Hi it’s Dean here with a few answers for those merchants and potential eftpos merchants who enquire about short term rental on mobile eftpos terminals. We receive a lot of enquiries for this type of rental option. I wanted to shed some light on the topic and explain what the approximate costs are and why.
For a short term rental the installer will need to make a delivery. This service is outsourced by the bank and the cost involved is passed on to the merchant. With longer term contracts there are a range of incentive offers such as a waived joining fee or free rental. These do not apply for short term eftpos terminal rental offers. $80 – $150
The merchant facility will need to be cancelled which incurs a cancellation fee. Around $110 – $250.
Then there are the transaction fees which will be charged at a minimum of $20 per month. Depending on the volume you may easily exceed this amount but the minimum will be set by your financial institution.
Short term eftpos terminal rental for a mobile eftpos machine will be anywhere from $55 to $95 per month. The merchant will be charged for a full month and not a part there of.
So that gives you a rough idea of what you might be up for with your mobile eftpos short term rental. Around $265 minimum and the other thing to consider is delivery time. An application will take time to process and delivery time will be around 2 weeks minimum for you to receive. After reading this you may want to consider whether it is worth while to get a portable credit card terminal for your weekend market or trade show. In some cases it is definitely worthwhile but please considers it carefully. Make sure to contact me if you have any questions. Regards, Dean.
Hi it’s Dean with some useful information for you on the costs involved for a mobile eftpos terminal. As an Eftpos Broker I get asked this pretty much with each enquiry. The answer is a case by case answer but there are some common denominators to go by.
Joining Fee – go directly to your bank and you will most likely get slammed a joining fee from $79 through to $350. It varies from bank to bank. Your relationship with the bank is not usually considered unless you are a “Relationship Managed” client. Contact me and I will waive it for you!
Monthly Rental – the days of buying a terminal are fast disappearing. This is due to security and compliance issues. That leaves renting from a bank or an unknown institution. The bank may or may not own the fleet of terminals and this will impact on the rental. Per month including gst the mobile eftpos terminal rental starts at around $29.00 and goes through to $94.00. All options usually come with conditions such as who you bank with. The best price may not be available to you unless you are settling your funds with the same bank or are part of a trade group. A typical monthly rental is around the $35 to $40 area.
Eftpos Rolls and Stationery – some charge while others don’t. We deal with banks who offer you free stationery.
Merchant Service Fee – again no set rates. Depends on a combination volume, ticket size, industry and location. Some industry’s are “high risk” and will incur higher rates. You should be looking at around 1% for $100 000 credit card turnover as a rough indicator. For the public and mainstream business rates vary from 0.67% through to 5% plus. An average is either side of 1% including gst.
Debit Card Rates – this is a reference to a Proprietory Debit Card (one issued by the financial institution) rather than those cards issued by MasterCard and Visa. The rates will be either a flat rate in cents or a percentage. A flat rate for mobile eftpos should be under $0.30. The percentage should be equal to or lower than the Credit Card rate.
I hope this has been useful. Please make sure you contact me if you have any questions regarding Mobile Eftpos for your own business. Regards, Dean
Hi it’s Dean here and I just wanted to touch on a few mobile eftpos terminal options that are available for your business. In Australia if you have a mobile business then you may be considering getting a terminal that accepts credit and debit card payments while you are on the road. There are many advantages for the convenience factor but you may want to consider your eftpos merchant options first.
So what is available? Your bank will tell you that they will act in your interests and offer you the best deal…no need to look elsewhere. That is usually not the case and you do need to look elsewhere. Sometimes it also acts as a great time to review your business banking arrangement while you are shopping around. It is often easier to have all your business with the same bank because of the simplicity, convenience and speed of the transactions. Just make sure if you do this that you chose the best financial institution for you. Having your terminal with another bank can save you thousands in fees and this should be examined in detail and without emotion.
Most Australian banks either offer Verifone VX670 terminals or the Ingenico i7910. The Ingenico is larger and definitely found in greater numbers. What needs to be considered is the SIM card and who the carrier is…Telstra or Optus? Telstra is definitely the way to go and offers a much better coverage for terminal uses. If you do not want your terminal cutting out in the middle of an important transaction then I would recommend a Telstra SIM card in your terminal.
Be sure that you are not charged for the connecting call out every time a transaction is made. Usually you are not, but it pays to check. I will not go into pricing here in detail but your mobile eftpos rental will range from $29 per month through to around $100. If you will be processing large volumes of transactions on your mobile eftpos terminal then you really need the best transaction or MSF rates.
MSF is your merchant service fee and is a proportion of your transaction. You should be looking to achieve rates either side of 1% . This is dependent on volume, industry, bank and location of your business. Debit card can be a percentage or a flat fee. For more information why not complete the enquiry form and make contact outlining your requirements. I work as an Eftpos broker and am more than happy to discuss your requirements with you. Regards, Dean.
