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Fee Free EFTPOS – how does this work and I am eligible?

24 Jul 2021

Merchant services are becoming increasingly expensive, especially in recent years.

This is partly due to the continued trend towards a cashless society, but also due to new technologies being introduced by banks and financial providers that need to be paid for - an example being Mobile wallets. When a customer pays with a mobile wallet (on their smart phone) the transaction fee can be more expensive than a regular card payment, and this over time will increase costs for business owners.

Fee Free EFTPOS is a way to eliminate your EFTPOS fees altogether as you pass these onto your customers with a nominal surcharge added to each transaction. This is becoming more and more common and accepted in Australia today, and you will more than likely have experienced this yourself. If you buy a coffee from a local café and see a small surcharge added to your transaction, then this is way that the business is covering their EFTPOS costs.

When you order one of our Fee Free EFTPOS plans you’ll receive the portable terminal pre-configured with this surcharge set up on Visa, Mastercard and EFTPOS transactions, and it comes with no rental costs each month. If you accept AMEX, then we can set up a surcharge to cover this cost too. Each day you are funded your full sales revenue minus the surcharge, then at the end of the month when your monthly statement comes in you would see $0 in due fees. This net settlement ensures you are not charged at the end of each month. You have the ability to change the surcharge amounts and take some of the fees on if you wish to partly on-charge the costs.

The Fee Free EFTPOS plan comes with no lock in contracts and no hidden fees so you have peace of mind should you need to cancel your plan at any time. Fee Free EFTPOS is particualrly popular in the hospitality and retail industries, as well as the services industry as a way of reducing EFTPOS charges due to the ever-increasing fees associated with taking card payments.

Feel free to reach out here should you wish to make an enquiry or need further information.

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