NAB business customers set for a boost
Alterations to the way merchant interchange fees are calculated will provide business banking customers with a timely boost.
Bosses at National Australia Bank (NAB) have confirmed around 130,000 of its customers will benefit from the changes made to Visa and MasterCard schemes.
The Reserve Bank of Australia has stipulated the fees for credit and debit cards issued by the two organisations must be reset every three years.
Rather than recouping the money, NAB will pass the savings on to its small and medium-sized enterprise (SME) customers and it is thought that up to $30 million in interchange fees could be handed over.
The average saving per merchant account will be $300 a year, according to leaders at the bank.
"In the lead up to the Christmas, NAB understands that business owners are looking for ways to better manage their costs," commented executive general manager of working capital services at the bank David Gall.
"NAB's billing structure enables merchants to have greater transparency over the cost of processing different cards, enabling them to make informed decisions about which cards and types of transactions can cost them less."
The bank has the largest market share of SME merchants in Australia and this is just the latest initiative it has launched to help its customers in recent weeks.
Last month, NAB announced a strategic partnership with VeriFone Systems, which will allow banking customers to access the latest payment technology.
Recent studies have shown that Aussies are keen to see more state-of-the-art developments being made available to them.
Mobility is key and many companies now expect to be able to make and accept payments while on the move.
NAB's PAYware sleeve can turn Apple iPhones and iPads into a payment terminal, while a range of VeriFone's solutions are also compatible with Android and Blackberry devices.
Mr Gall said the partnership is aimed at giving the firm's business customers "greater flexibility and agility", as well as the ability to access critical real-time information.
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