• expired

$300 Cashback on "EFTPOS Now" Terminal (New Merchants, $4,000 Sale in 60 Days Required), $24.75 Monthly + 1.2% Fees @ Westpac

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Found this when looking for a new EFTPOS terminal. Westpac are offering $300 cash back on new applications for an EFTPOS Now terminal on their 1.2% flat rate. You also need to process at least $4000 in payments within the first 60 days.

Some key call outs:

  • Plus a $24.75 monthly terminal rental fee.
  • New Westpac Group merchant customers only (includes Westpac, St. George, BankSA and Bank of Melbourne merchants)
  • Applies to applications approved 1/8/22–30/9/22.
  • Have a Westpac transaction account to settle into.
  • Be on a 1.2% flat rate or another type of blended pricing.
  • Have achieved $4,000 gross sales within 60 days of application approval.
  • The $300 bonus will be paid to you approximately 90 days after you meet the eligibility criteria.

Related Stores

Westpac
Westpac
Bank of Melbourne
Bank of Melbourne
BankSA (Bank of South Australia)
BankSA (Bank of South Australia)
St.George Bank
St.George Bank

closed Comments

  • Great place to launder the coles/woolies 10% mastercard/visa card promos.

    • unfortunately tax is higher than 10%

      • Business expense

      • -2

        Under 75k no need to collect gst and usually small business so its flexible how much you want to declare… cough cough haha

      • ATO won't care - cashing your own gift cards bought using your after tax money is private and domestic therefore not business income

  • I am reading there is an ongoing rental charge:

    $24.75 a month machine rental + 1.2% flat rate

    • Ah, good spotting - updated description

  • I think it still beats Square etc if you bill enough

    • Square's crazy expensive FWIW. Only good because low barrier to entry. Can do much better.

      • Any recommendations ?

        • +1

          In the "low barrier to entry realm" Zeller - pretty much identical to Square but cheaper.

          In the zero fee (autosurcharge) space, Smartpay.

          If you prefer dealing with a Bank, CBA do 1.1% flat rate (or this Westpac at 1.2% - just work out whether the 0.1% is worthwhile to cover the different in terminal rental etc. and before any promos)

          Obvs will depend on what volume you're doing as to what's best, but Square ain't it for 99% of users.

          • @blighst: Thanks !!

          • @blighst: Fully agree with you.
            I saw a few shops using Square etc to start with. Almost all eventually changed to a bank eftpos once business is steady.
            Haven't seen much Zeller (but not really looking for it).

          • @blighst: Issue with Zeller is that you can't track stock with it. Also there is no POS for Zeller only the terminal.

            • @StickBug: Yeah should clarify, the Square ecosystem offers a few benefits to small business etc, am talking purely from payment processing POV

          • @blighst: CBA are running a terminal rental fee free period promotion:

            Pay less when your customers pay you
            1.1% flat rate transaction fee
            $29.50 per month terminal rental fee

            1.1% covers Mastercard, Visa, AMEX, JCB, eftpos, and UnionPay transactions (additional costs may apply for all other cards).

            Offer: $0 terminal rental fee for 6 months

            Apply by 31 December 2022 to get up and running for the first 6 months, on up to 3 terminals.

  • So:
    1. Open a westpac account
    2. Apply for terminal
    3. Run my own credit card through it and charge $4000
    4. Once it settles put it back in my account
    5. Immediately close westpac terminal account
    6. Wait for the $300 to post and close the transaction account

    One month of rental - $24.75
    Fee on $4k @ 1.2% - $48
    Profit $227.25?

    • +1

      All you need is a points earning credit card and your gold 😂

      • True! Forgot about that!

      • Platinum Amex earns 3 points per dollar.

        That translates into a 1.5% cover.

        So you’re .3% ahead with each swipe.

    • +2

      Apply for a new credit card before hand, that requires min 4k spend for sign up bonus!

    • I don't think it's that easy. I remembered when I opened zeller for my wife's business they asked for some details about your business. I had to take some pics

      • Just tell them you're a manufacturing business. When asked what do you make, tell them you are manufacturing spending.

        • -1

          Or maybe say I'm a male sex worker and I take a Pic of my junk haha

    • +1

      you could get more by flashing the eftpos machine around people's backpack on trains

  • Went to a cafe yesterday and they have a flaky Westpac EFTPOS machine that has been awaiting a replacement from Westpac for over 2 months.

    A single anecdote, but their support service is lacking for at least that business

    • SLA for westpac swaps is 4 business hours

      • Seems they're something like 41.5 days outside of SLA on this one.

  • +1

    fyi
    2. Our 1.2% flat transaction rate does not apply to American Express, Diners Club and JCB cards.

  • +1

    Compare with Zeller's fee of 1.4% without rental, this is 1.2% +$24.75 rental. The breakeven point is $12375. You will be better off with Westpac if your monthly sales go over $12375.

    • Yeah there are easiers ways to make $300.

  • Is the 300 bonus once off?

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