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Payment options for your business

Payment options for your business

Giving your customers different ways to pay starts with having the right payment solutions in place.

Whether you’re starting, running or growing your business, providing the best possible customer experience is key to making sales.

One way of making the experience a positive one can be by providing easy, reliable and secure options for your customers to pay.

By offering different payment options, it might make a difference to how fast you are paid, whether payments are made on time and to your business cash flow.

Here are some options you might want to consider.

Selling online

If you’re selling products or services through your own website and you want to receive debit and credit card payments, you’ll need a payment gateway. This is software that authorises payments and settles them to a business bank account, also called a merchant account. There are different payment gateways available and the one you choose may depend on how your website is set up and how much you want to pay. Here are some things to consider about accepting payments online

Taking merchant payments

If you’re taking card payments from customers face to face, you’ll need to be able to accept EFTPOS payments so you can receive credit and debit card payments. You can do this with an EFTPOS terminal or a similar product. There are different fees and payment plans depending on the product you choose. 

Use a PayID

The New Payments Platform (NPP) is a new technology that allows you to receive payments from your customers in almost real time. To take advantage of it, you’ll need to register a PayID for your business. At the moment, you can register a mobile number or ABN/ACN to be your PayID for some business accounts.

A Pay ID will help you to:

  • optimise your cashflow, with payments from your customers clearing in almost real time
  • make it easier for your customers as your PayID will be an alternative to remembering your BSB and bank account number
  • simplify reporting with up to 280 characters allowed on your statement description

You can access your PayID through the CommBank app. The safety of your money is 100% guaranteed.

This means we’ll cover any loss should someone make an unauthorised transaction on your account using the CommBank app - provided you protect your client number and password and immediately notify us of the loss, theft or misuse of your password and of any suspicious activity on your account. 

Report suspicious activity on your account by calling 13 2221 option 4 (24 hours a day, 7 days a week).

You can find out more about PayID for business here.

Accepting cash payments

If you’re accepting cash payments, keep in mind you need to keep enough on hand to give customers change if they need it. 

You also need somewhere to store it securely when you are operating or open.

That might be a cash register or a safe. You might want to consider whether you will need a bank account to help manage the money your business makes.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on any of the information, consider its appropriateness to your circumstances.