Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.




490 posts

Ultimate Geek


#272569 2-Jul-2020 14:44
Send private message quote this post

Hi

 

I have a small businesses that uses EFTPOS

 

I believe ANZ are one of the few banks not charging for using Paywave.

 

Are any other banks offering free Paywave fees for debit cards ?

 

 

 

Ta


Filter this topic showing only the reply marked as answer View this topic in a long page with up to 500 replies per page Create new topic
 1 | 2 | 3 | 4 | 5 | 6
4771 posts

Uber Geek


  #2516181 2-Jul-2020 14:49
Send private message quote this post

There were a whole lot of special "contactless" deals rolled out under COVID, but I think many of them may be due to expire,

 

It will be interesting to see if the sticky-tape labels start to make an appearance again....


6684 posts

Uber Geek

Trusted
Lifetime subscriber

  #2516184 2-Jul-2020 14:53
Send private message quote this post

It was only free for ANZ customers for a short time due to Covid

 

@beenz Edit: Finished 30/06 answer found in 2 second google search


 
 
 
 


4046 posts

Uber Geek


  #2516234 2-Jul-2020 14:57
Send private message quote this post

Various threads about it here over time.

 

Was re-visited last night by media as a result of your same inquiry and the contracts for free use now lapsing. Some are extending by case basis (mentioned at end)

 

https://www.newshub.co.nz/home/money/2020/07/small-businesses-urge-banks-to-reduce-paywave-fees-permanently.html

 

The crux is, you basically pay credit card fees the same as swiping or inserting it for contactless.

 

Taking away the paywave feature, reduces the number of likely CC/debit payments/day you will get.

 

Is why many coffee shops don't. One in wellington last year worked out how much they were losing based on the sheer number of transactions. It wasn't that it was more expensive, it was that more people made use of it so they had more % off profits in a lump debit


14694 posts

Uber Geek

Trusted
Lifetime subscriber

  #2516251 2-Jul-2020 15:38
Send private message quote this post

Is there any reason for the additional charge over normal eftpos?

 

 

 

The customer has half the required tech in the card and the retailer's unit often already has the other half in. What exactly is the rationale for any additional charge?






4127 posts

Uber Geek

Trusted
Lifetime subscriber

  #2516257 2-Jul-2020 15:45
Send private message quote this post

Geektastic:

Is there any reason for the additional charge over normal eftpos?


 


The customer has half the required tech in the card and the retailer's unit often already has the other half in. What exactly is the rationale for any additional charge?



They can.
Capitalism at its finest.

4046 posts

Uber Geek


  #2516275 2-Jul-2020 15:52
Send private message quote this post

Think Inter-Bank fees are a small percentage of it.

 

In large, I think those in the know explained it was down to the eftpos provider often prefers a bank to handle the transaction (paymark who the 4 banks started then sold or Eftpos NZ for instance) 

 

Then you have the retailers bank. And then the card holders bank that needs to shake hands with them and do the money move.

 

And with that you have multiple Debit providers that provide the cards and services appearing 'as' your bank, but in reality outsourced/on behalf of your bank (check the back of your CC and note for issues you call a different division/company in some cases)

 

Clip clip clip that ticket!


2893 posts

Uber Geek

Trusted
Subscriber

  #2516281 2-Jul-2020 16:00
Send private message quote this post

Geektastic:

 

Is there any reason for the additional charge over normal eftpos?

 

 

 

The customer has half the required tech in the card and the retailer's unit often already has the other half in. What exactly is the rationale for any additional charge?

 

 

EFTPOS costs are absorbed by the banks. 

 

It was implemented that way to get tractin when first introduced and remained like that. Because of this, there won;t be any investment in the EFTPOS infrastructure in the foreseeable future. 

 

Contactless (PayWave/PayPass etc) transactions go via the "Scheme Rails"  - i.e. not the EFTPOS network, but the Visa/MasterCard networks. 

 

There's considerable cost to maintain this infrastructure, as well as many hands to pass through. 

 

Merchant Service Fees for large corporates can often be cheaper for Contactless, but the smaller businesses are usually charged as a "blended" merchant rate, which means all credit card and contactless or online debit card transactions are charged at the same rate. 

 

Small merchant moving to contactless often find that EFTPOS transactions are converted in large numbers to contactless (therefore charged as "credit card" transactions", due to people using the contactless debit cards for the convenience of it. 

 

Large merchants are usually on a different (and significantly cheaper) method of charging for their card transactions and are rarely on a blended rate, meaning that the cheaper contactless or micro-transaction charges are passed through as they stand plus a margin, rather than at the same rate as a platinum or Titanium credit card etc. 

 

 

 

 





Handsome Dan Has Spoken.
Handsome Dan is currently WFH.
Handsome Dan is perplexed...and a little stir crazy.
need to transfer money overseas? I use Transferwise 


 
 
 
 


14694 posts

Uber Geek

Trusted
Lifetime subscriber

  #2516304 2-Jul-2020 16:42
Send private message quote this post

Handsomedan:

 

Geektastic:

 

Is there any reason for the additional charge over normal eftpos?

 

 

 

The customer has half the required tech in the card and the retailer's unit often already has the other half in. What exactly is the rationale for any additional charge?

 

 

EFTPOS costs are absorbed by the banks. 

 

It was implemented that way to get tractin when first introduced and remained like that. Because of this, there won;t be any investment in the EFTPOS infrastructure in the foreseeable future. 

 

Contactless (PayWave/PayPass etc) transactions go via the "Scheme Rails"  - i.e. not the EFTPOS network, but the Visa/MasterCard networks. 

 

There's considerable cost to maintain this infrastructure, as well as many hands to pass through. 

 

Merchant Service Fees for large corporates can often be cheaper for Contactless, but the smaller businesses are usually charged as a "blended" merchant rate, which means all credit card and contactless or online debit card transactions are charged at the same rate. 

 

Small merchant moving to contactless often find that EFTPOS transactions are converted in large numbers to contactless (therefore charged as "credit card" transactions", due to people using the contactless debit cards for the convenience of it. 

 

Large merchants are usually on a different (and significantly cheaper) method of charging for their card transactions and are rarely on a blended rate, meaning that the cheaper contactless or micro-transaction charges are passed through as they stand plus a margin, rather than at the same rate as a platinum or Titanium credit card etc. 

 

 

 

 

 

 

 

 

Thanks. I see. I think..!

 

 

 

The lady who does my massages said to me yesterday that when the free contactless ends, she won't renew it because for her small business it is too expensive. It seems a shame to lose something that so many find so convenient.






957 posts

Ultimate Geek


  #2516307 2-Jul-2020 16:46
Send private message quote this post

Handsomedan:

 

Geektastic:

 

Is there any reason for the additional charge over normal ...

 

 

EFTPOS costs are absorbed by the banks. 
...

 

Contactless (PayWave/PayPass etc) transactions go via the "Scheme Rails"  - i.e. not the EFTPOS network, but the Visa/MasterCard networks. 

 

There's considerable cost to maintain this infrastructure, as well as many hands to pass through. 

 

...

 

 

Paywave infrastructure is a capital cost + relatively small maintenance. The capital cost is sunk. The relatively small maintenance cost is a rounding error on large banks operating budget.

 

The charges for payWave are a ripoff goldmine for the providers, and there is no need for it. These charges are banned in Australia and there is no reason why they shouldn’t be banned here also.





BlinkyBill


4127 posts

Uber Geek

Trusted
Lifetime subscriber

  #2516310 2-Jul-2020 16:52
Send private message quote this post

BlinkyBill:

 

Handsomedan:

 

EFTPOS costs are absorbed by the banks. 
...

 

Contactless (PayWave/PayPass etc) transactions go via the "Scheme Rails"  - i.e. not the EFTPOS network, but the Visa/MasterCard networks. 

 

There's considerable cost to maintain this infrastructure, as well as many hands to pass through. 

 

...

 

 

Paywave infrastructure is a capital cost + relatively small maintenance. The capital cost is sunk. The relatively small maintenance cost is a rounding error on large banks operating budget.

 

The charges for payWave are a ripoff goldmine for the providers, and there is no need for it. These charges are banned in Australia and there is no reason why they shouldn’t be banned here also.

 

 

The banks in NZ are totally different to their parent companies in Australia. Here they would never engage in any immoral practices to inflate their profits.

 

 

 

Yeah right.


4771 posts

Uber Geek


  #2516312 2-Jul-2020 16:54
Send private message quote this post

BlinkyBill:

 

These charges are banned in Australia and there is no reason why they shouldn’t be banned here also.

 

 

Having a government that appears totally indifferent to this issue is the biggest one that springs to mind, .....


3234 posts

Uber Geek

Trusted
Subscriber

  #2516391 2-Jul-2020 18:45
Send private message quote this post

1st world problem. Paywave saves you what, three valuable seconds over swiping and entering a 4 digit PIN for eptpos?


896 posts

Ultimate Geek

Subscriber

  #2516395 2-Jul-2020 18:50
Send private message quote this post

dafman:

 

1st world problem. Paywave saves you what, three valuable seconds over swiping and entering a 4 digit PIN for eptpos?

 

 

Maybe. But I find it handy to be able to use apple pay when I've left my wallet at home, or dont have a particular card on me, or my card's chip is stuffed and I'm sick of paying the replacement fee every couple of months to get it going again. And sometimes when you DO get the card replaced, they go ahead and give you a different number so you have to go thru all the companies billing that old card number and update them. Just a royal pain in the ass. That's my experience anyway.


5699 posts

Uber Geek

Trusted
Lifetime subscriber

  #2516408 2-Jul-2020 19:23
Send private message quote this post

I heard on the internet that COVID19 was created by the credit card companies to up their revenue from PayWave.




Chorus has spent $1.4 billion on making their xDSL broadband network faster and even more now as they are upgrading their rural Conklins. If your still stuck on ADSL or VDSL, why not spend $195 on a master filter install to make sure you are getting the most out of your connection?
I install - Naked DSL, DSL Master Splitters, VoIP, data cabling and general computer support for home and small business.

 

Cel-Fi supply and installer - boost your mobile phone coverage legally
Rural Broadband RBI installer for Ultimate Broadband and Full Flavour

 

Need help in Auckland, Waikato or BoP? Click my email button, or email me direct: [my user name] at geekzonemail dot com


4638 posts

Uber Geek

Trusted
Subscriber

  #2516410 2-Jul-2020 19:33
Send private message quote this post

dafman:

 

1st world problem. Paywave saves you what, three valuable seconds over swiping and entering a 4 digit PIN for eptpos?

 

 

Paywave may not be a necessity but certainly a feature I'd hate to go without, and would appreciate being rolled more widely; already I've noticed a number of retailers that have removed the feature over the past few weeks.

 

For me, it's not so much the saved time but the convenience provided by GooglePay - for example, not having to carry my wallet with me at all times means that I know I can pop into the supermarket on a walk. (I'm so attached to this I'd be unlikely to switch my credit card to a bank that didn't support GP.) 


 1 | 2 | 3 | 4 | 5 | 6
Filter this topic showing only the reply marked as answer View this topic in a long page with up to 500 replies per page Create new topic




News »

Freeview On Demand app launches on Sony Android TVs
Posted 6-Aug-2020 13:35


UFB hits more than one million connections
Posted 6-Aug-2020 09:42


D-Link A/NZ extends COVR Wi-Fi EasyMesh System series with new three-pack
Posted 4-Aug-2020 15:01


New Zealand software Rfider tracks coffee from Colombia all the way to New Zealand businesses
Posted 3-Aug-2020 10:35


Logitech G launches Pro X Wireless gaming headset
Posted 3-Aug-2020 10:21


Sony Alpha 7S III provides supreme imaging performance
Posted 3-Aug-2020 10:11


Sony introduces first CFexpress Type A memory card
Posted 3-Aug-2020 10:05


Marsello acquires Goody consolidating online and in-store marketing position
Posted 30-Jul-2020 16:26


Fonterra first major customer for Microsoft's New Zealand datacentre
Posted 30-Jul-2020 08:07


Everything we learnt at the IBM Cloud Forum 2020
Posted 29-Jul-2020 14:45


Dropbox launches native HelloSign workflow and data residency in Australia
Posted 29-Jul-2020 12:48


Spark launches 5G in Palmerston North
Posted 29-Jul-2020 09:50


Lenovo brings speed and smarter features to new 5G mobile gaming phone
Posted 28-Jul-2020 22:00


Withings raises $60 million to enable bridge between patients and healthcare
Posted 28-Jul-2020 21:51


QNAP integrates Catalyst Cloud Object Storage into Hybrid Backup solution
Posted 28-Jul-2020 21:40



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.


Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.