Aussies just love to get their hands on the latest technology and figures have suggested that more than half of the population now owns a smartphone. According to a Google report, the number of people purchasing one of the sophisticated handsets has grown by 40 per cent in the past 12 months. The appeal of the devices is obvious and Aussies are clearly not just using them to make calls and send messages. Around 94 per cent of the survey respondents said they used their gadgets to research a product via the internet and many people have bought goods with their phone.
As a small business owner we’re sure you know the benefits of accepting credit card payments from your customers. It can lead to them spending more for example. But sometimes traditional means of accepting credit card payments are costly or poorly suited to your type of business (such as handling face-to-face sales when you’re at a client’s location).
You might also be familiar with Paypal as a service that allows you to accept credit card payments online, but not in person. That will soon change with the launch of Paypal Here.
What is Paypal Here?
Paypal Here is the combination of a mobile app and small card reader (that attaches to your smartphone). It allows you to accept face-to-face mobile payments from your customers or clients. Basic
Many of us will have been outraged by ridiculous credit card charges issued by businesses and retailers in the past, but thankfully these days appear to be over. It is no secret that Aussies love to flash their plastic around and recent government figures showed that people down under have racked up an eye-watering credit card debt of $36 billion. With Australia increasingly becoming a cashless society, the Reserve Bank of Australia (RBA) has moved to ban companies from issuing customers with large fees just for using their card to complete a transaction.
Do you remember a time when MasterCard was called MasterCharge? If so, you can also remember the last time that the company was smaller than American Express. That was back in the 1960s, but 2011 saw at least by some measures the old order restored.
That year, according to The Nilson Reports February edition, American Express overtook MasterCard to become the second-biggest credit card brand behind Visa when judged by the value of spending at merchants.
MasterCard still flourishing
If you have shares in MasterCard, you may now be panicking. Dont! If you add the purchase volumes of the companys general purchase debit and credit cards together, its still way in front of American Express.
Credit cards are a staple of modern convenience. They are often safer to carry than cash, more convenient and they can introduce you to a world of rewards and perks that cash and debit cards do not supply.
But if you are travelling internationally and plan to use your credit cards, there are a few things you should keep in mind.
Some cards impose special additional fees when you use them internationally. These fees can create major additional charges and could seriously impact your next bill.
So before you take advantage of any great deals as you travel, make sure you factor in the additional fees you may be charged if you make the purchase with credit cards.
Writing down your PINs leaves you exposed to potential crime since your cards and PINs might be stolen.
