A feeless EFTPOS solution is where a payment processing fee (surcharge) is passed onto customers when they purchase a particular product or service and pay for it using a debit or credit, or loyalty card.
The business using the facility does not bear any costs whatsoever on card transactions related to the said cashless purchase by the customer. This includes the cost of the merchant service fee (MSF), interchange fee, scheme fee, terminal rental fee, monthly maintenance fee and even stationery fees like thermal paper rolls. Simply: by never paying fees, your business saves money.
An important consideration when assessing feeless, fee-free or zero-cost eftpos payment providers is how the payment surcharge is applied, as it must be fully compliant with current legislation. The ACCC and RBA have stringent guidelines in place relating to credit and debit surcharges, so it’s critical to ensure your feeless eftpos solution is compliant to keep your business on the right side of the law.