Want to offer credit card processing in your business?
When it comes to small business administration, there are certain things you simply have to do. Top of that list is making very sure that it’s easy to buy from you. If your business isn’t already accepting card payments, maybe its time to take that step. Your customers are probably already asking. And saying ‘no’ can only lead to sighs of disappointment and loss of sales. But we understand that the move can be daunting. That’s why we’ve rounded up the what’s and why’s of credit card transactions. All in an effort to inform and empower small Australian business owners. Here is what you need to know:
What is EFTPOS?
An EFTPOS facility is a “plug and play” counter-top point of sale unit. The terminal is linked to the bank and wired to process the transaction. This allows transactions to be processed in seconds. Besides promoting efficiency, EFTPOS units protect both businesses and banks against card fraud.
What other options do I have for non-cash transactions?
Well, you can go ‘contactless’ where the system processes payments via radio frequency identification. The tap-and-go interface does not require a pin or signature to accept the transaction. So it is normally restricted to small transactions under $100. Mainly due to lack of verification and potential for fraud. There has been a large move towards this trend since its Australian introduction in 2017. In fact, a recent Square survey showed 24% of customers opting for tap-and-go with only 22% opting for chip-and-pin.
Are all EFTPOS Terminals created equally?
In a word: No. This is because every time the customer pays with a card, the merchant pays a fee. In fact, the costs associated with contactless transactions are often higher than chip-and-pin transactions. So the cost of absorbing these payments can really be a bit of a burden.
How do I get my EFTPOS Terminal costs down?
Luckily you have options. Beyond Payment Systems saves merchants thousands of valuable dollars every year on Merchant Service Fees and other associated costs. They believe that businesses should be able to offer their customers a wide range of payment options, without bearing the cost. Through their partnership with First Data, the world’s leading payment company, they are able to provide a unique service. Merchants can actually pass the credit card fee straight onto the customer. This is fully compliant and allows Australian merchants to align with international practices. Saving them an average $10 000 every year. That is well worth thinking about!
Minimum requirements to access Fee-Free EFTPOS.
- Your business needs to have $20K in card transactions per month.
- Have an average transaction value over $25
- Be registered for GST
- Have an ABN
At the end of the day, small business administration is tough enough. Not only do you need to offer your customers multiple payment options to entice ease of sales. But merchants often have to pay the price for offering these services. We encourage our merchants to empower themselves with information and options. Because the way your customers choose to pay, shouldn’t affect how much you earn.
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