While the Commonwealth Bank has been spending up big promoting fast settlement of EFTPOS transactions for retailers, they have done nothing speed up transactions at the counter from what I can see. A colleague waited two minutes last week for a Comm. Bank EFTPOS unit to dial, connect and approve a transaction. Shoppers leave when such delays occur at busy times. I know from my own experience in my own newsagencies in this very busy Christmas period that I can process an EFTPOS transaction on Tyro in seconds. Ne delays for customers, no delays for me. This helps me make more money. The Comm. bank advertising is useless unless they find their throughput bottleneck. Tyro links to newsagency software systems.
I am in a small town and two other businesses have gone to Tyro because of the speed and one for ther moblie unit. Locals and tourists are amazed how fast it is. Our papers arrive on Saturday about 11.30 when we are flat out. A hugue queue forms for the papers so a slow eftpos would be a disaster. Only problemis internet drops out occassionaly.
YAY, TYRO EFTPOS is a winner hands down, we LOVE it at our front counter, customers have hardly finished saying Merry Christmas and their transaction is complete.
Merry Christmas to all at TYRO !
Averaging about 140 transactions per hour today, over 1/2 on Tyro. Can’t do that with the old dial up style machines. Change now and reap the rewards!
Ben,
Same here 140-180 transactions an hour and Tyro just humming along
I’ll be the fly in the ointment of this love in, when will todays sales be in our accouts from Tyro, Thurdsay morning at best but lotto will settle on Tuesday night. This is a huge hit for us as most of our sales are using eftpos. Commbank settles same day
It’s something to balance Luke. I am certain that the Comm. Bank same day settlement for no extra cost is a loss leader that will change with time.
When I had Tatts in Victoria they swept Monday night for the week to Sunday. It worked out okay.
On your ‘love in’ label – why put down genuine views?
I disagree Mark. It is my understanding that all the major banks now offer same day, every day, settlement.
I doubt very much that this will change with time. If anything, I think we will see, in the next 5 years or so, a huge amount of pressure being put on banks to increase the processing time of all electronic transactions. The move to a cashless society will, at some point, require financial institutions to make redundant the inefficiencies of today’s electronic transactions. Banks benefit from a cashless society and they know they cannot keep all the legacies of today’s transaction systems (even the ones that are profitable) if they want the move to happen.
On that same note i’m glad to see Tyro finally release their new terminals that accept contactless payments. Contactless takes speedy transactions to a whole new level.
Le’s see what Comm. bank does over time Jarryd. They are a business, a bank, and their obligation is one goal – to maximise shareholder return.
The Comm. Bank and other major banks do not settle with tyro on the same day.
The other requirement of the technology driven society will be security. Tyro currently offers a level of security not supported by the banks and their EPAL monopoly.
My older customers do not like contactless.
Mark, for your info commbank do offer broadband eftpos and in most cases it only takes 3 – 4 seconds for a transaction. Some retailers are just too slow at getting on board with this technology or do not have internet in their business.
Yes Scott, it connects through PC Eftpos and is awful to setup and troubleshoot.
Older customers are, naturally, one of the last consumer groups to take up technology. They will not be the group setting the pace for adoption of contactless. We have a younger family demographic and have a huge number of customers using the technology. The major banks, Visa, MasterCard, Eftpos terminal manufacturers, major retailers and smartphone manufacturers have all committed to the technology and there’s no going back.
The banks are subject to competitive market forces like all other business. It would be a hard move to undo same day settlement, especially now that it is offered by all the major banks.
Security is a secondary concern for consumes. They don’t know who is supplying Eftpos to a retailer and most won’t care. It’s an important issue that needs to be addressed, but its impact on adoption will be minimal.
The banks are very selective about their same day settlement offer.
Australian banks are a highly protected bunch and have been for decades.
Consumers who had their card details stolen this year through failures in traditional banking systems here in Australia are concerned about security I bet.
Same day settlement is not a luxury in todays retail it is a must.
If they can take money our of a customers account in 2 seconds they can give it to the retailer at the end of the day.
Have a fixed settlement time and process not next business day. over a 1/3 of our xmas eve and boxing sales are eftpos but it is not in my account until thursday lunch.
Banks and eftpos providers have access to the cash straight away and make profits off this I’m sure before they give it back to the retailer but our cashflow is hit as the banks can draw on accounts over public holidays.
I’ve been using the tyro “boxes” for over 2 years and have had little issues. However I have noticed that with the credit under $35 auto approval feature it is taking 2 to 3 times longer to approve than using a pin for transactions over $35.
Give them a call tomorrow Bill and let them know.
the late settlement is an issue that needs to be addressed by tyro if they want to keep ahead of the pack
some banks are already outdoing them on the fee structure and also moving to broadband. its a bit off that sat and sundays eftpos do not settle til lunch time on tuesday
Even Amex put through Tyro is paid the next morning, we already have Amex monday in our account but still waiting from Tyro from last Sat/Monday to be lodged. Tyro payment is very slow.
EFTPOS processing is an issue I have taken up with the RBA, yes, this is their problem. The RBA agree that payment is slow from the banks and as we speak a study is underway to look at an overnight payment system for all banks and all secondry suppliers.
We should have an answer in 2013 on this and with luck all EFTPOS will be either live or paid by the next morning.
Fingers crossed.
Ben check with Tyro. I had someone else do this and it turned out to be their bank.
just been informed by Tyro that my weekend eftpos will not settle until Tuesday morning, not real good on the cashflow when the majority of takings over the weekend are on a card.
Fast processing is great to get the customers cash out of their accounts but no good for retailer if the provider hangs onto it until tuesday.
An ex banker (head office) here Luke. It’s not Tyro but the banks backing the cards of your customers holding this up.
Just another excuse Jeff, I’m not trying to offend you or anyone but during the week we can get next day settlement which is bad enough but nothing happens over the weekend until tuesday. It is another cost that we have to absorb. I see they managed to bill me today. Someone is using others peoples money for profit.
Jeff is right. This is the issuing bank’s fault. 100%. Luke the issuing banks are holding the cash. You only have to research the lobbying being done on this.
Tyro is the one that told me payment would not be processed until Tuesday, not that they have done their bit and the bank is withholding. I’m not getting on the blame merry go round, last weekend we didnt see our money until Wed with the public holiday on monday this week its tuesday but all the while the customer accounts gets swept immediately.
No good having great speed if we cannot get the cash.
I’ll just do as small business always does and cop it sweet but will not be promoting the current eftpos to others.
Tyro has spent and continues to spend considerable time seeking a more equitable arrangement for the handling of settlement. Since they only control one side of the transaction it is the banks not playing ball on this.
It’s something for newsagents to ask their banks their position.
When Comm Bank, for example, does same day settlement, it is not using the funds taken from or charged to consumers that day. It’s because they handle both sides of card transactions. They have a well from which they can grab funds.