The agreement (RM3702) has been designed to help government and public sector organisations access the equipment and services they need to accept payments by debit and credit cards and other payment methods.
Merchant acquiring services and equipment can help organisations increase the speed and efficiency of payment processing and reduce costs. They also allow citizens to make online payments 24 hours a day, 7 days a week, 365 days a year. Benefits of the new agreement include:
improved pricing - reduced rates for processing payments and the hire of chip and pin terminals, and lower set-up costs and management fees
additional discounts for all participating organisations through the aggregation of spend and transaction volumes
operational efficiencies and enhanced business processes eg less cash and cheque handling and fewer bank charges
The ‘acquirer’ is the bank or financial institution that processes card payments on behalf of the ‘merchant’ who is the organisation providing the goods or services. The agreement provides access to services and equipment such as:
payment gateway services to enable payments to be made online or by telephone
equipment such as payment terminals with chip and pin functionality