One of the most critical aspects to consider when selecting an EFTPOS provider is pricing transparency. It’s easy to get lured by seemingly low rates, but often, these don’t tell the full story.
In this post, we’ll explore why transparent pricing is crucial and what to look out for when comparing providers.
1. The Hidden Costs to Watch For
Many EFTPOS providers may advertise attractive upfront pricing but fail to include key charges in their initial quotes. Network fees, minimum monthly fees, and additional charges for international card transactions can all add up, turning what seemed like a great deal into an expensive contract. It’s essential to read the fine print and know what to expect in the long term.
2. GST Inclusion or Exclusion
Another common tactic is quoting prices without including GST. Some non-bank providers may present their Merchant Service Fees (MSF) as GST exclusive to make them appear lower than bank alternatives. In reality, this means your costs could be higher than expected once GST is factored in. Be sure to ask whether GST is included upfront when comparing quotes.
3. Cancellation Fees and Contract Length
Some providers charge steep cancellation fees or have lengthy notice periods. When considering a new provider, make sure their contract terms are clear and that cancellation fees aren’t excessive in case you need to make changes in the future.
4. Network Fees
Another hidden cost to watch for is network fees. EFTPOS terminals must be connected to a payment network, and these fees can vary depending on the provider. For instance, fees on the Verifone Network are more affordable than on the Worldline Network.
Transparent pricing is key to avoiding unexpected costs and ensuring you get the best deal for your business. If you’re considering switching EFTPOS providers, download our "Essential Guide to Switching EFTPOS Providers" to learn more about how you can find a reliable provider with clear, honest pricing.
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