To further support businesses across the country over the Christmas period, Commonwealth Bank has this week launched a cash incentive for merchant customers who offer CBA's new Buy Now Pay Later product, StepPay*.
CBA Group Executive, Business Banking, Mike Vacy Lyle said: "We're continuing to look for ways we can support businesses, especially small businesses, as the country reopens and we head into the Christmas shopping period.
"To give businesses a boost, we're giving customers a bonus payment of four per cent per transaction when they process a StepPay transaction. This means every time a customer uses StepPay, the business will be credited four per cent of the transaction."
Mr Vacy Lyle said the average BNPL provider charges businesses four per cent per transaction, with some as high as seven per cent.
"Some businesses, particularly small businesses, have been hesitant to offer BNPL because of the traditionally high fees. StepPay doesn't charge additional 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 four per cent 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," said Mr Vacy-Lyle.
There is no set-up required for a business to accept StepPay as it is 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**.
