Your payments service offering – from point of sale transactions to digital platforms – can enhance your customers’ experience and drive loyalty.
In many cases, your customers’ ability to transact with you online during COVID-19 was the difference between a business operating and not. Some organisations were set up ready for this major shift for consumer products and services, others had to quickly pivot their payments model to capture this new (and only) way of consuming at the time.
Your payments platform and processing arrangements can be one of the top 3-5 costs of doing business. Payment costs are escalating as cash usage continues to decline with contactless, tap-and-go, technology. While recent pricing changes to wholesale rates mandated by the RBA provides businesses substantial cost savings for cards acceptance costs.
But most businesses do not fully understand or negotiate these costs as the components are complex and contracts are unclear. Navigating new payment methodologies and the advent of Voice and payment gateways – PayPal, Amazon Pay, Adyen, World Pay, Apple Pay, Google Pay, After Pay – are key for retailers and merchants tackling disruption and managing costs.
The payments advisory team at Grant Thornton provide our clients with the country’s leading merchants-focused payments advice practice. We have more than 25 years of being at the forefront of regulatory changes, the establishment of retailer payments forums and payments innovation in Australia and New Zealand.
We work with clients on all aspects of their payments processes and technologies, from a simple review of current agreements, right through to benchmarking and re-negotiations of pricing and optimising payments processing. We aim to achieve more than 25 per cent cost savings for our clients.
Our clients have ranged from the leading FMCG players to the largest university, to mid-tier fashion and retail groups, national QSR chains and not-for-profits.
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