No-Cost EFTPOS: What is it and how does it work?
No-Cost EFTPOS is a type of EFTPOS pricing plan that allows businesses to pass on the recurring fees traditionally associated with accepting payment through an EFTPOS terminal to the customer as a small surcharge. As part of No-Cost EFTPOS, this surcharge is automatically added to the total value of a customer’s order at the time of payment. Depending on your EFTPOS provider, this surcharge may also cover additional fees such as your EFTPOS terminal rental fees, account fees and more. The Difference Between No-Cost EFTPOS and Traditional EFTPOS Traditional EFTPOS plans typically involve a variety of initial setup, recurring, and transaction-based fees charged directly to your business. While this will vary between EFTPOS payment providers, these fees will often encompass: A setup fee for initial system installation, integration and configuration Hardware fees Monthly EFTPOS terminal rental fees Monthly account fees Transaction fees for every payment processed via the EFTPOS terminal (this may be a flat fee, a percentage-based fee, a subscription fee or a combination of the three) Refund processing fees Technical support fees In a traditional EFTPOS payment plan, these fees would all be charged to the hospitality business, often as a monthly bill, eating into their potential profits.