Blogs published on 28-05-2019

Your EFTPOS soft costs

POS SOFTWARE

 

Soft costs in EFTPOS and credit cards are extra costs that you have but are taken into account formally.  But I do suggest that you run through them as they do add up.

Examples would be

Incorrect keying in of information

A sale of $23.44 is incorrectly processed at $13.44, well that is a $10 cost. If your business made 10 of these a month, your soft cost here is $100/month

Time is taken to key in the transactions

If a transaction takes a staff member 10 seconds to do and you did 2,000 transactions a month, well your soft cost here is 5.5 hours, say staff time is  $33/hour, this item is about $150/month

Reconciliation 

If it takes you an hour a week to reconcile your point of sale software to the bank records well there are here another 4 hours.

There are many others that you can add, I am sure to the list.

Typically on a non-integrated, I would expect that these costs to a merchant are about $400/month, on an integrated EFTPOS system about $200/month.

 

 

Add new comment

Restricted HTML

  • Allowed HTML tags: <a href hreflang> <em> <strong> <cite> <blockquote cite> <code> <ul type> <ol start type> <li> <dl> <dt> <dd> <h2 id> <h3 id> <h4 id> <h5 id> <h6 id>
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.
CAPTCHA This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.