When a customer uses tap-and-go to make a payment, a business often has no visibility if eftpos, Mastercard or Visa is processing the payment – all of whom charge different amounts.
This is normally decided by the business’ bank. Businesses can talk to their banks and request that tap-and-go be processed in the cheapest way – setting up a process called Least-Cost Routing.
As more and more customers turn away from cash in the post-coronavirus economy, this is going to become a simple way for businesses to keep transaction costs down. Even small savings will make a difference for businesses in the current economic environment.
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