Small Business Talk

The Podcast to Grow your Business Faster

How to Prepare Your Business for a Cashless Society With Mark Grant

Show Notes

Background

Mark Grant is the owner and consultant for Costless Payment Solutions, a company that provides a “cost saving” electronic payment suite of products (mobile EFTPOS machines and E- Commerce Solutions- Online Payment Gateways, Direct Debiting/Recurring Payments, Xero Integrated Payments.) This innovative “suite of products” mixed with his genuine willingness to help others and 30 years of banking experience gives Mark the edge in helping recommend payment solutions that will “add to your businesses or organisation’s profitability.

Mark is passionate about providing payment solutions that benefit the user rather than just the provider. He is dedicated to ensuring small businesses can seamlessly and efficiently collect online payments without being stung by high processing fees.

Predicted Date for a Cashless Society​

Some experts are predicting that by the year 2024, Australian businesses will be going completely cashless. We’ve already seen venues that only accept cards appearing in cities and towns around the country – so how do businesses prepare for this new cashless society?

EFTPOS​

EFTPOS (Electronic Funds Transfer at Point of Sale) terminals will transfer funds based on the use of payment cards such as credit or debit cards. EFTPOS terminals with SIM cards can achieve connectivity wherever they are, so they’re great for remote areas such as rural Australia. Contacting your bank to see what deals they can offer you is a great idea.

Laws and Surcharges

It’s important to understand how surcharge laws in your state and country can affect your business, or you may incur a nasty fine.

Banks will charge you a certain percentage for customers who pay using cards. This may not be the same for each type of card, and if you knowingly charge a client using a higher percentage that isn’t for their particular card, it can cause problems for your business. Ignorance is no excuse when it comes to the law.

Contact​

How to Prepare your Business for a Cashless Society

Mark teaches us about best practices for your business as the world becomes more card-dependent.

Listen to Small Business Talk Episode 122 for the full episode – learn EFTPOS, surcharge laws and more.

Mark Grant

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