The EFTPOS pitches keep coming, so here is my warning, again.
Getting ready for the new rules and choosing a payment provider are separate decisions. Do not rush either.
What changes tomorrow
From 1 October 2026, surcharging is generally prohibited on eftpos, Mastercard and Visa debit, prepaid and credit cards, unless an exemption applies. American Express is also removing surcharging. Your card costs remain, so cover them in your pricing.
Interchange caps fall to 8 cents or 0.16% for debit and prepaid, and 0.3% for consumer credit. These cap interchange, not your total merchant fee. What matters is your actual bill.
Who makes money from the pitch?
The promoter may be paid if you sign. That could be a POS company, a group earning a referral fee or a comparison service. It does not make the plan bad. It does mean the interest should be disclosed.
Four questions before you sign
- Who gets paid, and how much? Get it in writing.
- What will it cost from 1 October? Use your actual transactions and include every fee.
- How do interchange cuts reach me? For cost-plus, ask what is passed through and what margin is added.
- What happens later? Ask about introductory rates, fee changes and exit costs.
Urgency is not an answer.
My position
I have no financial interest in this. My business Stride Retail Pty Ltd (newsXpress) does not make anything whatsoever from EFTPOS recommendations or transactions.
I want retailers paying the lowest practical total cost.
What to do today
- If you surcharge: Switch it off on terminals, POS and online checkout. Update signs and brief staff.
- Check your margin: Adjust prices where needed.
- Get claims in writing: Then check your October statement against what was promised.
Who makes money from the recommendation? A good deal will stand up to that question.