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What is No Cost EFTPOS and is it right for my business?

30 May 2024

Every small business owner knows time is precious. Making sure your customers have options in how they prefer to pay makes it easy for them and efficient for you.

But between cards and digital wallets, traditional EFTPOS and on-the-go payment technologies, there are transaction fees and machine rentals to pay, and paper rolls to buy. For small businesses, it all comes with the territory of taking payments.

It’s a cost your business has needed to take – until now.

With Bendigo Bank powered by Tyro, No Cost EFTPOS is a surcharging pricing option that helps small businesses better manage their transaction costs.

How does No Cost EFTPOS work?

No Cost EFTPOS is a pricing option that helps businesses to recover payment costs via a surcharge.

Businesses can offset EFTPOS expenses by passing on costs to the customer as a surcharge. The costs of expenses like transaction fees, machine rental, and paper rolls are covered through this fee when signing up to No Cost EFTPOS on a Pro EFTPOS machine with Bendigo Bank powered by Tyro.1

The surcharge fee – which is calculated as a percentage of the purchase price – is automatically added to the customer’s purchase price. We take the hard work out of calculating the surcharge by applying a fixed rate, so you can get on with running your business.

No Cost EFTPOS is a surcharging pricing option for business customers with the Pro EFTPOS machine and is available to customers with monthly transaction volumes of more than $10,000.2 There are also no machine rental costs or lock in contracts, and no exit fees.

Is No Cost EFTPOS right for my business?

There are obvious benefits of No Cost EFTPOS, starting with improving profit margins. Recovering the costs associated with offering electronic payments means you can reduce expenses and keep a larger portion of your profits for activities that will grow your business. This could include improving experiences for customers, or sustainability activities.

And because time is precious, No Cost EFTPOS means you can keep administration time to a minimum. With no need to consolidate EFTPOS-related fees, you can spend less time bookkeeping and more time running an efficient business.

This pricing option is a great solution for businesses looking to reduce costs. But there are some factors you should consider to make sure it’s right for your business.

What your customers will think

Can your customers accept a price increase? This is where you'll need to do some research. Understand what your customers think about the product or service you offer and their sensitivity to price changes. You might want to understand how a price increase might affect sales, and check if your competitors are already applying a surcharge.

What is legal and what isn’t

In Australia, it’s legal for businesses to recoup their payment costs via surcharging. 

You should know that the Reserve Bank of Australia has rules around surcharging. In short, businesses should only pass on the average cost of accepting the transaction. This could include fees relating to card transactions, merchant terminal rental and supplies, such as paper rolls. It could also include charges for processing online payments and the cost of fraud prevention.

The Australian Competition and Consumer Commission has the power to investigate businesses who overcharge. It’s important to take care to ensure the surcharge is right.

With No Cost EFTPOS, rates will be automatically set for you to help cover the costs that are associated with accepting card payments. It is important for businesses however, to ensure that they are aware of and comply with the surcharging framework.

No Cost EFTPOS is a solution that can help small businesses grow by reducing EFTPOS expenses and administration.

Find a solution and decide if No Cost EFTPOS is right for your business. Existing customers can activate No Cost EFTPOS by calling 1300 108 976.


General disclaimer:
Any advice provided in this article is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. please read the applicable product disclosure statement(s) on our website before acquiring any product.
Important information
1. No Cost EFTPOS may not enable you to recover all your costs of taking electronic payments with Tyro. It does not cover:
  • your EFTPOS machine rental if you transact less than $10,000 per month (excluding Alipay transactions and transactions processed and settled to you under a separate agreement with American Express or JCB) using your Tyro EFTPOS facility;
  • any transaction where you manually impose a surcharge (for example, using your POS software) or disable Tyro’s surcharging feature;
  • if you have Tyro eCommerce or otherwise use your Tyro facility to accept electronic payments online, the costs of accepting those electronic payments;
  • if you have a separate agreement with American Express and/or JCB which governs how transactions are processed and settled to you, any fees payable to American Express and/or JCB based on that agreement;
  • EFTPOS machine rental for any EFTPOS machines you rent from us, or any EFTPOS machine paper rolls you purchase from us, that exceed your reasonable business needs; or
  • any optional accessories that you purchase from Tyro.
2. If you accept less than $10,000 in transactions (excluding Alipay transactions and transactions processed and settled to you under a separate agreement with American Express or JCB) using your Tyro EFTPOS facility in a particular month, you will be charged EFTPOS machine rental for each EFTPOS machine that you rent from Tyro.

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Bendigo and Adelaide Bank acknowledges Aboriginal and Torres Strait Islander peoples as the First Peoples of this nation and the Traditional Custodians of the land where we live, learn and work. We pay our respects to Elders past and present as it is their knowledge and experience that holds the key to the success of future generations.

Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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