{"id":34459,"date":"2023-10-20T14:33:44","date_gmt":"2023-10-20T14:33:44","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/eftpos-says-small-businesses-could-benefit-from-its-network-upgrade-startupsmart\/"},"modified":"2023-10-20T14:33:44","modified_gmt":"2023-10-20T14:33:44","slug":"eftpos-says-small-businesses-could-benefit-from-its-network-upgrade-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/eftpos-says-small-businesses-could-benefit-from-its-network-upgrade-startupsmart\/","title":{"rendered":"Eftpos says small businesses could benefit from its network upgrade &#8211; StartupSmart"},"content":{"rendered":"<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"443\" height=\"352\" itemprop=\"image\" class=\"entry-thumb\" src=\"\/wp-content\/uploads\/2013\/10\/l_eftpos-2-445.jpg\" alt=\"\" title=\"l_eftpos-2-445\"\/><\/div>\n<p>The 25-year-old Eftpos system will be upgraded in a massive project,  as it prepares to increase competition against credit card giants  MasterCard and Visa.<\/p>\n<p>\u00a0<\/p>\n<p>The Eftpos upgrade comes as the system has been embarking on a  marketing push over the past few years to promote the benefits of using  the electronic payment system.<\/p>\n<p>\u00a0<\/p>\n<p>While the new upgrade is a technical change, and businesses won\u2019t see  any visible upgrades for a while, Eftpos itself says this prepares the  network for greater changes down the road.<\/p>\n<p>\u00a0<\/p>\n<p>Eftpos managing director Bruce Mansfield told <em>SmartCompany<\/em> this morning the system is being set up for further upgrades in following years.<\/p>\n<p>\u00a0<\/p>\n<p>\u201cFor Eftpos to remain a competitive player, we have to ensure that we  keep costs down,\u201d he says. \u201cWe need to continue to innovate, which will  in turn lead to better payment products at a cheaper cost.<\/p>\n<p>\u00a0<\/p>\n<p>\u201cThere\u2019s a massive potential benefit for businesses in this upgrade.\u201d<\/p>\n<p>\u00a0<\/p>\n<p>The change is technical \u2013 essentially, Eftpos will build a central  hub for payments, which will distribute transactions to banks.  Currently, payments are sent to banks for processing \u2013 just one part of a  complicated series of transactions.<\/p>\n<p>\u00a0<\/p>\n<p>The new system is much less complex, Eftpos says.<\/p>\n<p>\u00a0<\/p>\n<p>Mansfield says the hub will replace the transaction system used since  the 1980s, and will help \u201cget our products to market much faster\u201d.<\/p>\n<p>\u00a0<\/p>\n<p>This means businesses will benefit from the faster roll-out of new products and services in the future.<\/p>\n<p>\u00a0<\/p>\n<p>\u201cIt means that any system changes or product enhancements will be  done once centrally, rather than requiring participants to make multiple  changes,\u201d Mansfield says.<\/p>\n<p>\u00a0<\/p>\n<p>This year has been a busy one for the Eftpos network. In May, the  network said it would start trialling mobile payments with selected  retailers.<\/p>\n<p>\u00a0<\/p>\n<p>Last year, the Reserve Bank Payments Board <a href=\"http:\/\/www.smartcompany.com.au\/financial-services-and-insurance\/051310-eftpos-comes-out-swinging-against-mastercard-and-visa-in-card-stoush.html\" target=\"_blank\" rel=\"noopener\">provided support<\/a> for a claim made by Eftpos that Visa and MasterCard could be taking part in anti-competitive behaviour.<\/p>\n<p>\u00a0<\/p>\n<p>Upgrading the Eftpos system to ensure a faster roll-out and new  products keeps the network up to speed with MasterCard and Visa,  Mansfield said.<\/p>\n<p>\u00a0<\/p>\n<p>\u201cWe certainly want to continue that as we move into online and mobile  payments,\u201d he says. \u201cThat\u2019s the benefit of being a domestic player in a  sense that we don\u2019t necessarily have to play the game that others do.<\/p>\n<p>\u00a0<\/p>\n<p>\u201cThe hub will continue to help us innovate, and we\u2019re working with others to improve the experience for businesses.\u201d<\/p>\n<p>\u00a0<\/p>\n<p><em>This story first appeared on <a target=\"_blank\" title=\"SmartCompany - News and Advice for entrepreneurs\" href=\"http:\/\/www.smartcompany.com.au\/\" rel=\"nofollow noopener noreferrer\">SmartCompany.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 25-year-old Eftpos system will be upgraded in a massive project, as it prepares to increase competition against credit card<\/p>\n","protected":false},"author":2,"featured_media":62358,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/34459"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=34459"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/34459\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/62358"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=34459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=34459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=34459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}