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Eftpos terminals get insurance cover: Viaduct

Tuesday 27th March 2012

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Viaduct, the eftpos terminal provider, has launched a new insurance product covering damage and accidental transactions.

The policy will provide cover in case of customer damage so companies don’t have to claim against their business insurance, where premiums could be higher.

“Viaduct’s research shows that 40 percent of all terminal faults resulting in swap-outs or terminal failure are caused directly by the user or customer,” Mark Unwin, director at Viaduct said in a statement. “These faults include accidental drops, liquid spills, customer damage or in some cases theft and are not covered by standard leasing terms and conditions.”

Eftpos terminals account for over 80 percent of retail and hospitality transactions, Unwin said. Bruce Robertson, chief executive at Hospitality New Zealand said, “anything that reduces unexpected bills and keeps payment technology online will be well received.”

Last week, Reserve Bank figures showed New Zealand’s credit card spending rose for a third straight month in February, adding to signs that kiwis may be becoming a little less gloomy. Total billings rose 0.5 percent, seasonally adjusted, last month to $2.7 billion.

February’s increase was driven largely by domestic billings on credit cards, which rose 1.2 percent to $2.3 billion, the fastest monthly increase since October last year.

Overseas billings fell 1.2 percent to $249 million, the biggest monthly decline since September 2011.


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