Example: Choosing the cheapest EFTPOS option for a small business
In this scenario, let's say your business processes an average $20,000 worth of card transactions each month. Now, let's compare the costs of two different EFTPOS plans based on their monthly fees and transaction fees.
Fee type | Plan 1 | Plan 2 |
---|---|---|
Monthly fee | $180 | $50 |
Transaction fee | 0% for the first $15,000 of card transactions per month, then 2.5% per card transaction for the rest of the month | 1% per card transaction |
Total monthly cost based on $15,000 transaction value: | $305 | $250 |
Based on this scenario, Plan 2 is the cheapest option, with a saving of $55 per month compared to Plan 1. This is despite the fact that Plan 1 includes $15,000 of card transactions per month. For businesses with higher or lower monthly card transaction values, the results could be very different. So it is important to consider your own business details when you are trying to find the most affordable EFTPOS option.