Cheapest Merchant Facility

tuxis on 14/02/2017 - 12:10

I want to start taking credit card payments online and in person, using a gateway like eWay. If I want to avoid their 1.9% fee I will need to set up a merchant account elsewhere. As I will be taking only a few payments (mostly $1k-$5k) a week, I don't mind paying a reasonable fixed fee per transaction or monthly fee, but would like to keep the percentage fee low. I have seen people talk online about finding facilities that charge under 1%, but I can't find any myself.

In short: who offers the lowest percentage merchant account?

Financial

Comments

  • peterpeterpumpkin on 14/02/2017 - 14:00

    I don't know but I would like to hear about these <1% companies. Stripe and pin.net.au both charge 1.75% + 30c (well at least for domestic transactions - do you have international clients?).

  • tuxis on 14/02/2017 - 15:34

    I wasn't referring so much to a competitor gateway as to a bank who can handle the merchant facility. That is, if I have a separate merchant account, eWay (for example) won't charge me any percentage at all for their gateway, just a monthly plan fee eg $30 or $60 a month depending on the number of transactions I require.

    Apparently NAB is only about .8%-1.2% according to this: http://www.paymentgatewayaustralia.com/reviews/australian-ba…

    Not sure if that very short list is accurate.

    That said, I am interested in alternatives to eWay too. I have looked at Stripe, Square, Paypal, Braintree, Pin etc. Some only do online, some only do point of sale card readers, some do both which would be ideal. But eWay is the only one I can see that offers plans without charging a percentage.

  • bemybubble on 14/02/2017 - 16:32

    The answer is….depends.

    Our POS NAB was by far the cheapest.

    However online we use cba.

  • tuxis on 14/02/2017 - 17:28

    bemybubble, how much are you paying for each of your services?

  • coolsteps on 22/02/2017 - 12:50

    just look up for a square referral or pm me. you dont need to buy the $19 device you can just type in card number

  • ShannonIngram on 26/02/2017 - 08:39

    Bendigo Bank has been the cheapest for me (<1%) but we are putting significant volume through there. For online stuff they are a bit more expensive though. Telephone orders are cheaper but internet orders are at a different rate.

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