Small Bizz Buzz: EFTPOS Compensation & Financial Complaints

From compensation being offered to small businesses that faced the EFTPOS outage, to AFCA hearing complaints from business owners, here's what made small business news this week.

Small Business EFTPOS Outage Compensation

Small businesses affected by the recent national EFTPOS outage could be entitled to compensation.

The Telecommunications Industry Ombudsman made the announcement as Telstra conducts an investigation into the issue.

The technical difficulties saw EFTPOS merchant machines stop operating across Australia late last week.

While some businesses were able to imprint card to complete transactions, others were forced to turn customers away.

Telstra says it will consider compensation on a case by case basis.

Financial Complaints Authority for Small Businesses

Small businesses with complaints about financial products are urged to contact The Australian Financial Complaints (AFCA).

AFCA is to start hearing statements from businesses owners with unresolved issues over financial products.

The AFCA Chair Helen Coonan said the organisation, “will play an important role in restoring trust in Australia’s financial institutions in the wake of the Royal Commission into misconduct in the Banking, Superannuation and Financial Services Industry”.

Small businesses can lodge a complaint free of charge by contacting the AFCA online or by calling 1800-931-678.