BNZ's portable card reader PayClip has been enhanced to offer a wider range of payment cards including EFTPOS, the bank announced today.

The PayClip technology transforms most Android and Apple smartphones into mobile credit and debit card payment devices, allowing businesses to securely receive payment from EFTPOS, Visa and MasterCard cards when access to data is available.

BNZ's head of small business, Harry Ferreira, says the bank is pleased to roll-out the enhanced technology, which he says helps small and medium-sized businesses get paid quickly when they're on the move.

“PayClip has been available to our customers since September 2013, and we've worked closely with them to deliver even better value through compatibility with more smart devices via Bluetooth connectivity, increased payment options and contactless payment technology,”Ferreira says.

“PayClip users will now be able to accept Visa and MasterCard cards and EFTPOS transactions using contactless, swipe, chip and PIN via Bluetooth.”

The separate device has replaced the previous PayClip card reader attached to smartphones via the audio jack. Existing customers have upgraded to new PayClip in recent weeks, and from today PayClip is available to new customers.

“Our customers tell us that PayClip has made a huge difference to their cash flow and made it easier to do business, but most importantly it has enabled them to increase their profit,” Ferreira says. “PayClip enables businesses to reach new customers and therefore sell more products and services.”

Olly Van Arts, owner of sunblock company Skinnies, says he has found PayClip to be a valuable business tool.

“On average, PayClip allowed us to sell around 40% more product at a recent Home and Garden show. As people don't always have cash on them, the option of credit/debit card payment made it easy for us and our customers,” he explains.

“As a business tool, for us it's extremely mobile/portable fits our brand of being cutting edge yet simple, and streamlined purchases straight to our bank account.” Ferreira says that the innovative technology is “one of a number of BNZ products and services to enable New Zealand businesses be good with money”.

“One of the biggest pain points for small and medium businesses is managing cash flow while awaiting payment,” he says. “PayClip provides the convenience of receiving payment wherever and whenever businesses are trading.”

PayClip has a monthly rental fee of $30 plus GST per device for new customers with no up-front cost or contractual term. It is compatible with Apple smartphones that support operating system iOS7 and above, and Android smartphones that support 4.0 and above.