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$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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$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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9cake on 06/08/2022 - 13:21 westpac.com.au (234 clicks)
Last edited 06/08/2022 - 16:50 by 1 other user

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.
Financial Cashback EFTPOS Terminal Merchant Account

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

  • MaxHashrate on 06/08/2022 - 13:24

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

    • vinnychase on 06/08/2022 - 13:45

      unfortunately tax is higher than 10%

      • askbargain on 06/08/2022 - 13:48

        Business expense

      • MaxHashrate on 06/08/2022 - 13:50
        -2

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

      • FutureTech on 06/08/2022 - 19:01

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

  • CptnObvious on 06/08/2022 - 14:05

    I am reading there is an ongoing rental charge:

    $24.75 a month machine rental + 1.2% flat rate

    • 9cake on 06/08/2022 - 14:08

      Ah, good spotting - updated description

  • Ahyao17 on 06/08/2022 - 14:31

    I think it still beats Square etc if you bill enough

    • blighst on 06/08/2022 - 15:05

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

      • Zuba on 06/08/2022 - 15:13

        Any recommendations ?

        • blighst on 06/08/2022 - 15:16
          +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.

          • Zuba on 06/08/2022 - 15:23

            @blighst: Thanks !!

          • Ahyao17 on 06/08/2022 - 16:29

            @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).

          • StickBug on 06/08/2022 - 19:19

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

            • blighst on 07/08/2022 - 15:19

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

          • Reveen on 06/08/2022 - 21:08

            @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.

  • thefud on 06/08/2022 - 15:22

    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?

    • BangkokBreakfast on 06/08/2022 - 15:32
      +1

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

      • thefud on 06/08/2022 - 15:33

        True! Forgot about that!

      • Manny Calavera on 06/08/2022 - 23:39

        Platinum Amex earns 3 points per dollar.

        That translates into a 1.5% cover.

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

    • SmiTTy on 06/08/2022 - 16:43
      +2

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

    • MaxHashrate on 06/08/2022 - 16:53

      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

      • JIMB0 on 06/08/2022 - 18:21

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

        • MaxHashrate on 06/08/2022 - 18:29
          -1

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

    • thekensai on 06/08/2022 - 23:33
      +1

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

  • Domingo on 06/08/2022 - 15:47

    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

    • Associatedalex4445 @ Westpac on 06/08/2022 - 17:59

      SLA for westpac swaps is 4 business hours

      • Domingo on 06/08/2022 - 21:27

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

  • billsa on 06/08/2022 - 19:31
    +1

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

  • send2riven on 06/08/2022 - 21:51
    +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.

    • griffith 101 on 07/08/2022 - 19:09

      Yeah there are easiers ways to make $300.

  • Black Hole on 07/08/2022 - 09:18

    Is the 300 bonus once off?

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