BNZ waives PayClip monthly fees to support COVID-impacted SMEs

Bank of New Zealand (BNZ) has announced today that monthly fees for its PayClip product will be waived for the next month.

BNZ General Manager SME and Enterprise Partnerships, Karna Luke, says, “The lockdown is affecting all businesses, but particularly small and micro-businesses who rely on PayClip to do all their transactions.

“With no ability to see customers face-to-face for the next month at least, there’s effectively no revenue for these businesses and waiving PayClip fees will mean one less outgoing to worry about as they shore up their financial position to weather the lockdown,” says Luke.

PayClip is a portable payment solution that integrates with a customer’s mobile phone to allow people to take payments via EFTPOS and Credit Card on the spot. There are no long-term contracts, rather customers pay a $30 fee, excluding GST, per device per month.

The waiver will be in place for at least the next month and means businesses who rely on it ordinarily will not need to cancel their subscription during the lockdown.

Other support measures available to BNZ business customers include:

• Waiving all contactless debit transaction fees for SMEs for three months from 20 March 2020
• BNZ bankers can provide immediate access to funds to help with short-term cashflow needs.
• Extensions of Trade Credit
• Overdraft rates reduced by 1%
• Online, 24/7 capability to apply for business lending up to $100K without additional security.
• Apply online for up to $100,000 of lending
• Principal repayment holidays
• Extension of term lending periods
• Short term loans
• Hardship loans
• Business credit card options
• ‘Interest Only’ options on a case-by-case basis