Bendigo Bank cards business enters new phase
20/11/2003Bendigo Bank’s credit card business entered a new era this week when the bank became a full service provider of credit cards through becoming an acquirer of the three major card brands – Bankcard, MasterCard and Visa.
This will bring pricing and service benefits to Bendigo’s business customers, or merchants, as the bank will now be able to provide this service in its own right.
Previously, merchant acquiring was offered through a third party arrangement, as Bendigo was a participating member of the Visa scheme only.
Chief Manager Card Division, Greg Devlin, said the move to join MasterCard and Bankcard would bring immediate benefits to the bank and its merchants, including:
“Those benefits will be felt not only by our merchants, but by the communities in which they operate,” Mr Devlin said.
“This makes today’s initiative of significant strategic importance, because it effectively further enhances the package a Bendigo Bank branch or Community Bank branch can provide to the community.
“We would expect the pricing benefits we can now deliver to result in more capital being retained by local businesses for spending within their community.
“This will further improve the local economies in which we operate, ultimately producing greater success for our business.”
Bendigo’s customers would benefit from greater choice and an enhanced Rewards program.
Mr Devlin said becoming a card acquirer would also produce financial benefits to Bendigo Bank, as it will not be paying a third party to conduct transactions on its behalf.