Point of Sale Software

Here are some Articles from the Blog Subject - eftpos -

How to get Free EFTPOS with Tyro

POS SOFTWARE

If you are not doing much in EFTPOS and need an EFTPOS as a service to your customers without it costing you, you could look at this plan. 

What you do is put a surcharge of 1.8% on all your electronic transactions, then you need not worry about the type of card, e.g. Dinners cards, etc.

This is now a regular and acknowledged method in Australia today.

For example, if I go to my local cafe and buy an espresso. When it is rung, I see a little extra charge added to the bill for the EFTPOS fees to take care of its EFTPOS costs. What they are doing here is passing on all these costs to their clients so giving them Zero Cost EFTPOS.

Some of our clients can save thousands of dollars a year by zeroing out their EFTPOS fees. 

There is no obligation, no contract, you are free to cancel and leave anytime. 

If you want to learn more about this Zero Cost EFTPOS arrangement, click here.

 

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EFTPOS latest offer

POS SOFTWARE

In my experience, EFTPOS deals tend to be June the best. This is because companies are under tremendous stress to make deals and sales. Companies need a lot of money, they have GST, super, dividends, etc. This is when they have to pay out a lot of money. Plus they will have to justify themselves based on figures made this financial year to the stakeholders, and to do that; the managers will be using these figures. Their jobs are online

So we now have an offer for six (6) months of free machine rental, double what it was a few months ago, with no commitment by you. I doubt it will last.

If you want to know more, click here or call me.

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Free EFTPOS in 2022

POS SOFTWARE

Tyro eftpos

People are now paying with electronic payments more than ever. Many of these electronic transactions come with fees. If you are using Tyro, I urge you to look at payouts that are free. In any case, these fees are costs for the merchant.

Under *Free EFTPOS*, you end the merchant costs by passing on the costs to your customers by adding a surcharge to each transaction.

Buy a coffee and cake in a cafe for $10 under the Free EFTPOS plan; if you elect to pay by VISA, you may be charged $ 10.17. The 17 cents is the surcharge added to your transaction to cover the merchant's costs.

It is easy to set up with our system, and there are a few ways of doing it.

 

Bank determined.

The banks will look over your account, determine the costs, and automatically charge your client when you do the transaction. It is fast and easy to set up. The main problem here is that many people do not come up with the bank's figure when they calculate it. There are costs the banks are not passing on.

If you want to investigate or need extra information, I suggest you talk to tyro so click here.

Manual

As such manual is the most popular, people calculate the figures and then have their POS System charge their figures. If you are going to do this and calculate your fee at 20 cents, make it either 19 or 21 cents, not 20 cents. Studies show that the 20 cent figure looks suspicious. This is true of 15 or 25 cents too. If it comes in at about 25 cents, make it 24 cents or 26 cents.

You can enter the figure where the yellow arrow is shown with the pay types circled on the point-of-sale screen below.

Cash register with credit EFTPOS displayed

You then set up your pay types with your surcharges at the appropriate rate.

Note in both cases. If a customer complains, you can remove the surcharge. Often many do not charge these fees on high transactions, to encourage people to spend more.

Under the Consumer Law provisions, you must be transparent about these fees. You should display a sign that such fees are being charged.

A final note: What will be the effect on your business for doing this is something you will need to consider. We looked into it and decided not to charge such fees.

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Are all least-cost routing for payments the same in each bank?

POS SOFTWARE

Tyro eftpos

This is something you need to investigate whether all least-cost routing for payments are the same in each bank? 

In our market space, we were the first to push 'Least-Cost Routing', saving our clients a lot of money. The idea was that as your customers electronically paid you with Visa and Mastercard, there were many paths through the bank system where the payment could go, so Least-Cost Routing selected the cheapest path that reduced interchange fees and card payment fees. As such, the merchant saved money.

That is all good.

However, recently, some banks have introduced a Merchant Choice Routing service and stated that it is the same as Least-Cost Routing. Allow me to have my doubts. Merchant Choice Routing allows you to select the path of the funds manually, either through EFTPOS or credit, which you put in advance, which has been purely a customer choice up to now. The problem here is that different card transactions have extra costs depending on the amount and the card.  

A big problem is here. 

Let us make a simple example. Say you pay a 1.5% transaction fee for Visa and 10 cents if it goes in as an EFTPOS. I know it's more complex than this, but please let us keep it simple for now. 

So a contactless purchase on a Visa debit card would cost $0.15 (1.5% of $10). If Merchant Choice Routing is activated, the same transaction would cost $0.10 via EFTPOS. The transaction is processed through EFTPOS, and it attracts a fixed debt service fee. So you have lost. If your card payment amounts vary greatly, and everyone's amounts vary, these losses could mount up. You may find that with Merchant Choice Routing, your bank fees increase. 

Another problem

Also what happens to a payment going through a VISA or Mastercard? Is it being least-cost routed? I am looking at one bank statement for one of my clients; I do not see it.

Have a chew on this, please, and see what the score is with you.

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EFTPOS settlement dates

POS SOFTWARE

Easter and Anzac Day often muck up settlement dates for EFTPOS. Tyro has released its expected settlement dates for customers who settle into an external bank account.

If you are not using Tyro, they are running a good special to introduce new people to them, let me know if you are interested.

 

 

 

 

 

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Tyro 12 months free machine terminal

POS SOFTWARE

For people not using Tyro, you can get 12 months’ free EFTPOS machine rental for up to two machines if you apply by March 31st, 2022. That is a pretty good offer, all right.

If you want to learn more, please click here.

It comes with full integration, too, which means rather than having a separate unit independent of the point of sale, this integrates the EFTPOS into your point of sale software. One big plus is that it reduces operator errors by eliminating double data entries and re-keying errors from manual entries on the EFTPOS. So no more accidentally keying into the EFTPOS terminal $20 instead of $50.

It also improves speed. As you can see, a Tyro Efpos (dark blue) takes just a fraction over a second on any day of the week. This is the fastest EFTPOS, I have come across.

 

 

If you do not have it, I suggest you try it out. 

What it will do for you is give you a seamless transaction process, speedy payments, and easy reconciliation!

If you want to learn more, please click here.

For full terms and conditions, click here.

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EFTPOS Rates now

POS SOFTWARE


Many people are now starting to get new rates.

The good news is that the increases were less than most were expecting. There was also no surprise that nothing went down. The big problem is the Visa/Mastercard international and premium cards. I wish the ACCC would do something about these. It is unfair that the merchants have to pay for the customers premium cards. Merchants should be allowed to charge by payment category as there can be a wide range of fees on any card. 

What I did was constructed a table of costs based on our rates. 

On the top is the transaction amount and the costs are listed on the table

 As you can see, you can get a lot of savings by pushing different payment categories. Also, as important as dealing with low margin items that many of my clients do, you need to check that your margins cover the commissions. 

Of course, many other fees can come into the equation not listed here, e.g. rentals, reporting fees, chargeback fees, etc. But these are the subject of another post.

If you want to discuss with us your EFTPOS/Credit fees situation and if we can help you, well we are always willing to talk.

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Another EFTPOS problem

POS SOFTWARE

 

A customer pays for a sale with their EFTPOS card. Something goes wrong and the operation is refused. The EFTPOS terminal beeps. Sometimes the customer thinks the transaction has gone through. They pick up the items and go. It happens quite a bit. 

If you do not have an integrated EFTPOS solution, you will never know what has happened.

You need an integrated EFTPOS solution.

 

 

 

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EFTPOS Deals

POS SOFTWARE

As always, as we approach Christmas, this is when the EFTPOS suppliers come up with some fantastic bargains. They know this is their last chance to get your business for quite some time. Plus they know that now your business EFTPOS is more valuable as both your turnover and basket size is higher.

That's why we can offer our customers sweet deals now.

Please let me know if you are interested as we can give you a few more options.

You do need to move quickly as the 1/ Dec /2021 is the cutoff date. Nothing we can do about that, bank policy.

 

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Internet outages and your business

POS SOFTWARE

Here is yesterday's graph of the NBN internet reliability, today I bet it will not look much prettier. Not good if you consider that an internet connection is essential today. Yet, the reality today is that despite so many internet claims, outages are a regular occurrence.

Facing this unlike so many other POS systems, we do offer a local mode.

- This means that you can accept EFTPOS payments while the internet is down.

- You can operate your POS system almost as usual until the internet is back up.

What happens is that your data will be stored locally, then it will be automatically synced when the internet is back on without any user interaction.

So with our POS System, unlike so many others, you don't have to worry about losing your internet connection.

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Afterpay

POS SOFTWARE

 

From April 2021, Afterpay had a card that is a contactless Mastercard so you need no integration into your point of sale.

Note your EFTPOS machine will need to accept Paywave Mastercard and I know Paywave is an extra expense. 

To process, you will need to get Afterpay permission to become an Afterpay approved merchant. 

If you are interested, you need to go here and provide details like your EFTPOS terminal details. 

Once accepted which does not take long, then when you get an Afterpay transaction, your funds are settled like any other card payment.

Clients of ours doing this have reported that it is easy and straightforward to use and it is fulfilling a need for many consumers.

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Why you should have local mode EFTPOS!

POS SOFTWARE

 

Local mode EFTPOS means if your internet line or telephone goes down, the EFTPOS can still work. Today's problem can be in various systems, e.g. Telstra, NBN, the bank, etc. and any one of them can cause the EFTPOS to stop. Then there is nothing anyone can do to help till it's fixed. The problem here is that every minute of downtime means to you much of that minute of lost revenue.

Make sure your EFTPOS has local mode.

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The coming Buy Now, Pay Later revolution: Big four banks are coming in.

POS SOFTWARE

I have now clients that are doing much of their business with a Buy Now, Pay Later  (BNPL) service. They have little choice as most users of BNPL have stopped using their credit card to spend goods. It makes sense if you hold a BNPL account and say you buy $20 in a shop on EFTPOS, they get surcharged 50 cents, so it costs him $20.50, and they have to pay now. If they buy the same product with a BNPL card, they get it for $20 and gets up to eight weeks to settle. 

The retailer's problem is that the current business model of the BNPL is to charge the retailers the fees. Then demand that the retailer does not pass on these costs. So to the retailer, the immediate problem with BNPL is that they are losing between 3 to 7 percent.  Many products my clients handle cannot afford these fees. 

For some items like Lay-by, most retailers, I see, will accept this loss. This is cheaper than monitoring the Lay-by, plus it avoids the current legal minefield of Lay-bys.

This is about to change with the Big Banks coming in. What the banks will be offering is a much bigger mass distribution of BNPL. According to the CBA bank, they will do a check on someone. If that person is seen as a reasonable risk, which seems to be everyone with an income source, they will offer them a BNPL option. If your customer uses this option, which I believe will work on your existing EFTPOS system, you have no added fees to you, the retailer. I am not sure whether you will know your customer is using BNPL.

If so, the retailer is looking at the BNPL market doubling in size and the fees coming down massively.

It is going to be big!

I did bring up with the CBA but did not answer is many products are not allowed with BNPL, e.g. live animals. We had to change our systems to make BNPL work because of this. Will they be permitted with commbank BNPL? Who knows? If the retailer does not know BNPL is used, how do they enforce this ban?

 

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We are really moving into a more cashless society?

POS SOFTWARE

 

One result of this COVID disaster is that usage of card-only transactions has increased. Many of my clients have seen a significant reduction in their cash transactions. According to some figures, I have seen about 30% of Australians now no longer use cash. Some are saying that within three years in Australia, we will ditch notes and coins. Here is an interesting video on some of the issues.

I doubt it. Many of our clients have tried card-only transactions. They quickly reverted to accepting cash. The Reserve Bank of Australia in December reported that, while cash has fallen, it was not plummeting. I remember similar statements said about cheques a few years ago, well cheques are still used today. Still, there are many signs that Australia is moving into a more cashless society which does not mean cashless.

I expect that with lockdown ending, cash will go up. Conversely, cashless will go up as our Social Security will be offering large numbers of Australians a free debit card CDC. I have been told that only our clients are using CDC in our market space now, but I expect this to change soon.

BNPL, e.g. Afterpay, is growing and now makes up about 10% of cashless transactions. The worry here is the high added cost to retailers as they pay with BNPL much of the fees. 

These cashless transaction fees are a long-term problem for retailers. Particularly smaller retailers, as their fees are proportionally bigger.

The question here is, what are you going to do about it?

Many of my clients have introduced EFTPOS fees, then claiming it did not affect their trade. I doubt it; when I look at their sales using big data, I can often see an impact. It is small but its there.  

I have noticed that many of my clients when asking me, have not done much research. So I have been able to get them significantly reduced fees on cashless transactions.  

Note: I am not saying that fees are the only criteria. For example, the quality of service is also important, as recent events with outages have shown. 

The other issue is that large organisations enjoy card payments analysis with detailed reports on their customers that smaller retailers cannot get unless they have a DTI system installed.

 

 

 

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Join the roll out of DTI now for free.

POS SOFTWARE

For months now, we have been rolling out DTI, you can have it in minutes. This is the latest form of EFTPOS and Credit card receipting, reporting, and tracking.

It sends receipts by SMS and/or email free. 

Soon you will be able to send the receipt directly into your customer banking app making it, what we call a smart receipt. The advantages of smart receipts are that they speed up the check out as receipts can be sent directly to the customer's banking app.

-Conventual receipt requires an operator to tear off and present to the customer. Besides labour costs, we also have the cost of printing. 

-Digital receipt by SMS requires from you 
a) An outlay of about $1,000 for extra equipment, including a new printer and dongle to do this for each register, or you have to pay for an SMS provider and then a customer's phone number. 
b) You require access to your customers' email account, something people are sometimes reluctant to give. 

Plus, also on offer is a free integrated business intelligence report. This gives you an analysis of your customers' payments. It contains details, some of which only the big retailers get now.

It is a good deal.

Try DTI now free, it will take a minute to set up!

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Tyro we have been busy reintegrating

POS SOFTWARE

Tyro compare

When your terminals arrive, please call us immediately to reintegrate them.  We need the new terminals or the fixed old ones to reconnect.

When this started, we went through our list new we have finally worked our way through almost all of them. <weary> If you have not heard from Tyro, it may be that they do not know about your unit's problems so you need to contact them on 1300 966 639. 

Although almost all Tyro sites were unaffected, a few were and badly. So what happens now, someone did something wrong, and I doubt it will be pretty. It is unbelievable as Tyro has had a brilliant record up to now. I know as POS Solutions was with them from the start, we are their first customer.  

What I can say is that our priority has always been to get our affected clients ASAP back online. So to minimise the disruption.

 

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Tyro pickup of terminals

POS SOFTWARE

Is Tyro coming to replace one of your terminals? 

Check the address on the email they sent you!

It appears on some that their trading address in the Tyro system is incorrect. 

Also, as some with problems have told us, they have not received a collection email. 

If there are any such problems, please contact Tyro support on 1300 966 639.

Plus

1) Do not remove any of the Ethernet or power cables attached to the unit. You are going to need them for the new unit.

2) Keep track of all the expenses that this has cost you.

Status updates are available here.

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Tyro outage

POS SOFTWARE

 

Many of our clients use Tyro. So on their behalf we made enquires what is happening about the current outage. I have been told about 15% approx has been affected by the recent outage for a couple of days. The problem has been found. The fix is taking time to resolve, a few days. If you want to follow the progress of the outage, click here.

There is a statement about it released to the ASX here.

 

 

Comments

Please provide us updates on this as it has been few days without fpos; which is making it inconvenience for our business. Thanks
ABN 21633735350

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Dynamic Currency Conversion (DCC) do you need that headache?

POS SOFTWARE

Say an international customer pays using their credit card. If you have activated Dynamic Currency Conversion (DCC), they get a choice of whether to pay in their own or your currency. DCC can be attractive to them. The reason is that generally, they are not interested in your currency. They want to know what it will cost them in their money. Yet, it does open you up to legal issues that I am sure no-one wants. A reasonable discussion on this is here.

These legal problems are severe. Visa was in the Federal Court over it when it attempted to ban DCC.  The courts found that Visa acted anti-competitively and fined them. So they re-instate it.

Well, it appears that the credit card providers are now appearing to transfer or notify some of the legal problems to their merchants, so beware.  

If you decide to do the DCC! 

Our POS Software does all the conversions relevant to local currency. It does not know of the legal information now required to give.  This depending on what country you are in and the country of the customer's card. It looks something like this.

This has to be given to the customer, so what we are recommending is that if you are using DCC that you give the customer the credit card machine receipt as ours will not have this information.

Tyro has put together a checklist that I suggest if you use DCC to follow.

Our advice is that although your customer the DCC maybe sometimes wanted by the customer generally it is costing them more and you now have a legal headache, so maybe it is best now if on to politely turn it off.

If the customer wants to buy they can pay in your currency.

 

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Points to be aware for friendly fraud with Credit Cards

POS SOFTWARE

What is happening now is both EFTPOS/Credit card usage, and fraud rates are way up.  What fueling the increase in fraud rates is that more EFTPOS/Credit transactions are not done in the shop.

Of the EFTPOS/Credit fraud, by far the biggest category, 71% is friendly fraud.  

Friendly fraud started when a customer queries what looks like a legitimate item on their account.  If it proceeds, what generally happens is that the bank will cancel the transaction. They will then debit the merchant. These people tend to prioritise consumer rights over merchant rights. Still, they do not like it, and since the rate is going up, we participated in a meeting to see what could be done. 

The responsibility to prove friendly fraud is on the merchant.

Here are some points you can do to reduce the risk.

1) The new DTI system that we are rolling out can help a lot the merchant. If you have not yet, signed up, do it while it is free. If it costs you nothing and can help, why not use it?

Details here.

2) If they are in the shop, process all transactions under the camera. Video evidence is something courts do accept.

3) Check the order, if the transaction amount is higher than usual. 

4) Another often larger order comes from the same customer after delivery. A fraudster who gets away with it will often try again.

4) Save delivery documentation. Signed documentation is a big help. 

5) If in doubt, contact your EFTPOS/Credit provider.

 

Hope this is of help.

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