Online payments provider eWAY is going old school and launching into physical payments.
The company’s 20,000 merchants will be the first to gain access to its mobile point of sale payments solution which enables them to accept payments anywhere.
Partnering with NAB and Quest Payment Systems, the mobile platform means small businesses won’t have to maintain an traditional EFTPOS terminal to accept Visa or MasterCard.
It also integrates with Xero, Salesforce and Shopify, which means a business can maintain a real-time view of where it’s at. The Xero integration means accounting can be completed on the go and merchants can create and send invoices automatically, as well as get notifications when invoices are opened or paid. Product levels can be monitored in real-time with the Shopify integration and Salesforce makes it simpler to look up customer or contact details.
There’s no more paper receipts either, with proof of purchase sent either by email or SMS.
eWAY founder and CEO Matt Bullock said payments in Australia’s payment landscape is quite mature on a global scale.
“Australian businesses have recognised the benefits of going cashless, such as convenience and security,” he said.
In Australia Tyro is the only non-bank merchant in the physical payments space. The Atlassian-backed startup processes about $6.5 billion worth of transactions each year for about 12,000 customers.
In contrast, eWay processed just over $4.6 billion worth of transactions in the 2014 financial year. But the Canberra-based startup hopes by launching a multi-channel payments service it can start to build up a larger market share.
However it’s got a big fight ahead of it with US competitors Stripe and mobile payments company started by Twitter co-founder Jack Dorsey Square recently honing their Australian focuses. Paypal today officially separating from eBay. Payments and the battle for transactions is heating up.
Online payments in Australia make up just 3.1% of retail sales, so offering a physical solution is a smart play. Not only will the startup’s potential market widen, it will also secure a new revenue stream by renting out payment terminals for between $19 and $29 a month.