Accepting Mobile Payments

It’s now possible to process mobile payments for your customers from almost anywhere! The service is provided by all the major banks, as well as several Internet-based services such as PayPal and Square. These organisations have provided all-in-one point of sale solutions that are available to anyone with an ABN.

How does it work?

The service generally requires a mobile device running an app provided by your banking provider. The app is connected to the bank via your mobile Internet connection which transmits the payment information and processes the payment. For most credit and debit cards this happens instantly and all parts of the transaction can be facilitated directly from within the app.

How can I get paid?

The app is usually directly connected to your bank account meaning funds are available to you almost instantly. If you’re a PayPal user then the funds instantly appear in your PayPal account – from there they can be transferred to your everyday bank account.

What features are included?

The apps provided by most banking operators are designed to facilitate all aspects of your point of sale system. The following features are common:

  • The ability to connect a Bluetooth card reader or key in card numbers directly
  • Manage inventory by creating a list of items or services and billing for them hourly or by quantity
  • Barcode scanning using the device’s camera or utilising a Bluetooth barcode scanner
  • Complete invoicing by email, to attached printers or to online payment processors
  • Processing cash and cheque payments

Are there associated fees?

The fees and charges are often quite competitive between providers. Most charge around 30c + 3% of the transaction value. Some cap the charges and others offer flat rate pricing.

 Are there any limitations?

The features and limitations vary between providers however all processors require a constant connection to the Internet in order to conduct transactions. This can be an issue when network coverage is patchy. Additionally, most providers are unable to facilitate EFTPOS transactions – transactions from Cheque or Savings accounts.