As co-founder of pharmacy giant Chemist Warehouse, Jack Gance’s business philosophy has been to prioritise customers’ wants by challenging the status quo. This includes looking at future trends in the latest payment technologies.
Chemist Warehouse announced a “win-win” opportunity for customers and businesses, with a new way to pay straight from your bank account, securely and in real-time, instead of using a credit or debit card. With the growing concern of rising card surcharges, Chemist Warehouse is taking a proactive step to establish a lower cost payment system for customers.
This new NAB solution, Pay by Bank, uses Australia’s PayTo account-to-account functionality as a seamless, instant payments system, bypassing the high processing fees involved for businesses using traditional methods. Now available at every Chemist Warehouse payment terminal across Australia via the ShopBack app, this solution helps users earn Cashback rewards while reducing the cost of transactions.
“I’m pretty passionate about being able to give people what they want,” said Jack Gance. “For payments, that means being easy to use, with no friction, offering a low cost of operation for merchants. Having more payment options means a better service and ultimately, price, for customers.”
“The simplicity, security, and low cost of Pay by Bank, layered with ShopBack’s Cashback rewards, meet our business objectives and give our customers greater choice and value. We are proud to lead the retail industry with this innovative, all-in-one solution,” he said.
Real-time benefits
Over the decades, Jack said he has seen payments improve vastly from early manual technologies to electronic point-of-sale terminals and now, in real time, more efficient and secure account-to-account payments.
As Chemist Warehouse doesn’t pass on transaction fees to its customers, having a competitive and efficient payment option is very appealing.
“As retailers, we really notice the difference,” Gance says. “It’s millions of dollars extra cost that’s unnecessarily paid out on top of the sale price to process the transaction. I think it’s important that we make an incentive for customers, to make this new method available to them, and explain the benefits as providing a better, safer, cheaper method of making payments.”
Real-time PayTo transactions using NAB Pay by Bank are processed within the security of the banking system, giving customers instant access to information on their account balances and a fast, secure say to pay directly from a bank account.
Chemist Warehouse has also added QR code functionality at the instore checkout to set up and then activate the payment through a customer’s phone camera with a simple point and click technology.
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