Payments providers are chasing newsagents right now. Suncorp Bank exiting this space has plenty of newsagents thinking about what to do next, and the providers know it. The calls and emails have started, and reps are turning up in shops.
My advice is to not rush into a decision.
It is still early days. I know of three deals being pitched to newsagents right now, and I know of more options being prepared that are not public yet. Better deals may emerge. In my experience of moments like this, they usually do.
There is time, too. The new regulations banning surcharging start October 1. That sounds close, but for a decision like this it is not. You can watch the market for a few more weeks and still have plenty of time to move comfortably before the deadline. Nobody should feel pressured into signing with the first rep who calls.
When you do compare offers, look past the headline rate. What is the total cost per transaction once every fee is counted? What is the contract term, and what does it cost to leave early? Who owns the terminal, and who answers the phone when it stops working on a Saturday morning? When does the money land in your account? Cash flow depends on that last one more than people expect. Whatever answers you get, get them in writing.
Most of all, think about, and ask questions about, who is making money from the decision you make. Every deal being pitched earns someone a margin somewhere. Maybe the provider, maybe a referral partner earning a commission along the way. Once you know who gets paid and how much, you can judge whose interests the deal really serves.
This is not a criticism of the providers. They are doing what businesses do. But it is your decision and your money. Waiting a few weeks costs you little. A bad contract can cost you for years.
Take your time. Do your research. The right decision could save you a ton of money, which will matter after October 1. So, be careful, do your due diligence. Ask the tough questions. Sign only when you are sure.