Latest news with #EFTPOS
Time Business News
2 days ago
- Business
- Time Business News
Your Essential Guide to Non-Bank Lenders in Sydney: Real Solutions for Real People
Are you struggling to get financing through traditional banks? Don't worry, you're not alone. All across Sydney all the way from the bustling roads that run through Parramatta and the waterfront homes in Manly the non-bank lenders of Sydney have become vital financial resources for investors, homeowners, as well as business owners. As a Sydney-based finance expert with more than a decade's experience, I've helped thousands of people navigate this loan landscape. Last month, I saw an unmarried couple from Newtown get their home by utilizing a non-bank lender, after three major banks refused the couple due to 'unconventional income' – proving that solutions are available if you are aware of where to search. What Truly Sets Non-Bank Lenders Apart in Sydney Non-bank lenders Sydney are not regulated by bank licenses which frees them from the strict rules of institutional banks. Consider Michael's situation: banks refused the Redfern mortgage application due to the fact that the applicant had changed jobs twice in the last year. However, the Sydney non-bank lender backed the loan within 72 hours after studying his regular six-figure income and demand from the industry. They are specialized in Sydney-specific solutions such as: Historic property finance: for those gorgeous Paddington terraces that banks consider 'too risky' Auction ready pre-approvals: to be competitive in the fierce housing market Health practice loan: to specialists in Macquarie Park Finance for bridges: where settlement dates conflict The Nuts & Bolts of How do They Work In my brokering course I was able to understand how non bank lenders Sydney are moving faster Flexible assessment They'll take into consideration those BAS reports when banks request tax returns Local decision makers Credit officers truly know Sydney's peculiar property rules Specialised financing Many concentrate on specific areas such as equipment or construction finance Just yesterday, I assisted an Surry Hills cafe owner secure an expansion loan by using her EFTPOS documents as proof something that traditional lenders would not even consider. Who Benefits From Non-Bank Solutions? Property Buyers Hitting Brick Walls Sydney's auction madness demands creative solutions: Creatives who are self-employed in Newtown/Enmore contractors with a fluctuating source of income Divorcees needing quick buyout funds Remember the unfinished cottage in Balmain? The major banks were scared of the property's 'potential structural issues', but a non-bank lending institution saw the value of the property and financed the purchase. Business Owners Needing Breathing Room For Sydney's 220,000+ small-scale businesses Non-bank lenders in Sydney offer: Repayment plans for the season for Bondi Ice cream shops Financing for equipment without security for property Urgent cash injections during growth spurts Sarah's Marrickville bakery required new ovens in time for Christmas. The banks wanted her house as collateral, but a nonbank lender took the equipment and paid the loan after five working days. Unique Financial Situations If banks are concerned about the red flags, other lenders Sydney can offer solutions: Credit repair paths following medical debt Property investments in SMSF using custom structures Foreign income issues for expats returning to the country Sydney's Non-Bank Lender Landscape Digital Mortgage Innovators Platforms such as- Tiimely can be extremely helpful for: Refinancing urgently to reduce mortgage stress Straightforward purchases under time pressure Competitive rates often beating big four banks Professional tip The AI-powered systems accept vanilla applications within 4 hours. This is ideal for auctions with last-minute bids. Specialist Commercial Financiers Firms such as Prospa and Liberty help solve a variety of issues: Cash flow problems are exacerbated by using invoices that are not paid Import finance for Alexandria manufacturers Tradie car loans without any documents Private Credit Boutiques These hidden gems excel at: Financing for heritage properties (think Glebe terraces) Luxury asset credit against art, boats or even art Complex development deals Recently, the government funded the construction of a $3.2 million conversion of a warehouse in St Peters after banks demanded impossible presales. Real Advantages You Won't Find Elsewhere Flexibility That Understands Sydney Life Non-bank lenders Sydney will accept the following terms that banks don't: Statements of BAS in the event that tax return data is a mess Contracts for short-term duration as legitimate income Future rental revenue to invest properties Goodwill of medical practices as collateral Speed That Matches Our City's Pace Critical timeframes that they provide: Pre-approvals for 48 hours for auctions on Saturday Business loans for the same day for emergencies Settlements of 72 hours– to avoid contract defaults In the last month I secured $850,000 in bridge financing in just only three days on behalf of a customer who's bank had delayed the settlement, helping them save their dream home. Human Decision-Making Contrary to banks' algorithms: Credit officers will actually look over your financial situation You get explanations for rejections Negotiation is usually possible. Key Watch-Outs When Considering Options Interest Rate Realities Although solutions are available, consider: More complex cases could attract a premium Always look at three offers and compare them. Fixed rates provide budgeting certainty Protecting Yourself Essential safeguards: Verify ASIC licenses via Verify AFCA membership to resolve disputes Examine files by contacting your broker Fee Transparency Keep an eye out for: Fees for establishments upfront (typically 0.5-2 percent) Costs for property valuation Early exit penalties based on fixed terms Finding Your Ideal Match Broker Connection Strategy As an Sydney finance expert I will always recommend: Find brokers who have the expertise in lending to non-banks Make sure to check, the diversity of their panel lenders. Find case studies that match your particular situation Direct Approach Checklist If you're going it alone: Lenders that you can match to your exact requirements Test their responsiveness using a phone Request references from local clients Verify the authenticity of your credentials independently Navigating the Application Process Paperwork You'll Actually Need Accelerate things by: ID: Driver's license + Medicare card Income proof: Payslips/BAS/contracts Asset documents: Titles or bank statements Information on the liability of the loan: Existing loan statements Realistic Timelines What can you expect to see: 24 – 48 hours for an initial evaluation 3-5 days for formal approval Same-day assistance for cases with simple needs Approval-Boosting Secrets Give credit blips a clear explanation in context You can provide additional documents, without being asked. Make sure to highlight solid security assets Find brokers who are familiar with the credit teams intimately Sydney-Specific Market Intel Hotspot Suburbs Parramatta: Commercial lending boom Eastern Suburbs: Financing for luxury assets Inner West: Renovation finance demand Northern Beaches: SMSF property expansion Emerging Trends Green loans to finance sustainability improvements Professional practice finance surge Western Sydney infrastructure-driven lending Your Top Questions Answered Are non-bank lenders Sydney options really safe ?Reputable ones are ASIC-licensed and AFCA-approved. Always verify before proceeding. Do multiple applications harm my credit score? Responsible applications have a minimal impact. Cluster inquiries are made within fourteen days. Why should you choose these instead of the traditional bank? If you need specialized solutions, speedier approvals or flexible criteria, banks won't beat. How can I identify untrustworthy operators? Request your Australian Credit Licence number. Verify it. No licence? Get rid of it. Final thoughts from an Sydney Insider Non-bank lenders Sydney offer vital financial solutions when traditional channels do not work. Their ability to assess specific circumstances, quick response times, and specialized skills make them indispensable in today's competitive market. While due diligence remains essential particularly in relation to rates and regulations they are able to transform unimaginable scenarios into success stories. While you look into alternatives, be aware that Sydney's finance landscape has more potential than ever. If you're bidding on a hot auction in Paddington or growing the scope of your Chatswood practice, or repairing credit in Liverpool Non bank lenders Sydney are ready to assist you achieve your goals. TIME BUSINESS NEWS
News.com.au
04-06-2025
- Business
- News.com.au
‘Cash is king': Fuel chain overcharges customers by thousands
Customers who shopped at Reddy Express stores across the nation are being urged to check their bank accounts after a system fault caused some people to be charged more than 100 times for one transaction. An unlucky group of customers who filled up or bought goods from the petrol station and convenience chain on Saturday, May 31 with a debit or credit card have checked their statements to find they have been grossly overcharged. Sydneysider Steve called into the 2GB breakfast show and shared that his wife was looking through their bank statements when she noticed a whopping 134 payments of $106 had been made. 'Well, she was just having a look – I don't really keep an eye on my bank details and how much I'm spending, I just like to earn it – she just sort of had a bit of a look on there and noticed that I'd had a pretty good time at the Reddy Express there,' he told host Ben Fordham. 'First of all I called the Reddy Express in Blackwater there and they were very helpful. They gave me a number to call, they said there was a nationwide issue. 'I called the number. Basically it's just an automated message and it said they're aware of the issue and you'd be refunded the money within two to seven days. 'I called my bank, Westpac, and they had not been made aware of it.' Reddy Express has since issued an apology to customers via a statement on their website, blaming the error on a 'technical issue'. 'On Saturday (31/5) a technical issue led to intermittent EFTPOS errors affecting some guests paying by credit or debit card at Reddy Express stores,' the statement said. 'In some cases, this has resulted in guests being charged more than once for their transaction. 'We are working to reverse any duplicate transactions as quickly as possible. In most cases, people should have seen the refund appear in their debit or credit card accounts by now. 'If you have not yet received a refund or have not yet contacted us, please contact us now via our customer service office contactus-retail@ or call 1800 656-055. 'Reddy Express sincerely apologises to any impacted guests.' In a statement issued to 2GB, which Fordham read on air, the company said that people in difficult financial situations should get in touch with the Reddy Express customer service team to have the process fast-tracked. Another listener, Angelo, phoned in to 2GB to share that his daughter Dominique had also been stung by the technical glitch. 'She went to the Reddy Express on Saturday and I think she spent $6.44 and bought a drink and chocolate, and the next day I think she realised that basically they had charged her 104 times for that transaction,' he said. 'So she actually went back there to confront them and ask them about it and they gave her the number. 'The challenge for my little daughter is she's going overseas in a week and a half … and she doesn't want to wait several days for the money maybe to come. 'I said to my daughter, 'That's why cash is king'.' Reddy Express stores were formerly branded Coles Express before the chain was acquired by Viva Energy Group from Coles Group in 2023. Viva Energy Group is the exclusive supplier of Shell in Australia, and the companies are in a long-term brand licence agreement until 2029.
Scoop
25-05-2025
- Business
- Scoop
Payments NZ Forcing The World's Most Aggressive Removal Of EFTPOS Terminals, Says EDANZ
Press Release – EDANZ Payments NZ is demanding that 19,000 EFTPOS terminals be scrapped by 30 April 2026despite these same PCI PTS v4.x devices being certified and secure for use in all countries including Australia for example until 31 December 2033, a full 6.5 years longer. Payments New Zealand is enforcing the most extreme and aggressive removal of EFTPOS terminals anywhere in the world, according to the EFTPOS Dealers Association of New Zealand (EDANZ). The association is calling out Payments NZ for pushing end-of-life (sunset) dates 5 to 7 years earlier than any comparable jurisdictions globally – including the PCI Security Standards Committee the world wide governing body, plus Australia, the United States, and all G7 nations. 'Perfectly Secure Devices Are Being Thrown Out' Payments NZ is demanding that 19,000 EFTPOS terminals be scrapped by 30 April 2026—despite these same PCI PTS v4.x devices being certified and secure for use in all countries including Australia for example until 31 December 2033, a full 6.5 years longer. COST to Business – Over $14 Million And it's not an isolated event. Between 2023 and mid-2024, 60,000 v3.x devices were forced into early retirement here in New Zealand. Globally, those exact devices are still approved for use in other countries right now and until 2030. COST to Business – Over $45 Million Looking ahead, another bombshell looms. In 2029, Payments NZ has planned the forced sunset of 90,000 v5.x EFTPOS terminals—60,000 of which were only just installed as part of the previous device purge. These same v5.x models are still being sold in New Zealand as compliant, and will remain in use overseas until 2036. COST to Business – Over $70 Million 'No Other Country in the World is Doing This' – EDANZ EDANZ has, after extensive research, found no other international regulatory body enforcing this level of premature terminal retirement. Identical EFTPOS models are still approved in all G7 countries and Australia for 5 to 7 years longer than in New Zealand. 'This policy is not just aggressive—it's reckless,' says Steve Batey, Chairman of EDANZ. 'It's wasteful, anti-business and completely misaligned with global best practices.' Outdated Rules and No Oversight EDANZ also claim Payments NZ are using 12-year-old guidelines (as per their own admission) that has not been updated in line with global security improvements. As a company owned by New Zealand's eight major banks, Payments NZ functions like a quasi-regulator/governing body but EDANZ believe they operate without the appropriate government oversight in this area. 'They are not even following their own rules,' Batey says. 'These guidelines are outdated, unfit for purpose, and massively out of step with the rest of the world.' This Policy is Costing Everyone – and these costs will land with Consumers These repeated, premature replacement cycles from 2023 through to 2029 and beyond will impose enormous, compounding capital costs on industry, which are ultimately passed down to small businesses and consumers. EDANZ argues that a common-sense, globally aligned approach is needed where devices are replaced as per world-wide guidelines. Replacement via organic churn, with wear and tear, business closure, or demand for new features, also Non Deployment dates that stop older terminal being recycled – That should be enough say EDANZ. 'This is not only bad economics—it's an environmental disaster,' Batey adds, pointing to the increasing volume of EFTPOS devices being sent to landfill as e-waste, many of them still perfectly functional. EDANZ Calls for Immediate Government Intervention EDANZ has submitted a formal complaint to Payments NZ and filed evidence with Government Ministers Scott Simpson (Minister of Commerce) and David Seymour (Minister of Regulation), urging immediate action. The association is demanding that the Commerce Commission, the Reserve Bank, and other government departments be granted formal oversight of Payments NZ moving forward. 'The banks cannot be allowed to make self-serving decisions that burden the rest of New Zealand,' Batey states. 'The current system is broken. This needs fixing—now.'
Scoop
25-05-2025
- Business
- Scoop
Payments NZ Forcing The World's Most Aggressive Removal Of EFTPOS Terminals, Says EDANZ
Payments New Zealand is enforcing the most extreme and aggressive removal of EFTPOS terminals anywhere in the world, according to the EFTPOS Dealers Association of New Zealand (EDANZ). The association is calling out Payments NZ for pushing end-of-life (sunset) dates 5 to 7 years earlier than any comparable jurisdictions globally - including the PCI Security Standards Committee the world wide governing body, plus Australia, the United States, and all G7 nations. "Perfectly Secure Devices Are Being Thrown Out" Payments NZ is demanding that 19,000 EFTPOS terminals be scrapped by 30 April 2026—despite these same PCI PTS v4.x devices being certified and secure for use in all countries including Australia for example until 31 December 2033, a full 6.5 years longer. COST to Business – Over $14 Million And it's not an isolated event. Between 2023 and mid-2024, 60,000 v3.x devices were forced into early retirement here in New Zealand. Globally, those exact devices are still approved for use in other countries right now and until 2030. COST to Business – Over $45 Million Looking ahead, another bombshell looms. In 2029, Payments NZ has planned the forced sunset of 90,000 v5.x EFTPOS terminals—60,000 of which were only just installed as part of the previous device purge. These same v5.x models are still being sold in New Zealand as compliant, and will remain in use overseas until 2036. COST to Business – Over $70 Million 'No Other Country in the World is Doing This' – EDANZ EDANZ has, after extensive research, found no other international regulatory body enforcing this level of premature terminal retirement. Identical EFTPOS models are still approved in all G7 countries and Australia for 5 to 7 years longer than in New Zealand. "This policy is not just aggressive—it's reckless," says Steve Batey, Chairman of EDANZ. "It's wasteful, anti-business and completely misaligned with global best practices." Outdated Rules and No Oversight EDANZ also claim Payments NZ are using 12-year-old guidelines (as per their own admission) that has not been updated in line with global security improvements. As a company owned by New Zealand's eight major banks, Payments NZ functions like a quasi-regulator/governing body but EDANZ believe they operate without the appropriate government oversight in this area. 'They are not even following their own rules,' Batey says. 'These guidelines are outdated, unfit for purpose, and massively out of step with the rest of the world.' This Policy is Costing Everyone – and these costs will land with Consumers These repeated, premature replacement cycles from 2023 through to 2029 and beyond will impose enormous, compounding capital costs on industry, which are ultimately passed down to small businesses and consumers. EDANZ argues that a common-sense, globally aligned approach is needed where devices are replaced as per world-wide guidelines. Replacement via organic churn, with wear and tear, business closure, or demand for new features, also Non Deployment dates that stop older terminal being recycled – That should be enough say EDANZ. "This is not only bad economics—it's an environmental disaster," Batey adds, pointing to the increasing volume of EFTPOS devices being sent to landfill as e-waste, many of them still perfectly functional. EDANZ Calls for Immediate Government Intervention EDANZ has submitted a formal complaint to Payments NZ and filed evidence with Government Ministers Scott Simpson (Minister of Commerce) and David Seymour (Minister of Regulation), urging immediate action. The association is demanding that the Commerce Commission, the Reserve Bank, and other government departments be granted formal oversight of Payments NZ moving forward. 'The banks cannot be allowed to make self-serving decisions that burden the rest of New Zealand,' Batey states. 'The current system is broken. This needs fixing—now.'
Sky News AU
21-05-2025
- Business
- Sky News AU
Cash crusader's ‘got a shot' at fighting $97 parking fine in court
Menzies Research Centre's Freya Leach comments on cash crusader Oliver Griffiths refusing to use EFTPOS to pay for parking. "According to the ACCC, businesses don't have to accept cash, but they need to tell customers that in advance," Ms Leach said. "This will come down to the technicality over whether there was a disclosure statement on any of these parking signs. "I don't know, I reckon Ollie's got a shot here."
