Mint Payments’ partnership with Bank of New Zealand (BNZ) has resulted in the successful deployment and enhancement of BNZ’s PayClip payments product, which now enables business owners in New Zealand to accept the full spectrum of card payments, including Visa, MasterCard and EFTPOS through methods such as NFC Contactless, Chip & Pin and Magnetic Swipe.
The new PayClip product is a significant milestone for BNZ as it looks to position itself to take advantage of the New Zealand electronic payments market which is growing at a rapid pace: 125 million electronic card transactions were processed in New Zealand during January 2015, with a total of $6.2 billion spent across all transactions; and smartphone penetration in New Zealand is forecast to rise to 90 per cent by 2018, which will make PayClip accessible to even more businesses.
In addition, Mint will continue to supply its fully branded iOS and Android mPOS apps and the new M10 Bluetooth card reader to BNZ, enabling small business owners to effectively utilise their smartphones or tablets as EFTPOS machines. The new PayClip card reader is one of the smallest and most powerful mobile card readers on the market which features innovative Plug & Play technologies for quick installation. The enhanced hardware readily supports contactless payments, including Apple Pay and other digital wallets using NFC technologies.
To further cement Mint’s presence in the New Zealand payments space, Mint has entered into an aggregation agreement with Paymark. Paymark is New Zealand’s leading electronic payments provider with more than 75,000 merchants and over 110,000 EFTPOS terminals connected to its network. It is estimated that approximately two thirds of total spending in New Zealand is done electronically using EFTPOS and credit cards, with 75 per cent of New Zealand’s electronic transactions processed by Paymark.
BNZ’s head of small business, Harry Ferreira commented: “PayClip has been available to our customers since September 2013, and we’ve worked closely with them to deliver even better value through compatibility with more smart devices via Bluetooth connectivity, increased payment options and contactless payment technology.
“Our customers tell us that PayClip has made a huge difference to their cash flow and made it easier to do business, but most importantly it has enabled them to increase their profit. PayClip enables businesses to reach new customers and therefore sell more products and services.”
Olly Van Arts, owner of sunblock company Skinnies said, “On average, PayClip allowed us to sell around 40 per cent more product at a recent Home and Garden show. As people don’t always have cash on them, the option of credit or debit card payment made it easy for us and our customers.”
PayClip has a monthly rental fee of $30 plus GST per device for new customers with no up-front cost or contract term. PayClip has a merchant service fee of 2.95 per cent per transaction and no charge for EFTPOS transactions. The new PayClip website is accessible via www.bnz.co.nz/business-banking/payments/payclip.