Australian Newsagency Blog

A blog on issues affecting Australia's newsagents, media and small business generally.

Take care comparing EFTPOS contracts

Mark Fletcher
May 5th, 2014 · 8 Comments

If you are called by a bank or another party to take on their EFTPOS service, take your time to research and compare the offer.

Ensure the fees are competitive, that there are no hidden extras and that any contract they want you to sign is for a period of time you are prepared to accept.

One contract I have just seen required the newsagent to sign up for three years, agree to an onerous contract break fee and accept any fee rise the bank may impose in that time.

A low EFTPOS fee deal you are offered today could be gone quickly, leaving the newsagent locked into an uncompetitive deal.

Those promoting an EFTPOS deal to newsagents ought to ensure that their deal stacks up as being good for newsagents. If any industry association promotes, endorses or otherwise guides newsagents to a specific deal they are effectively placing their stamp of approval on the deal. They need to disclose the due diligence undertaken and any commercial benefit for them they may receive.

7 likes

Category: EFTPOS fees · Newsagency management · Newsagency opportunities

8 responses so far ↓

  • 1 Chris Ball // May 5, 2014 at 10:44 AM

    Further to Mark’s post, any newsagents (whether you’re with Tyro or not) who’d like assistance evaluating such offers, we’re happy to help.
    Tyro remains committed to providing the best functionality and cost competitiveness for our customers :)
    Don’t hesitate to email me direct at cball@tyro.com

    1 likes

  • 2 rick // May 5, 2014 at 12:36 PM

    there was talk about tyro working on the ability to pass on the exact merchant fees to the customer at the time of the transaction, any updates?

    0 likes

  • 3 allan wickham // May 5, 2014 at 2:01 PM

    As I have told anybody who wanted to listen “I wouldnt leave Tyro even if another eftpos provider GAVE me theirs for free”. The speed of the TYRO machine is far more valuable to me than anything else. I have recently put a second TYRO unit at the counter and am loving it even more. The quicker I can get transactions through then the more I can do. I would urge anybody not using TYRO to do so, feel free to call into my store and see it in action for yourselves. I LOVE it….!!!!

    1 likes

  • 4 Chris Ball // May 5, 2014 at 4:11 PM

    @allan thanks for the positive feedback! The new integrated tap&go terminals are as fast as it gets :)
    @rick not sure exactly what you’re referring to there. Feel free to contact me direct to discuss further. cball@tyro.com

    0 likes

  • 5 Shaun's // May 5, 2014 at 5:41 PM

    Does it cost extra for tap and go ? I have the normal one ,
    old swipper

    1 likes

  • 6 Chris Ball // May 7, 2014 at 3:21 PM

    @shaun If you’re an existing customer, simply call Tyro support on 1300 966 639 and ask for a ‘swap-out’ to the new tap & go terminal. It will cost $116 to swap the terminal. Tyro support will fill you in on all details, should you wish to proceed.

    0 likes

  • 7 shauns // May 7, 2014 at 4:00 PM

    Thanks Chris , yes an existing customer so I will give them a call

    0 likes

  • 8 Steve // May 7, 2014 at 5:33 PM

    Tap and go is VISA and Mastercards baby so it only works with credit cards or VISA/Mastercards linked debit cards. Therefore all tap and go transactions will be slugged the higher credit card merchant fees rather than the lower eftpos debit fees. Still I think the faster transaction speeds will compensate for that so I’m starting to think I need one.

    0 likes

Leave a Comment

Powered by sweet Captcha