Sydney, Dec 7: Westpac business customers now enjoy enhanced flexibility in accepting contactless payments with the extension of Merchant Choice Routing (MCR) to online transactions.
MCR allows businesses to direct contactless debit card payments through the eftpos system, providing an alternative to automatic processing through other networks.
This strategic move aims to offer businesses greater control over costs associated with payment acceptance.
Introduced for in-store payments in 2019, MCR has become the default option for new customers on simple pricing plans at Westpac, requiring businesses to opt-out if they prefer an alternative.
By expanding MCR to online payments, Westpac responds to industry demands and reaffirms its commitment to facilitating seamless banking experiences for businesses.
Mandy Rutherford, Managing Director of Cash & Transactional Banking at Westpac, emphasized the significance of MCR as an industry initiative supporting competition and empowering businesses in managing transaction costs.
“Merchant choice routing is an important industry initiative that supports competition and helps give businesses more control over their costs.
Expanding merchant choice routing to online payments gives our customers more choice in how they manage their transaction costs and is part of our commitment to make it easier for businesses to do their banking,” she stated.
To assist existing customers in harnessing the benefits of MCR, Westpac provides support and access to real-time quotes for easy transitioning.
The bank has also recently enabled MCR on all small business pricing plans, including EFTPOS Air.
For businesses to enable MCR for online payments, cooperation with their chosen third-party payment provider (gateway) is essential, and it must be certified with the eftpos scheme.
Westpac customers can activate MCR for e-commerce through any of Westpac’s accredited gateways, including their wholly-owned partner, Qvalent.
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