EFTPOS is a critical tool to allow customers to pay you quickly and securely. However, like any service, EFTPOS comes with associated costs. Understanding these fees is key to managing your business’s expenses and ensuring you're making the most of your payment system. The advantages of providing customers with a fast, secure, and convenient payment method often far outweigh these costs.
Here’s a breakdown of the three components that make up your EFTPOS fees:
You can a lease a top-of-the-range Android EFTPOS device from us for a fixed monthly subscription fee. Most of our leases span 24-36 months but we also offer flexible short-term rental options to suit your needs. By leasing a terminal you'll get 24/7 support, access to the latest features, and compliance upgrades handled seamlessly for you.
The amount you pay per month to lease your terminal depends on the device model you choose and your contract term length. As your business needs evolve, the flexibility of renting your device means you can upgrade or swap devices as needed. You can get a free, no obligations quote here.
What to consider:
Your fixed monthly network fee covers accepting payments from EFTPOS and debit cards. For credit cards and contactless payments, a small merchant service fee per transaction applies, typically ranging from 1-4% of the transaction value. Merchant Service Fees are charged by the organisation handling your payment processing. For instance, while your bank can facilitate Visa and Mastercard credit and contactless transactions, you'll need to register directly with AMEX to process American Express payments. This fees can vary slightly depending on your industry and transaction volume, so it's best to consult your provider for precise charges. Many businesses opt to pass these fees onto customers through a surcharge for credit card and contactless payments.
Payment network fees - To process EFTPOS transactions you will need to connect your terminal to a payment network. We offer our own network service for just $15 + GST per terminal, per month. Enjoy the benefit of one contract, one monthly payment, and one point of contact for your EFTPOS terminal and payment network. Learn more about the Verifone Network here.
SIM card fees - By connecting your terminal to the mobile data network with a SIM card, you gain the flexibility to accept payments wherever your business takes you. This is particularly beneficial if your Wi-Fi or wired internet connection is unreliable. Our SIM service is available for just $12.95 + GST per terminal, per month, and includes unlimited data.
Understanding EFTPOS fees is essential for any business that accepts card payments. By knowing what to expect and how to optimise your payment solutions, you can ensure that your EFTPOS system is working efficiently and cost-effectively for your business. Remember, when you lease an EFTPOS terminal, you're investing in more than just the device—you're securing comprehensive service and support throughout your contract. This is a crucial factor to weigh when evaluating fees from various providers.
Have questions or need help finding the right EFTPOS solution for your business? Contact us today to explore how we can support your payment needs.