Business EFTPOS Machines for Taking Payment on Go

yjun355 on 16/12/2016 - 11:42
Last edited 16/12/2016 - 12:08 by 1 other user

My Requirement:
We not a shop. So, far money received is via cheque or bank transfer. Need to add credit card payment option as request from other businesses.
Take one big payment now of $9,000. Then not sure how much more would have to take. Possibly nothing for 3-4 months. Then, we add option and see how frequent clients use it.

Options to far:
a. I got square device anyways as no commitment. They charge 1.9% (i.e. $152 of that $8,000 transaction)

b. Not sure with other banks: there is westpac, cba. They seem to be on monthly plan as well. But percentage wise can't tell but it seems a lot less.

Any small business owners who have had experience in this? Any suggestions?

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  foxmulder on 16/12/2016 - 11:52

  PayPal? https://www.paypal.com/au/webapps/mpp/credit-card-reader?&mp…

  Similar rate.

  I don't think PayPal requires monthly payment thus may suits your situation. Card reader is $49 can be bought in OFW.

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    yjun355 on 16/12/2016 - 22:17

    +1

    Its same rate as square. Square seems to be better product. Their device is also only $19

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      foxmulder on 16/12/2016 - 22:22

      -1

      In Australia PayPal should be more well known than Square thus giving client more confident to pay if they see the logo. You may need to compare functionality as well as the reader is a much better improvement than the old one. paypas?

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        yjun355 on 19/12/2016 - 09:19

        I got square device as is just one of $19. It's fine over paypal. I don't mind it. However, I'm comparing it against banks services. Fees are lot higher compared to bank ones. Do you have any experience in using these mobile terminals? If so which one do you use.

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        foxmulder on 19/12/2016 - 09:24

        @Yoman55555: I notice only Commonwealth have the fancy reader. Anyway are you willing to pay $30 a month for just terminal use and cheaper rate for credit card fees? Do you even know what's the rate is? I'm guessing it's around 1.5% for cc or less than 1% for eftpos? If this is the case, there won't be much difference, even you're processing $10k.

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        yjun355 on 19/12/2016 - 12:31

        @foxmulder: Thanks. I'll look into Commonwealth bank. Sure monthly is fine. Its matter of working out usage.
        So, in the end it seems its choice between Square vs Paypal vs CommonWealthBank vs Westpac.

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        foxmulder on 19/12/2016 - 12:51

        @Yoman55555: Ok. Take account as well those merchant bank setup fee (if any) and cancellation fees.

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  k-rokfm on 16/12/2016 - 11:56

  No personal experience in buying one, but the other week i used one that a small business was using. Seemed pretty easy - 20 seconds or less to set up and get started. Although looking at it you wont be able to use it if you have the iphone 7 or looking to upgrade to the next gen iphones when they come out

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  pais on 16/12/2016 - 13:16

  The big issue is that you won't be putting many transactions through. Square offers convenience, but you're absolutely paying a premium for it (nearly 2% in transaction fees is massive).

  My recommendation to you would be to calculate what you expect to put through the terminal per year. Most banks have mobile terminals that have a flat rate component per month (works out to $1 - $1.50 per day) and then you pay set interchange fees. If you're putting through $10,000 per year, it'll probably be cheaper to go the traditional route. If you're only going to put through one transaction a year, Square is probably your best bet.

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    yjun355 on 16/12/2016 - 22:16

    Do you recommend any bank ?

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  apple2016 on 16/12/2016 - 15:30

  Need to add credit card payment option

  Do you need a device to take payment from physical Credit Card/Debit card or will online credit card payment solution will do?

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    yjun355 on 16/12/2016 - 22:16

    Could do online. But online is expensive though. Requires setting website, etc. Also, those eways cost bit as well anyways.

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      apple2016 on 16/12/2016 - 23:06

      No you don't need a website. BPay biller is one option. Commbank, MYOB aslo has a billing solution.

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        yjun355 on 19/12/2016 - 09:21

        Thanks. We need solution where person can pay by credit card. Bpay is presumably is just bank transfer. I'll find out. It seems its just choice between commbamk n wedtpac in terms of eftpos machine

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  [Deactivated] on 16/12/2016 - 22:23

  Getting the info online is an easy job for a web developer. I get mine online, ecrypted via PGP. Comes into my email where I decrypt it and process it. You will also need to a secure https certificate for your website though to accept the card info. I think i pay $99 per year.

  Check out these guys: http://www.e-path.com.au/

  Personally for low volumes I would look at an easier system where you don't need a merchant facility. If volume picks up then look at alternatives.

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    yjun355 on 19/12/2016 - 09:22

    It was more expensive than $99. However, I'm after mobile eftpos machine and seeing if any business owners here have done research to see which one is best? At moment seems between combank n westpac