One of the more draconian financial practices suffered by traders is to be corrected by The Commonwealth Bank.
An EFTPOS sale taken by a trader on a Saturday morning doesn’t show up in the trader’s merchant account until the following Tuesday. Commbank have announced they are rolling out “same day settlements” to all their merchants. Funds will be available to merchants on the day of the transaction, 7 days per week, 365 days a year.
Other banks are expected to follow suit.