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Understanding your EFTPOS charges

EFTPOS is a cost-effective option for almost any business, with just three main costs:

Leasing a terminal

Connecting to an EFTPOS network

Merchant Service fees

To help you understand these charges, we’ve put together a quick guide:

Leasing a terminal

At Smartpay, you will most likely be paying a fixed monthly cost to lease your EFTPOS terminal. Most of our leases are long term, usually 12-36 months, but short term rental is also available.

Leasing a terminal means you get access to 24/7 support and don’t have to worry about keeping up to date with compliance and software updates – we’ll take care of that for you!

Connecting to an EFTPOS network

All EFTPOS transactions take place using a payment network. Smartpay uses Worldline (previously known as Paymark). This is a fixed monthly cost of $18 + GST to connect to and is a separate cost to the EFTPOS terminal rental.

To sign-up to the Worldline network, contact the Merchant Services Team at your merchant bank and they will supply you with an agreement to sign. The agreement is between yourself, your bank and Worldline.

Merchant Service fees

Accepting payments from EFTPOS and debit cards is free.

If you accept credit cards or contactless payment, you will be charged a small merchant service fee per transaction. This is usually 1-4% of the transaction value, but varies slightly by industry and the volume of transactions you put through. For exact service charges contact your merchant bank.

In most cases you can choose to pass on these fees to your customers via a surcharge for credit cards and contactless payments. For more information on surcharging, check out Smartpay’s surcharging solution.

Most businesses find these costs are massively outweighed by the benefits of offering customers a swift, secure and easy way to pay for their goods and services. If you have any further questions about EFTPOS charges, please use our contact form or call 0800 005 396 to speak to one of our Payments Specialists.

Reduce your EFTPOS costs with these handy tips:

  • Longer leases usually mean a cheaper monthly rate, consider signing up on a 24 or 36 month lease.
  • Surcharging on credit card transactions is a great way to pass on the costs related to Merchant Service Fees, and is becoming more popular amongst merchants.
  • Turning off default receipt printing can help you save on paper rolls – and it’s good for the environment too!
  • Invest in service: When you lease an EFTPOS terminal you’re not just paying for the terminal itself, but also for service and support throughout the life of your contract – take this into consideration when comparing fees from different providers. Read why we think you should choose Smartpay.

Getting set up for EFTPOS

Assuming you already have your merchant account, and are not in a rural delivery area, we could have a terminal to you and up and running in as little as one working day once we have your signed agreement.

If you don’t have a merchant ID yet we can help you through that with your bank.

To get a personalised quote and estimate of timeframe, give us a call on 0800 005 396 to talk through the options.

Speak with one of our Kiwi payment specialists today!

Every year our payment specialists help hundreds of businesses in all sorts of industries to get the right payment solution. Talk to us about your business today.