BNZ announces new pricing scheme for SMEs

The bank also offers PayWave rebates until March 2023

BNZ announces new pricing scheme for SMEs

Bank of New Zealand (BNZ) has announced further reductions and a refreshed pricing plan for merchant services for SMEs, both online and at point of sale.

Read more: BNZ lifts mortgage rates

Unlike the complicated approach employed by some providers wherein different fees are charged depending on the card used and the transaction type, BNZ’s new plan aligns prices.

Under BNZ’s new plan, Visa, Mastercard, American Express, and UnionPay credit cards are all 1.5% regardless of how they are used – be it online or contactless or inserted at point of sale.

Eftpos and debit cards inserted or swiped are still free, while contactless debit remains at 0.7%.

BNZ is also the only bank offering American Express payments at the same rate as Visa and Mastercard. The rates also apply for Apple Pay and Google Pay but do not apply to corporate and international cards due to the higher costs of these transactions.

The change will take effect on July 1 and is available to BNZ merchant customers who settle into a BNZ bank account.

Read next: BNZ spots 12,000 abusive online transactions over six months

“BNZ continues to innovate on payments. We are determined to do everything we can to help Kiwi businesses offer many ways to pay at the best possible rates,” said Karna Luke, BNZ executive of customer, products, and services. “Our new Split Pricing rates are substantially lower than the prevailing published market rates which can sit around 2% or more and may also include other transaction costs and long contracts. We’re making this new pricing scheme available for businesses of any size, giving them more clarity and predictability in their costs. BNZ is focused on giving New Zealand SMEs the tools they need to be better and more productive, and this new package and reduced rates means more money in their hands to invest in their businesses.”

To help SMEs enjoy the benefits of the new pricing packages, BNZ is offering monthly rental fee rebates on its refreshed PayClip point-of-sale device, an easy-to-use, internet-enabled standalone touchscreen terminal that allows customers to take contactless and inserted credit, debit, debit eftpos, Apple Pay, and Google Pay payments almost anywhere.

PayClip costs $30 (ex GST) per month for the basic device or $35 (ex GST) per month for a mobile data-enabled device, but this has been waived until March 2023 for new merchant customers who settle into a BNZ account.

“We’re so thrilled with our new payment options we want as many people as possible to get the benefits, so we’re opening up PayClip and refunding the monthly fees until March 2023.” Luke said. “If your business is limited by what payments you can take from customers, now’s a great time to give us a call to see how we can help you.”

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