According to eftpos CEO, Stephen Benton, dozens of Australian businesses, including Aussie Broadband and Cluey Learning, were already embracing eftpos card-on-file payments, “with tens of thousands of transactions being processed through the service each month”.
Benton said almost 40 Australian banks including Suncorp, were also supporting the service, enabling their cards to be processed by eftpos for card-on-file payments.
“eftpos is synonymous with low cost debit card payments in store at retailers across Australia, and we’re excited to start making headway in the digital payment space,” Benton said.
“It is early days but the service will increasingly enable more small and medium businesses to have Australia’s most popular cards – multi-network debit cards – processed by eftpos, and potentially deliver significant cost savings. These potential savings are particularly important for small businesses during COVID-19 and recovery.
“I urge small businesses that use card on file payments to talk to their digital payments providers about switching on the service.”
Card on file transactions are payments made from a card which is securely stored by the merchant or their payment system provider, for regular payments.
eftpos says some banks are supporting eftpos processing for regular payments initiated by the merchant, such as monthly subscriptions or payments initiated by the customer, such as occasional grocery orders.
Benton said that if merchants were interested in accessing the new service they should contact their online payment service provider.
Aussie Broadband Managing Director, Phillip Britt said: “We’re very excited to switch on eftpos’ digital payment solution. We believe this solution could potentially help Australian businesses reduce costs during these challenging times.”
And Cluey Learning CFO, Greg Fordred said: "As a rapidly growing online school tutoring business, Cluey Learning needed a low cost, scalable payment method. We've now moved to eftpos' digital payments which we're finding is a great solution."