interchange fee review is taking too long but I fear that the great eftpos system we have in NZ will be sacrificed for slightly lower fees on CCs - it's a shame that all the nfc startups have given up but when Apple shut you out I guess there's nothing you can do.

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#1657157 25-Oct-2016 01:35

MadEngineer:

The most annoying thing is that although I can pay by presenting my wallet to the machine I still have to present the loyalty card.

There are apps that allow you to put physical loyalty cards onto your phone. I use Beep'n'Go on Android. You take photos of each side of your card and it transcribes the barcode. I use it regularly for Flybuys and it works a treat. Obviously won't work with mag stripe cards.

The cafe at work accepts CC/Paywave. It is a private cafe that only services the few hundred people based in our building so I imagine their processing fees are in the higher bracket. A lot of transactions are in the $1-3 range (non profit work owned cafe) so I was somewhat surprised when they got CC/Paywave. Manager in the cafe reckons its done wonders for the lunch rush though so its worth it.

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sbiddle

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#1657170 25-Oct-2016 07:14

kingjj:

MadEngineer:

The most annoying thing is that although I can pay by presenting my wallet to the machine I still have to present the loyalty card.

There are apps that allow you to put physical loyalty cards onto your phone. I use Beep'n'Go on Android. You take photos of each side of your card and it transcribes the barcode. I use it regularly for Flybuys and it works a treat. Obviously won't work with mag stripe cards.

The problem is most barcode flatbed scanners such as those used at a supermarket won't read a phone screen because they're laser based.

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#1657171 25-Oct-2016 07:31

Paywave is great when I want to use it, but have been surprised sometimes when I wanted to use another account linked to that card and it's one of the places where the cashier reaches to take your card and then they paywave for you. Bit presumptuous but not a biggy I just transfer between accounts later.

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#1657173 25-Oct-2016 07:40

sbiddle:

kingjj:

MadEngineer:

The most annoying thing is that although I can pay by presenting my wallet to the machine I still have to present the loyalty card.

There are apps that allow you to put physical loyalty cards onto your phone. I use Beep'n'Go on Android. You take photos of each side of your card and it transcribes the barcode. I use it regularly for Flybuys and it works a treat. Obviously won't work with mag stripe cards.

The problem is most barcode flatbed scanners such as those used at a supermarket won't read a phone screen because they're laser based.

Beepngo works with phones that have an infrared transmitter as it transmits the barcode info to the scanner - the scanner doesn't actually read the phone screen

I use to use it with my S4 all the time (that and using it as a tv remote was really handy too) - miss the IrDA port which my current phone is sadly lacking

Now I copy the barcode onto paper and cut out the barcode and stick them all on one card - my Hoyts movie card has around 5 barcodes on it from various loyalty cards (whitcoulls, supercheapautos, etc...). Most salespeople work it out although the odd one gets confused

For magnetic stripe cards you coudl always try this (not sure if it is available though):

http://www.dailymail.co.uk/sciencetech/article-2745416/The-smartcard-replace-wallet-Coain-replace-credit-store-card-wallet.html

sbiddle

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#1657190 25-Oct-2016 08:05

Batwing: Paywave is great when I want to use it, but have been surprised sometimes when I wanted to use another account linked to that card and it's one of the places where the cashier reaches to take your card and then they paywave for you. Bit presumptuous but not a biggy I just transfer between accounts later.

I have never encountered a retailer in NZ that's said that to me. Compare this to Australia where it's incredibly common - hand over your credit card to pay somewhere such as a bar and 99% of the time they'll ask you if it's OK to use Paywave/Paypass.

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#1657225 25-Oct-2016 09:12

Imagine putting your iphone in a zipzap machine when eftpos goes down on christmas eve

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#1657400 25-Oct-2016 12:36

I don't like handing card over to places that will then paywave. Particually on crappy non-integrated eftpos.

A bar is the ideal place for them to stick an extra $10 on the transaction and pocket $10 from the till. Unless you see the amount on the pinpad screen first you will probably never remember if that round of drinks was $65 or $75 when you look at your transactions later on.

Infact I don't even like handing over my chip card. Places with crap terminals get the swipey card that is worn out and then I hold my hand out for the card back before I will do the pin. Chip card you have to wait before they can remove it till after you have done the pin and it has accepted.

Piece of crap dairys are terrible for those old terminals.

Richard rich.ms

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#1657428 25-Oct-2016 13:16

Some businesses just dont want to pay the additional fees of CC or paywave.
Simple as that, they see it as just another cost they dont want to pay (incl where I work)

Personally, I'd prefer to have a CC without paywave added to the actual card (pretty sure my bank wont issue non paywave CC's)

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#1657615 25-Oct-2016 18:17

In answer to the original post, it is my understanding that in most cases, when dining at a resteraunt the contract is tendered when you order food from the menu and accepted when the waiter accepts the order. I would think that the price and payment options are accepted by yourself when you place the order as they are usually written on the menu - so I don't think you get to choose.

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