What happens with EFTPOS and Credit transactions is that you get charged by everyone in the loop. For example, say the money goes from the customer's bank, into a transaction stream, which goes to another bank, the money is then moved into a new transaction stream, and then the money is transferred into your bank account, each transfer on this chain is being charged. So what happens is that each point of the chain is charging the next point of the route until it reaches you. As you have no one to charge, you get the bill.
What Tap & Save does, only available now with tyro EFTPOS, is check what possible routes are available for the money to move from the customer's bank account to your account and then directs the money to be moved along the cheapest path. The big plus here is that you save money without having to change anything.
Overall the savings are in the order of 8.4% reduction in charges but this varies depending on what exactly is the route the money is travelling now.
So I decided to see a benchmark of our clients EFTPOS over the past six months although I am still waiting for confirmation, I calculate that the savings with Tap and Save are 8.74% in our market space.
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