Adrian Floate 7 December - 5 min read
Despite innovation in the payment methods offered to consumers, the way businesses pay each other has changed very little over the last 40 years.
Most transactions between businesses are dominated by bank transfers using ABA files, a system designed by the Australian Banking Association.
The problem with this method is that it limits businesses and has been described as the Achilles heel of accounting and payroll systems due to a lack of security and the risk of fraud exposure.
More and more businesses have expressed the desire to pay their suppliers via a credit card as it offers more benefits, but not all suppliers accept credit card payments.
How does a BPSP agreement help businesses?
Under this agreement, Spenda becomes a third-party provider bridging the gap between suppliers and the businesses they trade with. Enabling businesses to pay their suppliers via a credit card transaction even when the supplier doesn’t accept card payments.
With the BPSP agreement we are changing this and giving Customers and Suppliers more ways to trade and pay each other with reduced fees.
As with all Spenda solutions, the additional payment features enabled through the BPSP agreements support automatic reconciliation through our integration with Xero, QuickBooks and MYOB accounting software.
Our aim has been to produce cutting-edge technology to streamline the sales transaction process for businesses and customers. Through this agreement, we’re able to deliver financial services on more favourable terms for our customers.
End-of-day funds settlement just got a whole lot easier with Spenda’s new feature upgrade in SpendaPOS.
Today, Science, Technology, Mathematics and Engineering (STEM) careers are still very underrepresented by women. While there have been massive steps taken to promote STEM as a career to young women, there is still a lot of work that needs to be done to encourage young women to even consider these disciplines when planning their futures.
The fiscal policy measures introduced by the State and Federal Governments to cushion the economic impacts of the COVID-
19 pandemic have provided some businesses with a much-needed lifeline.
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