In FY21/22, there were nearly 500,000 new businesses registered in Australia. That’s a lot of people giving their dreams a go. But in those early phases, you’re running on little funds (and probably little sleep) while you’re trying to grow your customer base and bring revenue through the door.

One of the things many new business owners overlook is payment systems. Here are four ways you can optimise how you accept payments and get yourself paid faster in the process.

1. Choose an EFTPOS terminal with same-day settlements

It’s a busy Saturday with sales zooming through the till or via your eCommerce store. Ka-ching!

All good, except your hard-earned money may take days to appear in your bank account. This kind of delay can put a huge amount of stress on your business. It means you may not be able to pay your suppliers, bills or employees on time.

There’s a range of merchant payment systems available but choosing one with same-day settlements can ease up your cash flow for you.

“You may have an idea of how much you’ve taken in a day, but if the payments don’t arrive until five days later, it’s much harder to keep track,” says Keenan France, Merchant Specialist at ANZ Worldline Payment Solutions.

If you haven’t heard of them yet, you’ve probably tapped your card on one of their EFTPOS terminals. ANZ Worldline Payment Solutions is a partnership between ANZ and Worldline, Europe’s leading payment and transaction provider, which launched in Australia in early 2022. Their payment services offer small businesses the benefit of same-day settlement into an ANZ Business transaction account (when settled before 9pm, AEST).

2. Understand what fees you’re being charged on certain payment types

When you sign up as a merchant with a payment provider, you’re typically given a list of all the different types of Visa and Mastercard credit and debit cards, including premium and international ones, with a list of the fees you’ll pay on each. Who has time to memorise and keep track of all those?

“There can be a lot of confusion,” Keenan tells Kochie’s Business Builders. “Some of our clients tell us they don’t take international cards. And we have to explain that actually they do. It’s hard to see what someone’s putting into your EFTPOS machine.”

ANZ Worldline has made it easy for business owners to understand the fees you’re paying by using a blended rate for Visa and Mastercard payments. This means you pay the same rate, regardless of what type of Visa or Mastercard a customer uses.

The rate you pay will also depend on the type and size of your business, turnover and average transaction size, which is why it’s important to be honest about your actual or estimated turnover when applying to a payment provider.

“Some people inflate their numbers because they think it could benefit them, but that’s a mistake,” says Keenan.

Being upfront about your average transaction value and turnover can help a payment provider figure out if something like Merchant Choice Routing (where Visa and Mastercard debit cards are processed through the EFTPOS network instead of the usual credit network) could save you money on card fees.

3. Create a seamless online payment experience

Cart abandonment is highest in the Asia Pacific region at 82 per cent (around 10 per cent higher than the global average), causing eCommerce brands to lose potentially millions of dollars. So you have to make it as quick and easy as possible for customers to buy from you online.

Once they’ve made their purchase, you want those funds to be transferred as fast as possible into your bank account so everyone’s happy.

To make this happen smoothly, you can use a payment gateway on the front end of your website where customers load up their shopping cart then check out, and a robust backend where you can monitor the details.

“Ask yourself if you need to track your customers or have a more personal relationship with them,” says Keenan. “Are you taking bulk payments or recurring ones? You need a system that’s admin-friendly to give you more control over your business.”

Got a payment gateway system that’s perfect for your business but want the benefits of same-day settlements? You can even mix and match your gateway and merchant services. For example, you could use ANZ Worldline for both, or use a different gateway with ANZ Worldline as the merchant.

“It all depends on what your business needs,” says Keenan. “A hotel, for example, may have a great booking system at the front end that they can link to their merchant provider.”

4. Do your research and understand your business

When you need to buy a new computer monitor or you’re thinking of upgrading your mobile phone, you don’t buy the first thing you see. You do research to make sure you choose something that fits your needs.

The same goes with choosing a payment provider for your business. “Constantly ask questions and talk to every provider you can to see what’s best for you,” advises Keenan. “Some people come to us and they don’t know what to expect or what’s possible.”

And while a payment provider can help you gain clarity, they can only do that if you understand your business.

“You need to know your expected turnover if you’re a new business and what your average transaction value is likely to be,” says Keenan.

“You also need to know what methods of taking payments are necessary for your business. Do you need ‘card not present’ facilities, such as for eCommerce or phone payments? The more information you give a provider, the better we can help you.”

Learn more about ANZ Worldline Payment Solutions’ EFTPOS machines and eCommerce payment gateways here. For a limited period, ANZ Worldline Payment Solutions is offering free terminal rental for 12 months to new customers. Apply before  December 16. Terms and conditions and eligibility criteria apply.

This article is brought to you by Kochie’s Business Builders, sponsored by ANZ Worldline Payment Solutions.

ANZ Worldline Payment Solutions means Worldline Australia Pty Ltd ACN 645 073 034 (“Worldline”), a provider of merchant solutions. Worldline is not an authorised deposit taking institution (ADI) and entry into any agreement with Worldline is neither a deposit nor liability of Australia and New Zealand Banking Group Limited ACN 005 357 522 (“ANZ”) or any of its related bodies corporate (together “ANZ Group”). Neither ANZ nor any other member of the ANZ Group stands behind or guarantees Worldline.

This publication is intended to provide general information only and should not be relied on in substitution for professional legal or financial advice. Any opinions, conclusions or recommendations are reasonably held, based on the information available at the time of publication, but are subject to change without notice and Worldline Australia Pty Ltd makes no representation as to the accuracy, reliability or completeness of the information. Any projections, forecasts or forward-looking statements contained in this publication are based on a number of assumptions and estimates, are subject to contingencies and uncertainties and may not eventuate. To the extent permitted by law, Worldline Australia Pty Ltd will not be liable to any person for any error or omission contained in the webinar or for any loss or damage suffered by any person relying on the information contained in the publication.

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