Tag: transaction

Make payments up to Rs 2,000 per transaction, just wave your smartphone at POS; know how

a sign on the side of a building

© Provided by Zee Business

IDFC FIRST Bank is set to launch SafePay, a digital facility that allows contactless debit card payments by simply waving your smartphone against a Near Field Communication (NFC)-enabled Point of Sale or POS terminal. SafePay will enable contactless payments of up to Rs 2,000 per transaction and up to a limit of Rs 20,000 per day, making everyday purchases easy.

Speaking on the initiative that will make everyday purchase easier for the IDFC First Bank customers, Amit Kumar, Head – Retail Liabilities, IDFC FIRST Bank, said, “In a wireless world, the way people want to pay is changing. So far, convenience has been driving the adoption of digital payments. Now, the pandemic has quickened this pace. We see the tap-to-pay technology as significant in this digital play.”

Kumar added, “SafePay makes the payment experience fast and frictionless. For a cardholder, it does away with the

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Small businesses say they’re fed up with high credit card transaction fees

Paying with plastic has become the preferred method of payment during the pandemic.

But many small businesses are hoping their customers choose debit – or even cash – over credits cards when it comes time to check out.

At Lady Glaze Doughnuts in Kitchener’s Belmont Village, there’s a sign in the window that says debit and cash are the preferred methods of payment.

The problem is the high fees that come with credit card transactions.

“We have to make every cent count, especially in a pandemic,” says store co-founder Mark Brown.

More small businesses, especially those with lower price points, are trying to move away from credit cards.

“Paying upwards of 2% per transaction just eats away at the bottom line,” says Brown. “If you look at the average profit margins for restaurants in Canada, you’re making between 4% and 5% on average. So 2% is a huge

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Labour promises to extend interest-free period for small business loans, regulate card transaction fees | 1 NEWS

Labour is promising to keep helping small businesses deal with economic impact of the Covid-19 pandemic, announcing new policies today.

Credit card payment (file picture).
Source: istock.com

The party is promising to extend the small business cashflow scheme by three years and make the second year interest-free. They’ll also regulate fees charged to retailers for debit and credit card transactions.

Currently, the small business cashflow loans are interest free if paid back within a year and will provide $10,000 to every firm, in addition to $1800 per equivalent full time employee. The passing of the law was the result of an administration error, Interest reported.

Applications are set to close for the scheme at the end of this year, however, should Labour be re-elected it promised to make it available for another three years and make the second year of the loan interest free as well. 

Small business spokesperson Stuart

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