Payment Gateway Setup to Account for "EFTPOS" Cards

tomsco on 19/12/2022 - 10:33

We currently rent a couple of terminals from our bank, but we are looking to utilise the payments feature through the software we use to accept payments. Because we want to let our current software do all the work on the customer side, we're left to use the two nominated providers, eWay or Stripe.

Ideally we would like an all-in-one solution that would replace our current bank terminals, but biggest issue we seem to face is we do seem to get a number of the EFTPOS branded cards that are not cobranded with Mastercard or VISA. This is highlighted when people call to make payment (another issue that I want this process to cut out) and it won't take their payment because of the above, requiring them to come in to make payment.

Lowest charge would be around $100, but can easily go into the low thousands, and generally total maybe 10 a month, maybe even less.

So far I've found…

eWay

Pros: Cheaper fees and faster settlement.
Cons: Would need a separate card reader (possible Square, would need to compare costs between new terminal and keeping bank)

Stripe

Pros: All in one, but need to confirm card reader is compatiable (WisePad3 is not according to here, but cannot find info on WisePOS E.
Cons: Higher fees and slower settlement.

I'm thinking with Stripe for our volume, the higher fees won't be too big an issue, it would just be the settlement delay.

I guess after all that, my questions are there any sellers here that use Stripe solely for both digital and in person payments? Or is it becoming more accepted to shun non co-branded EFTPOS cards in this day and age? And lastly any comment on the interface of both? To be honest, I would see us rarely using either Application assuming it will be integrated and if we are able to have a report emailed with payments.

Thanks in advance for listening to my ramblings.

Financial

Comments

  • Trance N Dance on 19/12/2022 - 11:11
    +2

    It's not so much that one chooses to shun eftpos only cards but rather the eftpos system was created to allow debit EFTPOS transactions for in person transactions (originally using magstripe cards and now additionally pin+chip). The legacy system hasn't been upgraded to allow for online or over the phone transactions yet and so you're stuck with a physical in person swipe/chip insert at a terminal for CHQ/SAV transactions.

    And yes there's a difference between EFTPOS (Electronic Funds Transfer at Point Of Sale) and eftpos the brand name of the system that is essentially the CHQ/SAV options.

    • tomsco on 19/12/2022 - 12:57

      Cheers. Yeah, eftpos is probably what I should be using I guess.

  • AustriaBargain on 19/12/2022 - 11:17
    +1

    Why would you need to use the same processor for online and in person payments anyway? I've seen setups where in person is done with the businesses bank and they get very good rates, and then use authorize.net to use their bank system online for a low monthly fee. No need for Stripe or any of those high fee options at all.

    • tomsco on 19/12/2022 - 13:04

      Why would you need to use the same processor for online and in person payments anyway?

      Primarily to reduce the number of systems/accounts we use. We have a single staff member that handles the finance side of things and that is only one task in their overall job, so partly trying to make things easier for them, but also partly they are known to complain about their workload and learning new things <- yes it's not a reason to go a certain route for something, but just trying to understand all options.

      I've seen setups where in person is done with the businesses bank and they get very good rates

      We are very low quantity, yes some transcations are higher value, but I don't think we've got much leverage to negotiate with the bank. Maybe $15-20k a month of a dozen transactions.

      No need for Stripe or any of those high fee options at all.

      The reason for Stripe or eWay is it's specifically what the software we use integrates with and we are looking at how it can be most streamlined, both for us and our customers.

  • Switchblade88 on 19/12/2022 - 11:37
    +1

    When was the last time you saw a website that accepted eftpos cards? Or a phone system that took eftpos cards? If a customer has no debit or credit card they certainly aren't using eftpos online or over the phone anywhere else, so they can't expect it from you.

    As for in person, certainly not always a cost benefit to have a physical machine the same brand as your payment gateway, but it can be simpler. I use the PayNow app on my phone for the couple of small card payments I accept each month. This has no reader at all but uses my phone's NFC to read the card then manually add CVC and email for receipts, and goes via Stripe as the gateway.

    • tomsco on 19/12/2022 - 13:05
      +2

      This comment is sort of strengthing my resolve to go to online only payments and therefore they need to sort their own solution if they don't have a debit/credit card. I know it's not the most customer-centric, but in this day and age, I feel it's probably reasonable.

      • Switchblade88 on 19/12/2022 - 14:32
        +1

        To be fair, it would cost the customer nothing to get a debit card for their account with almost any bank. And if their current bank can't, it'll also cost them nothing to switch banks either.

        I know it's not the most customer-centric, but in this day and age, I feel it's probably reasonable.

        It's been the online payments standard for probably 20 years, so don't feel bad you aren't catering to 'legacy' products.

  • payless69 on 19/12/2022 - 17:06
    -1

    Use Paypal i'm not here system
    It works like Dan and all who love him are happy!

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