I was asked to put together some figures and by going through a few newsagent databases, I would estimate that EFTpos is currently just over 10% of the total revenue. The big issue here are their product mix and subagents as generally subagents today pay by EFTpos.
As most newsagents are reluctant to accept EFTpos payments under $15, the value of EFTpos under $15, I estimate is less than 1%. It sort of makes a lie of the claim that businesses like newsagents will be relatively unaffected by the increase in EFTpos rates as their transactions are generally small.
What we recommend to our clients is that they introduce a small surcharge for EFTpos transactions once the increase comes. Our software can handle manage this fee automatically.
