"When Merchant Broking approached me to change over my eftpos facilities, I felt it was just another company trying to sell me something I did not need. However when I did the comparison with my previous merchant provider I saw the savings. As a small business owner every cent you can save counts and on average I’m saving $1,200 a year with the rates from Merchant Broking."
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EFTPOS Fees, Merchant Fees, Merchant Credit Card Processing Fee, EFTPOS Merchant Facilities, EFTPOS Facilities, Credit Card Merchant Rates
Why do I want an EFTPOS Terminal?
An EFTPOS terminal allows your customers to pay using a credit or debit card. As Australia moves towards a cashless society, it’s imperative for all businesses to adapt.
Key benefits include:
- Convenience – Money is in your account within 48 hours
- Increase in revenue – People tend to spend more on a card than on cash
- Reduced bad debts – Take payment on the spot rather than at a later date
- Increase customer service – Give your customers a different payment option
- Reduced risk of theft – Having EFTPOS means you carry less cash on your premises
What fees are involved in accepting this form of payment?
There are several fees involved in accepting payments by card. The first is the merchant service fee (MSF) which is a percentage of all transactions you put through on credit card (ranges from 0.7% - 1.5%). Next you’ll have an EFTPOS fee of usually 20c – 30c per transaction. There is a terminal rental of $10-$30 per month and then there are additional auxiliary fees which will be explained in detail.
What is the application process and how long does it take?
After decided to get a merchant facility, the process of setting up is easy – we’ll do all the work for you. We’ll fax you a completed application and all you need to do is sign it and return it with a copy of a recent bank statement. From here you should receive your terminal within 10 working days.
Are there any risks associated with having a merchant facility?
As with all banking products there are some risks. A merchant facility is really an unsecured line of credit that you are responsible for minimizing the risks associated with. The key risk is fraud and the prospect of stolen cards being used. It’s best to carefully read the welcome kit you’ll receive which will have tips on how to safe guard you and your business.
Can I accept AMEX and Diners?
Yes you can accept these cards. You will need to contact these companies separately and obtain a merchant application. This can then be automatically set up onto your terminal. |
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