Commonwealth Bank has launched new mobile small business app which enables immediate payments, instant invoice creation and the ability to manage cash flow operations from a mobile device.
The CommBank Small Business App, which is available as part of a simple merchant plan on iPhone and Android devices, allows business to accept immediate payments via card, including contactless, Chip and PIN and swipe payments, BPAY, EFT, cash and cheque.
The bank claims it is also the only compliant mPOS that enables customers to issue estimates and invoices anytime, anywhere, and accept payment, which it says will reduce paperwork and administration times.
Further, it enables businesses to keep track of outstanding invoices remotely and has a 24 hour telephone support service.
Commonwealth Bank executive general manager, digital channels, Lisa Frazier, said the bank had responded to small business customers' demands for faster, more efficient and convenient payment options.
"Available from today, the CommBank Small Business app provides small businesses across Australia with access to payment technology at an affordable price," she said.
The new app also has one of the most secure mPOS terminals in the market with EMV Chip payment capabilities and PIN pad encryption to support the new PINwise mandatory changes.
Frazier said the bank took the best parts of existing payment apps and evolved them to create the CommBank Small Business app.
"Together with Everyday Settlement and Commonwealth Bank’s Simple Merchant Plan, the CommBank Small Business app not only supports the cash flow management needs of small businesses,” she said.