Your new Merchant Agreement, with Everyday Settlement

By now, you should have received a copy of your new Merchant Agreement, updated to reflect recent changes in technology, operating procedures and security enhancements. The new Agreement also includes details of an exciting solution we began rolling out in October 2011 — Everyday Settlement.

Your new Merchant Agreement:

• Is effective from 1 December 2011.
• Replaces your existing Agreement*.
• Contains important information about how to use your merchant facility, including advice on how to prevent fraud.
• Provides clear information about your rights, obligations and any potential liabilities you may incur. 

* If you have a Banking Services or other Master Agreement with us that provides for special terms that govern our relationship with you, those terms will continue to prevail over this Merchant Agreement.

What’s changed?

With this update, your Merchant Agreement:

• Has been rewritten in plain English so it's clearer and easier to use.
• Includes details of Everyday Settlement. 
• Covers legal terms and conditions, and important information to help you manage your facility — including information on how to improve security and protect your business from fraud. 

While the Agreement contains some important new information, most of the fundamentals have remained the same, including the procedures for authorisations and chargebacks.

What’s Everyday Settlement?

Everyday Settlement is an innovative new solution for eligible merchants that can give you same day access to your merchant sales, every day of the year.

When you link your merchant service to a Commonwealth Bank business transaction account, Everyday Settlement puts each day's takings into your account on the day you make the sale — even on weekends and public holidays. So you can access your money sooner and say goodbye to weekend cash flow gaps. To find out more about how Everyday Settlement could benefit your business, read section 2.5.2, "How we pay you", in your new Merchant Agreement.

What do you need to do?

If you haven’t already received your copy of the new Agreement, you can view the Merchant Agreement online or order it online at our EFTPOS stationery shop. Once you have a copy, read it carefully and keep it in a safe place for future reference.

Find out more

To find out more about your new Merchant Agreement, call the Merchant Helpdesk on 
1800 230 177, 24 hours a day, 7 days a week.