Easier for merchants to accept Nets, credit card payments on one terminal

Merchants can now use their Nets terminals to accept Visa and Mastercard payments from customers without having to go through multiple payment service providers, following new agreements inked between the local company and both credit card networks.

- Prisca Ang

In the past, merchants needed to work with multiple parties to get access to local, Mastercard and Visa payment schemes, Nets said on Tuesday. "This makes it more convenient for businesses, which will need to liaise with only a single payment service provider," it added.

Shops offering the Nets scheme can already accept overseas wallets and foreign card payments, such as MyDebit card, RuPay card, WeChat Pay app, PromptPay and Alipay+.

Nets also has existing arrangements to acquire merchants for American Express, Diners, Discover, JCB and Union Pay.

The payment provider said small businesses with less than $1 million in turnover will get competitive merchant discount rates if they add Mastercard and Visa payment options to their Nets scheme.

These rates refer to fees paid by merchants for the processing of debit card and credit card payments.

Nets declined to disclose the rates that merchants will incur under its Mastercard and Visa partnerships.