Retailers Association Boss Joins Eftpos Amidst COVID Battle
The former executive director of the Australian Retailers Association, Russell Zimmerman, has joined electronic payment provider, eftpos Australia, in a bid to aid SMEs save transaction costs during the coronavirus pandemic.
Mr Zimmerman was at the Australian Retailers Association for over a decade, and will join eftpos as an Executive Retail Consultant from July.
A large portion of Zimmerman’s role will include ‘Least Cost Routing’, which explores sending debit transactions to the lowest cost network.
“Joining eftpos to promote lower-cost payments as the economy starts to rebuild after COVID is a natural next step for me,” said Mr Zimmerman in a statement.
Least-cost routing enables retailers to determine how they may accept point of sale and online debit card payments – e.g. via eftpos or the deemed more expensive Visa/Mastercard option.
Mr Zimmerman asserts the importance of least-cost routing has been amplified by the economic impact of coronavirus. It comes as retailers seek to reduce costs associated with electronic payments as a reliance on cash decreases and online shopping spikes.
eftpos Australia Chief Executive, Stephen Benton, asserts Mr Zimmerman’s appointment will help the organisation better support the local retail sector:
“While Russell will focus on helping businesses reduce their costs, he will also consider other ways we can add value for Australian businesses to help them get through this difficult time, deliver better services to their customers and grow for the future.”