Aussie-owned Big Four bank BNZ has published a point of sale app for Android phones, which is aimed at smaller businesses and traders.
The BNZ Pay app targets "smaller end of the scale" businesses, such as weekend market vendors, local cafés, food trucks, sole traders and taxi drivers, Karna Luke, the bank's executive for customer, products and services said.
Technology-wise, BNZ Pay customer need a smartphone that runs Google's Android operating system version 9.0 or newer, with the device having support for near field communications (NFC) for tap-and-go payments.
Visa and Australian company Quest Payment Systems partnered with BNZ for the app, which comes with a dashboard for sales and other information, and which can issue invoices, manage customer profiles and send receipts via text and email, Luke said.
Until January 2024, BNZ Pay will have no monthly charges after which it will cost $10 a month, but only in the months it is used, the bank said.
However, a merchant facility with the bank is required, and a monthly service fee ranging from $5 for sales up to $400, going to $545 a month for sales up to $54,000, is payable.
Additional sales over and above the monthly service fee volume are subject to a 1.1 per cent transaction charge.
The charging structure is part of BNZ's packaged pricing for its customers who process up to $75,000 in net sales a month.
Less than 10 per of the sales can be on international or corporate cards.
