Yup, it turns out size really does matter. Square - you're on notice.
Background: Westpac is Australia's oldest bank. And we know traditional banks can be pretty slow to make change. But, as new players like Tyro and Square enter the mix, it's time to speed things up.
What happened: Westpac are launching a new 'Eftpos Now' terminal to their small and medium business customers. And, they've undercut the price of Square's white dongle, making it a pretty attractive option.
What else: The plan is to become the favourite bank of merchants and build stronger relationships with new and existing customers.
💡Westpac is using payment terminals as the Trojan horse into new merchants. Ya see, acquiring a new business banking customer can be a tough gig...so, banks use payment terminals as their way 'in'.
💡Once they've sold the terminal, banks can start to develop deeper relationships with merchants, and offer them different products (i.e. loans and bank accounts).
💡More and more, we're starting to see retailers become profit - and data - puppies for banks and lenders.
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