How can I avoid credit card surcharges?

Minimize Credit Card Surcharges with EFTPOS

Credit card surcharges can eat into your business’s profits, but there are ways to reduce them. One effective solution is to implement an EFTPOS (electronic funds transfer at point of sale) system, which allows customers to pay directly from their bank accounts. This method eliminates or significantly lowers surcharges compared to traditional card readers.

How EFTPOS Works

EFTPOS systems connect directly to a customer’s bank account, enabling immediate payment processing. Unlike credit card readers, which rely on external payment networks and charge additional fees for authentication and transaction processing, EFTPOS transactions are typically free or have minimal charges.

Benefits of EFTPOS for Avoiding Surcharges

• Eliminated or Reduced Surcharges: EFTPOS transactions do not incur the same high surcharges as credit cards, often resulting in zero or significantly lower fees.

• Increased Efficiency: Direct processing via EFTPOS eliminates the need for manual entry of card details, reducing transaction time and minimizing errors.

• Enhanced Security: EFTPOS systems utilize secure protocols to protect customer data, providing a higher level of security than traditional card readers.

Implementation Considerations

Switching to an EFTPOS system requires some upfront investment, including hardware and software costs. However, the long-term savings in surcharges can quickly offset these expenses. Additionally, many financial institutions offer incentives to businesses that adopt EFTPOS systems.

Choosing an EFTPOS Provider

When selecting an EFTPOS provider, consider the following factors:

• Fees: Compare transaction charges and any monthly or annual fees.
• Integration: Ensure the EFTPOS system seamlessly integrates with your existing POS system.
• Customer Support: Choose a provider with responsive and reliable customer support.
• Security: Verify the provider’s compliance with industry security standards.

By implementing an EFTPOS system, businesses can significantly reduce credit card surcharges while improving transaction efficiency and security. This can lead to increased profitability and improved customer satisfaction.