No. Our systems are compatible with all Australian banking institutions. There is no need to change your existing bank account.
Frequently asked questions
Yes, it is compliant with ACCC and RBA regulations.
Settlement times vary depending on the bank, but in most cases funds settle into your nominated account overnight, with the exception of weekend transactions which usually settle on a Monday.
Our customers on average save $10,000 annually in terminal related merchant fees.
Payment processing fees have been standard in Australia since 2003.
Most consumers understand there is a cost to accepting payments by card.
Most consumers are also aware that an increasing number of businesses are passing on the cost of accepting payments by card to their customers.
As long as the customer is aware there is surcharge in place, and they have alternate means to pay for their purchase if they choose to avoid paying the surcharge, there shouldn’t be an issue. It is important the customer knows this upfront prior to making their purchase with a well displayed counter card, which we happily provide to our Beyond clients.
Businesses incur costs when they accept a credit or debit card payment from a customer. Different cards incur different costs – cards that offer significant rewards to consumers can be substantially more expensive. Implementing a surcharge or a service fee on card payments allows businesses to recover the cost of accepting expensive card payments.
The new surcharging framework introduced by the Reserve Bank of Australia ensures that businesses have the right to surcharge in order to cover the cost of accepting card payments whilst ensuring that consumers are not excessively surcharged.
The new RBA measures allow businesses to surcharge for merchant service fees and terminal rental, but prohibits profiteering.
- VISA, VISA Debit, VISA pre-paid
- MasterCard, MasterCard Debit,
- MasterCard pre-paid
- American Express companion cards
You may choose to set the same surcharge/service fee rate for a number of different payment schemes, provided that the surcharge/service fee is no greater than the average cost of acceptance of the lowest card accepted. Get in contact for us to help you.
The Government has given the Australian Competition and Consumer Commission (ACCC) investigation and enforcement power over cases of possible excessive surcharging. Fines may apply. Visit the RBA Website for the latest information.