We take data security very seriously. If you don’t choose to upgrade your account, once your trial period ends, all data will be safely stored and deleted in accordance with the Australian data protection laws.
Currently, Spenda is only available in Australia.
Spenda is designed to complement your existing ERP or accounting systems, providing additional functionality to enhance the experience of both the business and the customer. It is not designed to replace your current ERP.
In the ‘Settings’ section on your iPad, search for Spenda and look for the version number under ‘App Info’, then navigate to the App Store and check this against the latest version number.
There are no limitations on the number of users you can add to Spenda. As the system admin, you can decide on specific permissions and access levels across the software.
There can only be one main administrator, but you can have multiple general admin users. You can change any users or permission by accessing the user settings in the admin panel. Please note that in order to make these changes, you need to be logged in as the primary administrator.
Integrated payments allow the manual, time-consuming accounting and payment process to seamlessly work together. By automating payment acceptance, an integrated payment solution allows a merchant to accept credit, debit and cash payments directly within the Spenda platform. In a retail setting, this also means the sale total is automatically fed through to the EFTPOS machine, removing the need to re-key data. This reduces friction and time to reconcile invoices and payments meaning more time to service customers ad either acces to cashflow or adminstration.
Depending on the type of service you are looking to connect, straightforward applications can take as little as one week from commencing the application to terminal delivery.
We offer a diverse range of payment options including card payments and bank transfers. We also accept payments using all the major card providers such as Visa, Mastercard and AMEX.
Funds are delivered via a Consolidated by Payment method. This simply means that the money is transferred to the Supplier’s bank account in one lump sum for each payment.
We typically charge 1% up to 75 cents for bank transfers and 1.5% with no cap on card payments. You can view all our fees and charges HERE.
Yes, Spenda enables you to either absorb or on-charge part or all of your merchants fees to your customers.
When a customer makes a contactless (‘tap-and-go’) payment with their debit card, the merchant may choose to send the transaction via the debit network that costs them the least to accept. It’s a cheaper Merchant Service fee when processing lower cost card types.
Spenda delivers a flat rate on card payments and a capped fee on integrated account payments. Reconciliation and integration automation lowers the total cost of business payments and delivers a compelling ROI for both the merchant and their customer. To understand more about our fee structure, please reach out to our sales team.
Spenda endeavours to settle funds to the nominated bank account as quick as possible. However, the time to receive funds from the paying customer into your nominated bank account is approximately two working days (or more) for most payment processing services. However this is heavily dependant on both the sending and receiving bank, and the time the transaction is made.
There is an application fee of $165 inc GST to run the necessary compliance checks associated with setting up a merchant service.
To be eligible, your business must:
When making your application, you will need to supply us with the following information:
We will then assess your application and reach out to you via email regarding next steps.
You can submit your application here.
You will receive and Indicative offer within two business days.
Depending on your business, you can borrow anywhere from $200K – $3M. Upon receipt of your application, we will assess your business and offer you a funding limit based on your monthly revenue.
You will generally be funded within one business day of making a payment request.
Business expenses only, such as Supplier payments and payroll.
Invoices you raise for associated businesses, consumers, or for customers that are also suppliers.
You will be charged a transaction fee on invoices we fund plus interest on the amount owing to Spenda.
You will be charged a merchant fee on all Supplier invoices paid. This rate will be assessed at the point of application and is calculated based on your turnover.
Our Buyer Finance facility is only available through participating suppliers. We do not offer this service directly to the buyer.
You can register here.
You can view the Supplier and connected Buyer fee structure here.
When making your application, you will need to supply us with the following information:
We will then assess your application and reach out to you via email regarding next steps.
You will receive a response within one business day of making an application.
Through the Spenda dashboard you can invite your customers to access Buyer Finance. Your customer can then apply online and Spenda will review their applications within one business day. Once approved your customer will be given a funding limit and they can start using the facility to pay your invoices.
Yes. We will work with you to migrate and clean your existing data from legacy POS systems and inventory management tools into Spenda.
Yes this is strongly recommended and enables all your invoices and payments to be automatically recorded and reconciled in your accounting software, meaning you can save a lot of time by saying goodbye to manual data entry.
We do recommend this step as it will allow you to fully experience how Spenda works. Alternatively, we have a demo option that you can select during the initial set up which gives you a look at the functionality without needing to connect your accounting software.
Absolutely. We adhere to all required Anti-Money-Laundering (AML) and Know-Your-Customer (KYC) obligations. This protects our Business and Customers from engaging in financial crimes, including money laundering, fraud, and terrorist financing when using the Spenda services. We have implemented Two Step Authentication (2SA) security across our platform to prevents risks such as unauthorised access on your account and helps keep your data and/or account safe and secure.
Know-Your-Customer (KYC) or a KYC check is the mandatory process of identifying and verifying the identity of a customer and/or business when opening an account and periodically over time to ensure that they are genuinely who they claim to be. This ensures that an account is set up correctly and prevents unauthorised access or misuse.
Anti-Money-Laundering (AML) Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions.
Where applicable, Spenda will follow all AML/CTF Compliance with laws in the jurisdictions we do business in, and when required, we will require our customers to respond to any requests for information to be onboarded or meet ongoing due diligence to adhere to these obligations.
Spenda will carry out or utilise all necessary checks to prevent any fraudulent transactions. This will include services such as 3D Secure, which is a service to ensure that the Cardholder is whom they claim to be. This helps reduce the liability to the merchant for any fraudulent transactions.
© Spenda Limited 2022
