Australian Newsagency Blog

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Commentary on tap and go fees

Mark Fletcher
October 9th, 2017 · 6 Comments

Fairfax papers today have useful commentary on tap and go fees. It explains the cost of the current tap and go compared to a regular eftpos transaction. This could be a good article to link with your own comments, on your business facebook page.

3 likes

Category: Newsagency management

6 responses so far ↓

  • 1 ERIC // Oct 9, 2017 at 3:47 PM

    since Suncorp bank forcing us using tap terminals, our mechant fee has increased from $300 to now nearly $1000 a month. what a rip off

    1 likes

  • 2 Mark Fletcher // Oct 9, 2017 at 3:50 PM

    Tyro.

    0 likes

  • 3 Steve // Oct 9, 2017 at 6:10 PM

    Even if customers are aware of the fee structure around EFPOS vs VISA/MC why would they care? The retailers wear it and the customers are indemnified from any fraudulent use of their tap and go cards. As a retailer I understand but when I’m a customer I have no problem using tap and go.
    Does anybody know where you can get the 0.15% EFTPOS fee mentioned in the article? I’m paying 0.567 on EFTPOS and 0.363 on cash out. Wouldn’t surprise me if banks are charging small business 2-3 times the fee’s they charge Coleworths .

    2 likes

  • 4 Mark C // Oct 9, 2017 at 8:26 PM

    @Steve I have two ANZ terminals and pay a fixed fee for eftpos, $0.04 for $15, and $0.04 for cash out transactions irrespective of sale amount. I was not aware percentage fees were charged by any bank for eftpos until I read the article today. I’m sure you are correct that it’s a sweet deal for Coles, Woolworths etc. then they are two of the owners of eftpos so….

    0 likes

  • 5 Peter // Oct 10, 2017 at 6:51 AM

    Thanks for the link. A very interesting read. Now I know why my card which has a credit and debit account attached to it defaults to credit card when tapped however I get account choice when dipped. One exceptionally nice earner for the Banks by slyness and stealth. One more reason for a Royal Commission.

    5 likes

  • 6 Subaru // Oct 11, 2017 at 7:46 AM

    I personally have my Cheque, Savings and credit account linked to the one card. Less to carry around.

    If I tell them savings or cheque account, most places know to insert the card rather than tap.

    Some don’t ask, and just assume the card is a credit card and tap it. it’s all a bit annoying.

    Are people that time poor that they can’t manage to put a in PIN number anymore to add some level of security to their money?

    1 likes

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