If you run a small to medium-sized business in Australia you’ll know that being your own boss can be an incredibly rewarding albeit challenging experience at...
In today’s increasingly digital world many businesses look to take advantage of the selling opportunities the internet offers. But to do this, you’ll need a way to take customer payments and have the funds moved into an account to be stored. One way to do this is by combining a payment gateway with a merchant account.
National Australia Bank, commonly called NAB, is one of Australia's big banks offering support to businesses engaging in eCommerce and online sales. For customers searching for a merchant account, they have the NAB eCommerce Merchant Account.
In this article we’ll share what the NAB eCommerce Merchant Account actually is, how to open one and what the fees are. We’ll also let you know about the services offered by Wise that might suit your needs a little better.
|💸 Looking for a stress-free international business account that can integrate with Pin Payments or Stripe; with multiple cards, local and foreign currency account details?
When customers buy things from you online their payments are generally processed through a payment gateway. This gateway can be integrated into your website and is often more convenient for the consumer than other methods such as a bank transfer or paying over the phone.
The NAB eCommerce Merchant Account gives businesses a way to quickly authorise and settle transactions that are processed through your gateway provider.¹ The funds are then placed into a linked NAB Business Transaction Account.
For the account to work, your payment gateway must be a NAB approved gateway provider.¹ To see if your provider is approved it’s best to contact NAB directly to get the most up to date information. Alternatively, NAB does offer their own gateway which is part of a different account called NAB Transact.
Here are some of the main fees for the standard NAB eCommerce Merchant Account that you’ll need to take into consideration.¹
|Account set up
|Monthly card turnover fee
|$30 service fee per month for up to a $2000 monthly card turnover when settling into a NAB Business account.
|Fee per transaction that exceeds your monthly card turnover limits
|1.5% fee per transaction exceeding the $2000 monthly card turnover limit when settling into a NAB Business account.
|Additional fee per transaction
|$0.30 charged per transaction in addition to the monthly card turnover fees.
Keep in mind that depending on the size of your business you may be able to work with a NAB transactional specialist to build a custom pricing structure for your company.¹
Also, these fees are just for the merchant account and don’t take into consideration any additional fees that the linked NAB Business Transaction Account may charge, such as transaction fees or fees for receiving foreign currency.
|Read more: Accept Online Card Payments as a Small Business in Australia
Here are some of the main features of the NAB eCommerce Merchant Account.¹
- You have a choice of NAB accredited gateway providers
- Additional verification layers and payment security including VISA 3D secure
- Checks for lost or stolen cards as well as available funds
- Overnight or same day settlement available
If you decide to go ahead and open a NAB eCommerce Merchant Account then there are four basic steps you’ll need to follow.²
Before you apply you’ll need to make sure that both you and the business are actually eligible to open a merchant account with NAB. Here are the basic criteria that need to be met.²
In regards to your eligibility, the person applying for the account must hold one of these positions.
- Business owner of a private Australian company
- Director of a private Australian company
- Office holder of a not-for-profit organisation, community club or community organisation
The business needs to meet the following criteria at the time of the application.
- Has an active Australian Business Number (ABN)
- Has not had a merchant facility terminated in the past 12 months by an Australian financial institution
Once you’ve confirmed that you meet the basic eligibility criteria, it’s time to see if your website is ready to integrate with NAB.²
Start by checking whether your current gateway provider is authorised to integrate with NAB. As we mentioned earlier it’s best to speak to NAB directly to confirm who they currently support.
Next, check that the following information is on your website.
- Business name and ABN
- Business address (not a PO Box)
- Business contact details including a phone number and email
- Clear descriptions and prices for the products or services you offer
- Your refund exchange policy
- The process for cardholders to cancel a transaction
- Timeframes for the delivery the goods and services
- Information about any Australian export restrictions that may apply
- A description of the security measures put in place to protect the cardholder's account data
When you’re ready to complete the application you can do so online or using a paper form.
If you’d prefer to apply online you can complete the application form on the NAB website.² You’ll need to provide information about you, your business and contact details, which will likely include the following.
- Your name, contact details and position within the business
- The business name, address, contact details and ABN
- What commercial activities the business is involved in
- Who the current gateway provider is
According to NAB the form should take around 10 minutes to complete. After you submit the form they’ll send a confirmation email as proof they've received your application.²
If you’d rather complete a paper application, you can print and complete the form then return it to NAB yourself. It’s a good idea to contact your local branch and see if you need an appointment to submit the application or if it can just be dropped to the teller.
You can expect to hear back from NAB within 1 business day of your application being received.²
If your initial application has been accepted a representative will work with you to complete the application and discuss tailoring the merchant account to suit your business.² At this time you’ll also be emailed a copy of the NAB Merchant Agreement to read through.
Once everything is in order you’ll get a conditional letter of offer via email and from there the final steps to open your account can take place.
If you have a question about the NAB eCommerce Merchant Account you can contact the NAB Transactional Banking Specialist Team on 1300 338 767.
While searching for a merchant account it's a good idea to look at a few alternatives to make sure you’ve found the best solution for your business. If you buy or sell internationally then the Wise Business account may be for you.
With a Wise Business account you can add, store and send over 50 different currencies. For 10 of those currencies including AUD, NZD, USD, GBP and EUR you’ll also get account details that allow you to send and receive money like a local. Any currency exchanges are done using the real exchange rate, like you see on Google, and there’s no hidden fees to worry about.
Aside from helping you manage your international currencies, the Wise Business account also has a range of business related tools including batch payments, business debit cards, API integrations and integration with certain accounting softwares including Xero.
To receive payments from customers through your website you can connect the Stripe payment management software to your Wise Business account. Stripe can be integrated into your website and is compatible with many different payment methods your customers might want to use including ApplePay, Google Pay, Masterpass by Mastercard and Visa Checkout.
|Read more: See how Wise works with Stripe
Once Stripe receives a payment it can be moved into your Wise account without the funds necessarily needing to be converted to AUD. This can save you money on poor exchange rates and conversion fees and allow you to store money in foreign currency for future use.
If you’re interested take a look at the Wise Business account for yourself and see if it is the right fit for you. With no monthly account fees it’s easy to try out and registration can be done in minutes.
- NAB - Online and eCommerce Payment Solutions
- NAB - NAB online and eCommerce payment solutions application checklist
Sources checked on:
25 September 2022
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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