Zero cost EFTPOS/Credit card


Zero-cost EFTPOS is used when people want an EFTPOS/Credit card service that their customers pay directly. This is instead of the merchant collecting it from their fees and then paying it through their bank fees. What they are doing is cutting themselves out of the equation.

There is some confusion here as different banks and institutions have other names to describe this.

Some banks call it Zero cost EFTPOS, free EFTPOS and "pass on the full cost of card acceptance" all seem the same to me.

Then when you look at the fine print, there are significant differences in banks' offerings even if they are quoting what they claim is zero costs. I have heard of people with zero costs being charged fees. Some services and some premium cards are not included; e.g. if there are disputes on charges or international cards, costs show up. Some of these costs are not small either. Even if it was not the merchant's fault, errors in calculations appear to be assigned to them.

What you need to ensure you include dynamic surcharging with the flexibility to change it to your costs. 

The other issue is the rates significantly vary. Even though the merchant is not paying for it, their customers will be paying for it. If the charges look too high, the merchant's customers will react. It is a cost increase for their customers. So it would be advisable to review the rates first.

Let us know if you are interested in this service, as we can certainly help you.

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