Tech 101: What is ANZ FastPay?

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Tech 101: What is ANZ FastPay?

You may have heard about ANZ FastPay which turns your iPhone into a mobile credit card terminal. Here is a basic introduction.

There was a time when receiving credit card payments from customers required your bank to provide you with a special device that you had to pay for.

Now, there are ways to use a phone to accept credit card payments from a customer.

ANZ's FastPay is one of these and after the service being advertised on television relatively recently we decided a brief explanation was in order.

Getting Started
We signed up for ANZ FastPay as we're already ANZ customers with a business account. The sign up process took us a few minutes - you can do it using the app or from ANZ's FastPay web site
It takes ANZ a couple of days to process the application before you can use the service.
How does it work?
Rather than relying on a special reader like the Pay AnyWhere service that's popping up in the US, through vendors such as Amazon, and services that require a card reader, Fastpay lets customers enter their credit card details into a secure application. 
The details are then processed and the transaction is completed.
Assuming you've linked FastPay with an ANZ business account, the sales are processed into your account on the same day for transactions settled before 6:30pm.
What does it cost?
The app is free to download. A 2.6% (including GST) merchant service fee applies to transactions. Minimum merchant service fee is $10 (including GST) per month.
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