It pays to shop around whether you are a well establishes existing business, or a newbie. Some businesses are paying way too much for their EFTPOS. This can sometimes be as much as $10 000 per year in fees. It is a great idea to have your rates independently revised. Below are some EFTPOS points of interest for both types of business.

For those who are new, you will be required to pay a monthly terminal rental, an annual or monthly fee, and transaction fees for Credit Card and Debit Card. There is usually also an establishment fee and a closure fee, in or out of contract.

The object is to get as low a possible rates on your transaction fees, followed by as low a possible terminal rental.

Different types of Eftpos terminals have different monthly fees. Make sure you get the one most suitable for your businesses needs.

Paper rolls can be free of charge but for what its worth , they work out at around 1 cent per transaction.

There are several points which determine what a Bank can offer a customer with EFTPOS rates. Primarily the amount of terminals they have in the market, the amount of credit cards they have in the market, whether the bank owns the Merchant Service department or has ousourced it, and whether or not the Merchant Service department owns their fleet of terminals or is leasing them.

Setting up your new business requires some carefull planning and consideration.

Suprisingly your Bank may not do you too many favours when you ask them to set you up with Eftpos. There are several reasons. The Bank and its Merchant Services section could be very separate, and sometimes outsourced. This is the case with BankWest and BWAMS. Another reason is that being a new business you will fall into a high risk category with some Merchant Service departments, and this will drive up your pricing. You may be required to produce a business plan to prove your guesstimate.

This is not always the case and there are some offers out there which are sharper than what established businesses are receiving. You have to be in the know and also prepared to have to set your Eftpos Terminal up with a separate bank to the one which handles your other business banking.

Great Eftpos rates for small businesses are available from a number of Banks.

They sound like a great idea but are usually at least $250 per year more expensive to rent than plug in Eftpos Terminals.

Also, the transaction rates for a Mobile are a little higher than conventional terminals.

Monthly rentals range from around $30 per month to $93 per month..I wont mention any names ! Eftpos Machines that connect to a landline range from $9.50 per month to $35.per month. Conditions will apply on all pricing options so be sure to ask. If you have an account with the bank then you may get reduced rental. Commit to a contract and the rates may drop further.

This is where the big savings can be. Get a FREE healthcheck You may be eligeable for group deal or industry offers. For example, BarterCard or the Beauty therapy Industry.

If you need to replace your terminal and move banks for Eftpos then know that many businesses have done this. The transition will usually run smoothly.

How Much can I save ? It ranges from nothing to lots, but for most businesses it can be around $100 per month in fees. That usually justifys moving. Dont be too upset with your existing Bank. They may not be in a position to offer you lower Eftpos rates.

Getting an Independent Opinion. Be aware that you will usually need to supply 3 recent Merchant Statements for each outlet you have. This is not an intrusion of your financial records, but may be needed for an accurate assessment.

Group Deals. Not all Banks offer them You will however need a current Membership number to be eligeable.

Expect to pay under 1% for Credit Card turnover per annum of $150 000.

Above $250 000 then you can achieve rates below 0.8%

Below $100 000 then expect to pay anything up to 3%

Debit Card transaction fees range from a flat fee per transaction (best way to go) to a %. A good rate is anywhere from 15 cents to 25 cents per transaction.

Eftpos Terminal rates range from $9.50 per month to $93 per month. Fixed line Eftpos terminals should be around $20 per month and Mobiles arounf $35 per month.

Rates are dependent on turnover in most cases.