When businesses use an EFTPOS system to receive payments from customers, you might wonder what happens to the dreaded card processing and transaction fees. Well, this depends on the system you choose. If you choose a fee-free EFTPOS for Australian businesses, you can pass these costs onto the customer thanks to the payment culture that we have here in Australia. You benefit from the EFTPOS system, you surcharge the customer, and the customer pays for it.
On the other hand, there are payment systems that charge businesses a percentage of the transaction amount as a fee each time you process a card payment. Some providers also charge an additional flat fee on top of this percentage-based fee. These fees can add up quickly and eat into your profits, so it’s important to carefully consider the cost of any EFTPOS system you choose.
Choosing an EFTPOS System
There are many factors to consider when selecting the right EFTPOS system for your business. Here are a few tips:
- Look for a system that is compatible with your existing setup. Make sure the EFTPOS system you choose can be easily integrated with your existing systems, as well as any hardware and software you use to accept payments.
- Consider the type of customer service offered. You want a system that is reliable and has good customer service in case you need help with the setup or have any questions.
- Check the security features of the system. Look for an EFTPOS system with strong encryption and other security measures in place to protect your customer’s data. This year, the last thing you need is a security breach to destroy your reputation.
- Compare the fees of different EFTPOS systems. Some may charge a fixed fee per transaction while others may have special rates for certain types of businesses or products. As we’ve seen, the very best tools allow businesses to surcharge customers and avoid transaction fees.
- Check for hardware compatibility. Make sure the EFTPOS system chosen is compatible with your existing software. You don’t want to buy hardware that won’t work with your current setup.
- Look for a solution with reporting features. You need to be able to keep track of your finances and know what’s going on with your business. Many EFTPOS systems have built-in reporting features that allow you to track sales, refunds, and other important information.
- Review customer support options. Choose an EFTPOS system that offers adequate customer support, such as phone assistance and online tutorials. This will ensure you get the help you need should you encounter any difficulties with your system.
Fees for EFTPOS transactions depend on the type of business you run. The fees vary from provider to provider and can range from a flat fee per transaction to a percentage of the total sale. Knowing these fees before making a purchase can help you avoid surprises down the road. With a fee-free account, you can save money in the long run and make budgeting for business expenses easier.
Explore the world of EFTPOS machines today and your business will benefit!