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The costs can vary depending on the size of your small business (i.e. the volume of sales and the number of transactions you are likely to be accepting over a period of time), the number and type of machine/s you require, and of course the merchant services provider you choose.
Below are some key considerations when looking at machines & associated costs.
Purchase or rental?
Will you purchase your terminal outright or would you prefer a rental agreement (i.e. EFTPOS machine hire costs)?
At More Payments we charge low monthly fees starting from $25 (ex GST) per terminal for mobile EFTPOS machines, but without any of the long-term lock-in contracts you find with most other providers.
Often there are setup fees when establishing EFTPOS terminals and merchant accounts for your small business.
However, More payments doesn't charge anything for configuration, setup (including for delivery, which is free throughout Australia) or termination of rental agreements.
In Australia, merchant transactions can vary greatly, and at the moment we are seeing variable rates between 0.8% and 2.75% of the transaction value, per transaction.
More Payments offers some of Australia's lowest EFTPOS transaction rates of between 0.8% - 1.5%, depending on your volume of sales and industry type, which is inclusive of all transaction costs. This means that everything is upfront and there are no hidden costs. Better still, More Payments offers you the opportunity to cover all transaction fees by passing on a surcharge to your customers. This allows you to effectively have a fee-free EFTPOS facility.
Other merchant service fees
These usually consist of things such as credit card authorisations, equipment, stationary, facility maintenance, debit card, chargeback and interchange fees, along with base rates and exit fees.
More Payments has no 'monthly minimum turnover' charges, and no refund or termination fees.
Ultimately you want to consider your business size, monthly transactions and budgets when deciding how much you want to spend on the cost of EFTPOS machines in Australia.
AFor more information about More Payments' Merchant Services and market-leading business payment solutions, contact our friendly customer service team today!
8 Mar 2022
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