Innovation Description
Australian bank NAB launched a mobile POS for SME customers – Nab Now. It is a mobile point of sale solution for Small Business customers that enables to accept card payments from buyers anywhere, anytime. Specially designed to suit the needs of small and micro businesses on the go, NAB Now uses a small lightweight card reader that connects to the smartphone via Bluetooth and allows to process payments on the spot through the app.
How does it work?
- Launch the app
- enter the sale amount
- Hand the card reader to the buyer to insert card, select an account and enter card PIN.
- Issue a sales receipt for your customer immediately.
NAB Now has no lock-in contract or exit fees.
Main functionality:
- Accept Visa, MasterCard® and eftpos card payments on the spot
- Receive funds in NAB Transaction Account the same day, 7 days a week
- Create sales or tax invoices and email receipts on the go
- Create full or partial customer refunds
- Export transaction history to reconcile with accounting software
- Protect your customers and your business with EMV chip and PIN capability backed by the safety and security of NAB.
Innovation Details
Reasons behind
To allow a greater number of merchants – SMEs – accept digital payments.
Unique Value Proposition
To simplify taking payments for SME business companies – merchants who do not have access to the relevant infrastructure, or sufficient revenue, to use traditional POS.
- Process steps and timeline: n/a
- Current status and progress: Last update: Sept 2016
