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Australia : COMMONWEALTH BANK puts business banking with small business app

June 14, 2014

Commonwealth Bank small business customers will be able to accept on-the-spot payments, create estimates and invoices and manage their cashflow and business operations from any existing iOS or Android device with the launch of the CommBank Small Business App.

The app is powered by Pi, the bank's POS software ecosystem that was launched mid-2012, and works when paired with the bank's Eftpos terminals, Leo or Emmy. Leo was launched simultaneously with Pi, features a barcode reader and is designed for medium to large business, while Emmy is designed for small mobile businesses with lower card transaction volumes.

Businesses will be able to accept payments via BPAY, Eftpos, credit card, including contactless payments, chip & PIN, swipe payments

The new service comes at a cost. The app will run on the Simple Merchant Plan where small business will pay AU $30 per month for the Emmy device, and it includes a monthly card of up to AU $1,500 and a business transaction account where the monthly account fee is waived, as long as businesses remain with the plan.

The starting price for the Leo device is $60 per month and includes a monthly card turnover of AU $3,000. But if businesses go over the included monthly card turnover amount on either device, an excess usage of 1.5% will apply.

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Source: TendersInfo (India)

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