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.
