You can easily change the sort order of the products displayed on the page. 'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. 'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently. We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not. You do not pay any extra for using our service. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. RELATED: How will the New Payments Platform (NPP) benefit Australian businesses?Įxcited about the prospect of instant payments but not thrilled with your current business bank account? Take action and find an account more suited to your needs by comparing a range of offers in the Mozo business bank account comparison tables.ĭisclaimer Who we are and how we get paid Through a payment request: Businesses will also be able to request payments from their customers through the app, with text message-style reminders for those who are yet to pay.With a business username: Customers can also pay businesses in the Beem It app with a unique business username, meaning there’s no need to exchange details like BSB or account numbers.Via a printable QR code: Businesses can create and print out a unique QR code which customers will be able to scan using the Beem It app on their smartphone.When it comes to getting paid, Beem It for Business offers the choice between three different options for businesses to receive payments from their customers: However, payments are capped for payees, with the Beem It website noting that there is currently a daily transaction limit of $200.Īnd unlike rival instant payment service Osko which operates on the New Payments Platform (NPP), Beem It runs using different infrastructure.Īccording to James Eyers of the Financial Review, Beem It instead “.uses the credit card network of Visa and Mastercard to pull money from a sender's account, and the Eftpos system to put funds into the recipient's account.” Three ways to pay So how does the Beem It for Business service actually work?Īvailable through the Beem It app for both Apple and Android smartphone users, Beem It for Business features no set-up, subscription or transaction fees for payments received up to a value of $10,000 per month. Beem It for Business helps to ensure prompt payments without the added stress of asking, waiting or chasing money and we are excited to provide this simple solution so that small businesses can grow and prosper.” Beem It basics “We understand cash flow for micro and small businesses, especially for self-employed and independent contractors, is essential for their business operations as well as income and living expenses. Beem It for Business now means that anyone – whether you’re a barber, babysitter, tradie or market seller – can receive payments for goods and services instantly, regardless of who they bank with,” she said. “Our goal is to make money moments better through innovative easy-to-use technology. RELATED: Small businesses don’t believe in the value of technology, says ANZĪccording to Beem It CEO, Angela Clark, the service will help a large number of gig economy workers, contractors and other small businesses improve their cash flow by speeding up the payments they receive. In fact, payments made through Beem It for Business will be near-instant, meaning business owners can be paid on the spot without the need for cash payments or having to wait for transactions to process between different banks. The service, which is available through the Beem It app to any Australian Visa or Mastercard debit cardholder - no matter their bank - aims to shift the way small businesses and individuals get paid by improving both the ease and speed of customer payments. Launched last Friday, Beem It for Business is the latest instant payment solution to hit the Aussie market from the partnership between the Commonwealth Bank, NAB and Westpac, which also released the consumer-focused Beem It app in May. A collaboration between three of Australia’s largest banks will now allow small businesses and contractors to be paid instantly by their customers on the spot, without the need for cash or bank details like BSB or account numbers.
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