Best way to get money from EFT/Credit Card for my business

Llockers on 30/06/2015 - 18:16

Hi all.

I've started a tutoring business and need to look into making payments easier for parents. Merchant banking sucks, it costs a stack. Pay pay seems better, but eats you with fees. Does anyone know of a way to get payments with card (EFT and/or Credit Cards) whilst on the go (mobile) that doesn't cost stacks?

cheers,

andrew

Financial

Comments

  • spackbace on 30/06/2015 - 18:22

    Maybe work with cash, and/or get a savings account with every major bank, plus their apps on your phone, and do app to app transfer?

    Plus if you have a savings account with every major, money transfer will be instant :)

  • tomclancy on 30/06/2015 - 19:00

    PayPal Here has almost the cheapest mobile merchant fees going around. 1.95% is very low for non-rental merchant terminals.

    Alternatively, you could setup a mobile website (or page of your current website) specifically for taking payments on the go and use Stripe on that site to accept credit cards (V/MC = 1.75% and AMEX = 2.9%)

  • zealmax on 30/06/2015 - 23:28

    I think Commbank have merchant rates of 1.4%.

    • tomclancy on 30/06/2015 - 23:38

      When I looked at setting up credit card payments for my business last year every bank had monthly merchant account fees, terminal rental fees, setup fee and discharge fees. For a small business with < $10k credit card takings per month it worked out much more expensive going direct to banks. Plus they charge excessive rates if your client uses a gold/platinum/black cards so in the end the online merchants just worked out cheaper.

      • zealmax on 01/07/2015 - 00:23
        +1

        I was looking at CommWeb, I asked Commonwealth bank and they told me 1.4% + 20 or 40c per transaction. I think they have a mobile payment product that you pay a monthly fee for, depending on how much turn over you have. There is one for $90 a month and it includes up to $6000 payment. That works out to be about 1.5%.

        • tomclancy on 01/07/2015 - 07:41

          Wow that's great. I had no idea the banks were getting in on this type of payment processing. I'll have to do some more research to see if my current provider is up to scratch.

          Thanks for the heads up

  • lockers on 01/07/2015 - 14:51

    Thanks everyone!

    I like the idea of getting an account with major banks for easy eft options, plus maybe paypal or even commbank. Seems i'll need to bite the bullet if I want to offer card payments in person!

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