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Merchant terminals and fees

Kangol

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Joined
Aug 18, 2011
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3,898
For those of you with businesses, what banks/merchant facilities are you using to process credit card payments?

I haven't talked to my bank yet, but from the QBR emails, I am reminded of Live eftpos where you earn points on processed payments (at a fee).
Live eftpos is 1 point per $25 with fees of 1.6% (V MC AMEX DC) and 32c for debit.
Live eftpos black is 1 point per $1 (debit V MC) and 1 point per $2 (AMEX DC) with fees of 2.355% (V MC AMEX DC) and 2% (debit)

Seems quite steep, but they have to pay for the points somehow.

As an alternative, the online processor Stripe is 1.75% + 30c for Australian cards and 2.9% + 30c for international cards.

What fee percentage range would you be looking at for a small business startup?
 

tlam

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Joined
Apr 19, 2016
Messages
104
Stripe probably is the best option for your start up. I used to have a separate merchant account and a gateway but now I am using Stripe. My business processed over $100,000 a month so I could manage to negotiate the rate down to 1% for domestic cards + 30 cents and 1.75% for Amex and international cards.
 

tlam

Member
Joined
Apr 19, 2016
Messages
104
I got a blended rate for all visa and MasterCards at 1% and Amex for 1% so worth talking to the major banks. It doesn’t have to be your main bank.
who is your merchant provider? Any other fees like terminal fee, monthly fee?
 

Pushka

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We are using Square card reader which has fees around 1.2%. Very easy to set up. We use B2B for online credit card payments where there is an invoice sent and the user of the credit card pays the fees. The Bank is irrelevant in these situations. And we use Stripe for online website charges for products.
 

Kangol

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Aug 18, 2011
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3,898
Thanks, I'm looking for a physical terminal and only put in Stripe as a comparison.
I just looked and Stripe only offer a terminal for the US and Canada.

I got a blended rate for all visa and MasterCards at 1% and Amex for 1% so worth talking to the major banks. It doesn’t have to be your main bank.
How much are you processing per month, on a physical terminal?
 
Joined
Apr 14, 2013
Messages
367
I’m with Nab virtual terminal / online. However they were ok to offer a physical terminal for the same fee. Monthly fee - around $35 and .35cents per transaction.
 

albyd

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Apr 7, 2011
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1,866
I helped set up a terminal with Suncorp for a sole practitioner medical practice. The fee for MC/Visa (credit and debit) is 0.75%. Eftpos is 25c flat fee. I don’t recall the monthly fees but they seemed reasonable.

Not sure this is just a ‘deal’ for medicos. Bit high for debit MC/Visa but good the rate is the same even for super premium cards. Worth checking out Suncorp.

YMMV
 

Pushka

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Thanks, I'm looking for a physical terminal and only put in Stripe as a comparison.
I just looked and Stripe only offer a terminal for the US and Canada.


How much are you processing per month, on a physical terminal?
Then check out Square reader. Can purchase the reader for $50 from officeworks then create an account and link your bank Account to receive the funds. They arrive maybe 2 days later. Needs an app on your mobile to operate and you can set up a product library so easy to select the right price when transacting.
 
Joined
Nov 12, 2013
Messages
10,630
Then check out Square reader. Can purchase the reader for $50 from officeworks then create an account and link your bank Account to receive the funds. They arrive maybe 2 days later. Needs an app on your mobile to operate and you can set up a product library so easy to select the right price when transacting.
They offer terminals and ipad stand/reader as well
 
Joined
Apr 14, 2013
Messages
367
I helped set up a terminal with Suncorp for a sole practitioner medical practice. The fee for MC/Visa (credit and debit) is 0.75%. Eftpos is 25c flat fee. I don’t recall the monthly fees but they seemed reasonable.

Not sure this is just a ‘deal’ for medicos. Bit high for debit MC/Visa but good the rate is the same even for super premium cards. Worth checking out Suncorp.

YMMV
Typically GP’s / medical industry gets preferred rates. Nab is very strong in the medical and has some great deals.
 

kyanar

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Apr 11, 2015
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I got 1.5% straight out of the box from Bankwest and Amex.

Looked at Live Eftpos, but dear lord their signup process is atrocious. Errored out as soon as it hit step 4, and email says they want my business online banking login to scrape my accounts (um, no) as well as to upload some documents to some portal that just gives me error messages. With technical problems like that on an application form, and expecting me to breach my bank's T&Cs to give them account details, not an MSP I would be willing to trust.
 

docjames

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Jul 10, 2007
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I am with Live for my low volume transaction needs. Nil complaints, % fees not overly different to others, plus cheaper monthly rate than eg. NAB. The signup was a bit clunky but have had nil issues with the QF points flowing through without intervention (eventually - there is quite a lag between earn and credit to QBR account which i assume relates to refund or dispute transaction periods.....).
 

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