Commonwealth Bank small business customers will be able to accept on-the-spot payments, create estimates and invoices instantly, and manage their cashflow and business operations from any existing iOS or Android mobile device with the launch of the CommBank Small Business App.
The app — targeted at retailers — is powered by Pi, the bank'sthat was launched mid-2012, and works when paired with the bank's Eftpos terminals — Leo or Emmy. Leo, which was launched simultaneously with Pi, features a barcode reader and is designed for medium to large business, while is designed for small mobile businesses with lower card transaction volumes.
Businesses will be able to accept payments via BPAY, Eftpos, credit card, including contactless payments, chip & PIN, swipe payments
But the new service comes at a cost. The app will run exclusively on the Simple Merchant Plan where small business will pay AU$30 per month for the Emmy device, and it includes a monthly card turnover of up to AU$1,500 and a business transaction account where the monthly account fee is waived, as long as businesses remain with the plan.
The starting price for the Leo device is $60 per month and includes a monthly card turnover of AU$3,000. But if businesses go over the included monthly card turnover amount on either device, an excess usage of 1.5 percent will apply.
Commonwealth executive general manager digital channels Lisa Frazier said launch of the CommBank Small Business app is in response to small business customers who are demanding for faster, more efficient, and convenient payment options.
"We have taken the best parts of our existing payment apps and evolved them to create the CommBank Small Business app," she said.
"Together with Everyday Settlement and Commonwealth Bank's Simple Merchant Plan, the CommBank Small Business app not only supports the cash flow management needs of small businesses."