Bank of New Zealand introduces low-cost software-only POS solution

BNZ Pay is an app-based software POS solution ideal for seasonal or retail businesses that take payments on the go

New Zealand software POS

Bank of New Zealand introduces low-cost software-only POS solution. Source: adyen.com

Bank of New Zealand (BNZ) launched a tap-on-phone payments acceptance app that merchants will be able to implement without a monthly fee until January 2024, if transactions are settled to a Bank of New Zealand (BNZ) account.

BNZ Pay claims to provide the lowest cost solution in the market for contactless card acceptance. It would perfectly suit small- to medium-sized businesses such as weekend market vendors, local cafes, sole traders and taxi drivers. 

Moreover, the app will provide a dashboard where the business owners can see all the sales and business info, issue invoices, manage customer profiles, and send receipts by text or email. 

Until January 2024, the service won’t charge monthly fees, except for those users without a BNZ account. Starting from 2024, the basic monthly fee will be NZ$10 (US$6.40). Besides that, the service will calculate a flat-rate monthly transaction fee package for each merchant according to their net monthly sales. This fee may range from NZ$5 (US$3.20) to NZ$54,000 (US$34,454). Sales over and above the monthly cap will be charged at a flat rate of 1.1%. 

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