Small and midsize businesses now have an alternative to traditional card-payment processing channels through a new mobile-payment processing service rolled out earlier this month by Australia’s Commonwealth Bank Ltd.
The service, called eVolve mobile, is a mobile version of the bank's online payment portal, which the bank launched in February to process American Express Co., MasterCard Worldwide, Visa Inc. and Diners Club credit card payments, a spokesperson for the bank told PaymentsSource an email.
Merchants log in to a secure mobile portal and enter the customer’s payment and transaction details. The bank then sends the customer a receipt either by mail or email, whichever the customer prefers, according to the spokesperson.
The bank has approximately 1,000 clients signed up for the service, he said. Merchants pay an establishment fee of AU$110 (US$115 or 81 euros), a transaction fee of 14 Australian cents and a monthly fee based on a percentage of sale but no less than AU$20 per month.
“The complete costs to utilize eVolve everyday are determined and tailored to the individual merchant based on the number of transactions they process,” the spokesperson said.
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