What Does Eftpos Cost
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What Is Zero Cost And no cost Eftpos
Most Zero cost eftpos require minimum of $10,000 turnover per month.
What are The Cost of a Eftpos Service
Here is a brief overview of EFTPOS costs on $20,000 turnover per month.
Zero Cost™ EFTPOS | Bank | |
|---|---|---|
Transaction Fees at 1.2% | $0 | $240 p/m |
Terminal Rental | $0 | $29.50 p/m |
Monthly Cost | $0 | $269.50 |
Annual 12 Months Cost | $0 | $3234.00 |
Eftpos costs based on a $5 coffee equates to 0.06 cents.
Things to Consider: You must declare that you are passing on the cost of the eftpos transaction.Possibly consuming the small transaction cost is a better option for you and your customers.
Streamlining Your Payment Options: A Guide to EFTPOS Costs and Solutions in Australia
EFTPOS machines have become the lifeblood of seamless transactions in today’s Australian businesses. But amidst the benefits, questions loom: how much do these machines cost, and what hidden fees lurk beneath the surface?
Costs to Consider:
- Merchant Service Fees: The bread and butter of EFTPOS costs, these are charged as a percentage (or fixed fee) per transaction. Look for solutions like Smartpay’s Zero Cost™ EFTPOS to pass these fees onto customers and cut your operating expenses.
- Additional Fees: Understand your chosen provider’s fee structure for phone payments, specific cards (AMEX), and potential data/internet plan increases due to EFTPOS usage.
- Payment Processing Fees: Accepting additional payment types like phone or specific cards may incur further charges.
- Data or Internet Plan: Ensure your internet plan can handle EFTPOS demands. Consider built-in SIM card options to bypass reliance on existing internet infrastructure.
- Point of Sale (POS): While not mandatory, POS systems further streamline transactions and often carry monthly subscription fees. Choose a standalone EFTPOS setup if you don’t need a full POS.
- Business Transaction Bank Account Fees: Choose a no-fee or low-fee account for your business banking needs.
Savings Strategies:
- EFTPOS Surcharging: This allows businesses to pass merchant fees to customers, significantly reducing overall costs. Check the Australian Competition & Consumer Commission (ACCC) guidelines for surcharging.
- Large Businesses: Higher transaction volumes may qualify for lower processing fees through specific plans or fixed monthly rates.
Rental vs Purchasing a Eftpos Terminal
Consider these factors before deciding:
- Lock-in contracts: Does the provider have lock-in periods?
- Support services: Is 24/7 support included, or are there additional fees?
- Fees and charges: Do you prefer merchant fees or a Zero Cost solution?
- Receipt costs: What are the associated costs of paper rolls?
Choosing the Right Machine:
- Types of terminals and hardware: Portable options are great for businesses on the move, while integrated ones work seamlessly with POS systems.
- Payment processing fees and plans: Compare plans and choose one that suits your needs and budget.
- Card and contactless payment types: Ensure your chosen machine accepts the payment methods your customers use.
- Agreements and lock-in contracts: Opt for flexible solutions without long-term commitments.
- POS integration and support: Consider your POS needs and choose a machine with compatible features and ongoing technical support.
- Transaction disputes: Understand the dispute resolution process offered by your provider.
Remember: Understanding EFTPOS costs empowers you to choose the most suitable solution for your business. Don’t hesitate to compare options and leverage available savings strategies to optimize your payment ecosystem.