Commonwealth Bank has launched a cash incentive for merchant customers who offer CBA’s new buy now pay later product, StepPay. The bank is paying eligible businesses a 4% bonus on StepPay transactions over the Christmas period.
CBA Group Executive Business Banking Mike Vacy Lyle says the bank is continuing to look for ways it can support businesses, especially small businesses, as the country reopens, and it heads into the Christmas shopping period.
“To give businesses a boost, we’re giving customers a bonus payment of 4% per transaction when they process a StepPay transaction,” he says. “This means every time a customer uses StepPay, the business will be credited 4% of the transaction.”
Mr Vacy Lyle says the average BNPL provider charges businesses 4% per transaction, with some as high as 7%.
“Some businesses, particularly small businesses, have been hesitant to offer BNPL because of the traditionally high fees,” he says.
“StepPay doesn’t charge transaction fees. With no additional merchant costs or integration costs, StepPay is a win for small businesses and levels the playing field to allow them to better compete.
“The additional 4% bonus offer will put extra money back into businesses. We encourage our customers interested in StepPay to see how they can use it to support their favourite local or smaller Aussie business.”
There’s no set-up required for a business to accept StepPay as it’s accepted anywhere Mastercard is accepted.
Eligible merchant customers will also have the chance to win $10,000, simply by showing a StepPay sticker at their register and snapping a photo to enter.
