CommBank has a new app for accepting payments with your phone

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CommBank has a new app for accepting payments with your phone

Have an iOS or Android smartphone or tablet? This might be of interest to Commonwealth Bank customers.

A new app from Commonwealth Bank for iOS and Android smartphones and tablets will allow small businesses to accept payments; generate estimates, invoices and receipts; and track outstanding invoices.
The CommBank Small Business app will be released in June as part of the bank's Simple Merchant Plan. 
Built on the bank's Pi platform, the app serves as a point of sale device with provision for accepting payments in cash, cheque, Bpay, bank transfer or - with the Emmy portable reader that comes as part of the package - debit or credit cards. CommBank's more sophisticated Leo reader can also be used with the app, but at greater cost.
Emmy and Leo both handle chip and PIN transactions, which will soon become the norm for credit card use.
There is no indication at this stage of how - or even if - estimates and invoices generated with the Small Business app can be integrated with accounting packages.
The Simple Merchant Plan starts at $30 per month including an Emmy reader and the first $1,500 of monthly card turnover, after which a 1.5% fee applies. Moving up to the Leo device (which incorporates a barcode reader) increases the monthly fee to $60 but also includes the first $3,000 of card turnover.
"We have taken our existing payment and banking apps and evolved them based specifically on feedback from small business customers to create the CommBank Small Business app. Coupled with Everyday Settlement and Commonwealth Bank’s Simple Merchant Plan, we are not only supporting the cash flow management needs of small businesses, but also helping them stand out from their competitors and run a more efficient business,” said Lisa Frazier, the bank's executive general manager of digital channels.
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