Understanding your EFTPOS charges

 

Learn where your EFTPOS charges come from and what they are for.

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

Leasing a terminal

A merchant ID

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!

A merchant ID

Connecting to an EFTPOS network

All EFTPOS transactions take place using a payment network. Smartpay uses 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 Paymark 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 Paymark.

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 the credit card fees to your customers via a surcharge, however please note that surcharges cannot be applied to contactless payments.

For more information on surcharging, read about Smartcharge, 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 004 905 to speak to one of our Payments Specialists.

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 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 Paymark 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 Paymark.

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 the credit card fees to your customers via a surcharge, however please note that surcharges cannot be applied to contactless payments.

For more information on surcharging, read about Smartcharge, 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 004 905 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 004 905 to talk through the options.

Look No Further. Get Started Today!

Get a quote

Let us help you

Want to talk through your options? Call our Sales team on
0800 004 905 and we can help you with a solution based on the needs of your business.

Or complete the form online and one of our sales specialists will call you back within the next business hour.

Existing customer looking for help or support? Contact our Customer Service team

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Request a quote today or call 0800 004 905 to speak with a sales specialist

Existing customer looking for help or support? Contact our Customer Service team

  • We will handle your contact details in accordance with our Privacy Policy. You can opt out of receiving marketing communications by clicking on the unsubscribe link at the bottom of every email, or by emailing unsubscribe@smartpay.co.nz.

  • This field is for validation purposes and should be left unchanged.