NETS Singapore said on Tuesday (14 Mar) that their terminals are now able to accept Visa and Mastercard payments.
The Network for Electronic Transfers (NETS) Group announced in a press release that this is made possible through a new landmark agreement between NETS and the two payment-processing entities.
In the statement, NETS Singapore said that this will allow for more convenience as businesses no longer need to communicate separately with several different payment services to offer them in-store.
It noted that merchants previously had to work with multiple parties to support different local, Mastercard, and Visa payment schemes.
Now, they only need a single terminal to be able to accept most forms of payments.
“With this partnership, NETS provides a one-stop shop payment solution, offering eligible . . . merchants an enhanced range of payment options spanning local and international payment schemes such as NETS, Mastercard, and Visa from a single payment service provider, NETS,” it said.
This also means that NETS users can have a unified view of transactions across all its payment options.
“This move is intended to reduce the hassle of administrative work and drive efficiency so that heartland business owners can free up time to focus on growing the business,” NETS added.
Prior to this new agreement, merchants under the NETS scheme could already accept payment modes such as MyDebit card, RuPay card, WeChat Pay app, PromptPay and Alipay+.
Source: NETS
Businesses can choose to expand their available payment options on their NETS terminals to support Visa and Mastercard.
This comes with attractive Merchant Discount Rates (MDR) for businesses with a turnover of less than S$1,000,000.
NETS already has existing arrangements to acquire merchants for AMEX, Diners, Discover, JCB and UnionPay. So, users of these cards can make payments at one terminal too.
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Featured image adapted from NETS on Facebook.
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