The Commonwealth Bank has launched the Smart Mini, a portable payment terminal offering small businesses an easy way to accept card payments.
Jack Dorsey’s Block, which owns the Square POS terminals, has a commanding lead in this space, but competitors, such as Melbourne’s Ziller, have recently entered.
“From speaking to customers, it is clear that the ability to take payments on the go is now a key requirement,” CBA Business Banking executive Mike Vacy-Lyle said.
“The continued growth in new transaction account openings from small businesses shows an increasing number of Australians who are willing to open a small business, and this is also driving a growing need for mobile payments.”
Commonwealth Bank will take a 1.1 per cent flat rate transaction fee, and promise same day settlement on all sales. It also features surcharging and tipping preferences and can send digital receipts.
The reader itself boasts eight hours battery, and can be bought for $59. Unlike CommBank’s larger EFTPOS machines, which cost $29.50 per month to rent, businesses will own the Smart Mini outright.
