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What Pay Nothing EFTPOS really means
When a cashless transaction is processed, there is a cost for using technology to move funds from the customer’s account to your business’ — quickly and securely. Transaction fees are a necessary cost of modern-day business.
Terms such as “fee free EFTPOS”, “zero cost EFTPOS”, or “pay nothing EFTPOS” simply mean that the cost of the transaction is passed on to the customer as a small surcharge, automatically added to the sales total. Essentially, instead of your business incurring the cost of the transaction, your customer covers it at the time of payment.
When you read:
- Fee-free EFTPOS, it means the processing fee is passed on to your customer as a surcharge.
- Pay Nothing EFTPOS, it means the cost to your business is zero, because it is passed on to your customer as a surcharge.
These things are technically the same as an automatic surcharge, which means the cost of accepting a transaction is automatically passed on to your customer as a surcharge.
PayNuts’ “Pay Nothing EFTPOS” is fully compliant and adheres to all rules and regulations
There are rules laid out by the Reserve Bank of Australia around surcharging. In a nutshell, the rules stipulate three key responsibilities when adding a surcharge to your transactions.
- You cannot pass on a charge greater than the one you incur
- You must review your surcharge at least once a year
- You must display appropriate signage about the surcharge
We’ve simplified the process of surcharging for our merchants. No matter how your customer chooses to pay, a low, flat transaction fee is applied to every in-person transaction — taking the guesswork out of calculating surcharges.
Expensive monthly statements are a thing of the past PayNuts
When we set you up on Pay Nothing EFTPOS you will no longer receive any monthly bills and no fees will be debited from your account. Firstly, this is because there are no terminal rental charges and the cost of the transaction is covered by your customer as a surcharge. Secondly, we set you up on a NET Settlement structure which means that we retain the surcharge component, that your customer pays, from your daily funding.
We settle the full sales value minus the surcharge to your bank account each day.
To find out more about Pay Nothing EFTPOS please visit our product page.