CBA’s BNPL StepPay incentive puts money back in business’ pockets

Mike Vacy-Lyle, Commonwealth Bank Australia's Group Executive for Business Banking

To support businesses across the country, Commonwealth Bank has launched a cash incentive for merchant customers who offer CBA’s new Buy Now Pay Later product, StepPay.

CBA Group Executive, Business Banking, Mike Vacy Lyle offered his insights.

“We’re continuing to look for ways we can support businesses, especially small businesses, as the country reopens and we head into the Christmas shopping period.”

“To give businesses a boost, we’re giving customers a bonus payment of 4% per transaction when they process a StepPay transaction. This means every time a customer uses StepPay, the business will be credited 4% of the transaction.”

Commonwealth Bank stands up for Small businesses

BNPL providers charge businesses 4% per transaction, with some as high as 7%.

“Some businesses, particularly small businesses, have been hesitant to offer BNPL because of the traditionally high fees. StepPay doesn’t charge additional transaction fees.”

“With no additional merchant costs or integration costs, StepPay is a win for small businesses and levels the playing field to allow them to better compete.”

“The 4% bonus puts extra money back into businesses. We encourage our clients interested in StepPay to see how to use it to support their favorite local Aussie business.”