eftpos’ new capabilities boost Aus business’ productivity

eftpos is launching new digital payment capabilities, which aims to boost productivity for Aussies businesses.

The capabilities will enable funds to be both deposited and withdrawn from an account in real time.

The new Deposit and Withdrawal messaging capability is live and available with payments app Beem It, the first to launch using the message set.

eftpos CEO, Stephen Benton says the new capability could significantly enhance productivity for many businesses, by replacing manual processes with real time transfer of funds between parties.

“Many Australian businesses have the potential to benefit from these alternative low cost and real time payments which enable to secure deposit or deduction of funds from a cardholder’s account,” Mr Benton.

“The capability is good for Australia because it aims to boost productivity by automating the manual and cost inefficient transfer of funds, using eftpos’ existing and trusted Australian card network with access to hundreds of thousands of Australian merchants and millions of consumers.

“Deposit and Withdrawal allows Beem It to use eftpos on the end-to-end P2P transaction between Australian multi-network debit cardholders – initiating the payment from the payer’s bank account and depositing the funds to the payee’s bank account in seconds.”

eftpos purchased Beem It, November last year, having acquired the Australian payments app that enables consumers to send and receive money using their phone in seconds.

Mr Benton says, “Deposit and Withdrawal capability opens up lots of new use cases and business opportunities such as peer to peer transfers, third party payment and initiated withdrawals, insurance payouts, payroll disbursement, rebates including medical and other government rebates, loyalty cashback, wallet funding gift card loading and newsagency lottery payouts, just to name a few.”

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