To further support businesses across the country over the Christmas period, Commonwealth Bank has this week launched a cash incentive for merchant customers who offer CBA’s new Buy Now Pay Later product, StepPay*.

CBA Group Executive, Business Banking, Mike Vacy Lyle said: “We’re continuing to look for ways we can support businesses, especially small businesses, as the country reopens and we head into the Christmas shopping period.

“To give businesses a boost, we’re giving customers a bonus payment of four per cent per transaction when they process a StepPay transaction. This means every time a customer uses StepPay, the business will be credited four per cent of the transaction.”

Mr Vacy Lyle said the average BNPL provider charges businesses four per cent per transaction, with some as high as seven per cent. 

“Some businesses, particularly small businesses, have been hesitant to offer BNPL because of the traditionally high fees. StepPay doesn’t charge additional transaction fees. With no additional merchant costs or integration costs, StepPay is a win for small businesses and levels the playing field to allow them to better compete.

“The additional four per cent bonus offer will put extra money back into businesses. We encourage our customers interested in StepPay to see how they can use it to support their favourite local or smaller Aussie business,” said Mr Vacy-Lyle.

There is no set-up required for a business to accept StepPay as it is accepted anywhere Mastercard is accepted.

Eligible merchant customers will also have the chance to win $10,000, simply by showing a StepPay sticker at their register and snapping a photo to enter**.

For more information on StepPay and the 4 per cent offer, visit

Notes to editors

StepPay’s features include:

  • Can be used anywhere Mastercard is accepted
  • Initial limit of up to $1,000
  • Use for everyday spend for transactions less than $100
  • Four easy, fortnightly instalments for transactions higher than $100
  • A new card issued to customers’ digital wallet on their mobile, so no need for a physical card
  • No ongoing fees (Fees and charges may apply to a customer’s linked CBA account)
  • No foreign exchange fees
  • Late fees of $10 per missed instalment repayment. And caps are in place to minimise the amount of additional fees charged
  • No additional merchant fees above standard merchant service fees
  • Does not provide access to cash advances or gambling

*Conditions apply: see The StepPay 4% Merchant cash incentive (“Campaign”) applies when a StepPay transaction is processed between 1 November 2021 and 31 December 2021 on a CommBank merchant facility (EFTPOS and eCommerce). Merchant facility must settle into a CommBank Business Transaction Account. The 4% cash incentive is calculated based on the total value of StepPay transactions processed on a CommBank merchant facility between 1 November 2021 and 31 December 2021. The cash incentive will be credited to the linked CommBank transaction account within 45 days after the promotion date has ended. Offer valid as at 1 November 2021 and subject to change. Maximum of $5,000 will be paid per eligible Merchant facility under this Campaign. Cash incentive is inclusive of any applicable GST. CommBank accepts no responsibility for any tax implications that may arise on receipt of the cash incentive. Accordingly, merchants should seek their own advice from the Australian Tax Office or their own taxation advisor. We reserve the right to terminate the offer at any time. Eligibility and exclusions apply. For more information on StepPay, visit

**StepPay Merchant Competition. Conditions apply: see Open to active Commbank Merchant customers who are Australian residents. Eligibility criteria and exclusions apply. Entrants must email with a photo, text and their Commbank Merchant number between 12:01am (AEST) 27th September, 2021 and 11:59pm (AEST) 31st January, 2022 to enter. Max one (1) entry per Business. A total of 10 Prizes of AUD $10,000 (total prize value of AUD $100,000). Competition will be judged in two (2) periods. Period one (1) will be judged between 9:00am (AEST) on 15th November, 2021 & 5:00pm (AEST) on 19th November, 2021. A total of four (4) Prizes of AUD $10,000 (total prize value of AUD $40,000) will be awarded in period one (1), with only entrants received before 11:59pm (AEST) 12th November, 2021 eligible. Period two (2) will be judged between 9:00am (AEST) on 1st February, 2022 & 5:00pm (AEST) on 4th February, 2022. A total of six (6) Prizes of AUD $10,000 (total prize value of AUD $60,000) will be awarded in period two (2), with all entrants eligible. Winners will be notified within two (2) business days of the Prizes being awarded. Commonwealth Bank of Australia ABN 48 123 123 124.