Your Questions
Answered (FAQs)
What is eftpos?
eftpos is Australia's leading electronic debit payment system by transaction volume, allowing consumers to pay for purchases electronically at the point of sale, and take cash-out. It is currently available at more than 389,000 merchants using 734,000 eftpos terminals.
^ Back to the top Who owns eftpos?
eftpos is a not-for-profit mutual company wholly owned by 14 Members.
^ Back to the top How big is eftpos?
In 2010-11 Australians made over 2 billion eftpos transactions worth $128 billion. eftpos is available at 389,000 merchants using over 734,000 eftpos terminals. Australians make, on average, 5.6 million transactions on eftpos every day comprising of $311 million in purchases and $42 million in cash-out.
^ Back to the top Why is it better for me to use eftpos?
Making eftpos available to your customers ensures they have access to their own money through a safe, convenient and efficient debit payment option. Accepting purchases on eftpos reduces the amount of cash you need to hold in your till, reducing exposure to theft, mishandling and misappropriation. eftpos is extremely safe, having a lower average fraud rate in 2010 than scheme credit, debit and charge cards. For more information, read APCA’s report.
^ Back to the top How am I charged for transactions?
eftpos Payments Australia Limited (ePAL) does not charge you, as a merchant, directly for transactions. You need to speak with your bank about the fees charged for eftpos transactions. Your bank may charge you a merchant service fee, which could include a fee for the rent of your terminal and another bundled fee for all your electronic transactions, including eftpos, credit card and other payment schemes.
^ Back to the top What are interchange fees?
Interchange fees are what financial institutions on either side of an eftpos transaction charge each other. ePAL recently introduced changes to interchange fees that took effect on 1 October 2011, which changed both the direction of payment of interchange fee and the amount of the fees. The multilateral interchange fees introduced by ePAL and which commenced on 1 October 2011 are as follows.
Interchange fee | eftpos multilateral interchange fee |
|
(inclusive of GST) |
Transaction type |
| $0.00 | Charity, Medicare Easyclaim, Low-value transactions (<$15) |
| $0.05 | Point-of-sale transactions ($15 and above) |
| –$0.15 | Cash-out, combined purchase/ cash-out transactions |
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Why were changes made to interchange fees?
The new interchange fee model is intended to encourage investment in innovation and enhanced functionality for eftpos, so that it can continue to compete effectively in a fast changing payments landscape. Planned enhancements to eftpos include new EMV chip technology and the ability to handle card-not-present (including online), contactless and mobile payments.
^ Back to the top What if my customer's card doesn't have an eftpos logo on it?
Don't worry, they can still pay with eftpos using any debit card issued by an Australian bank, regardless of which logo it has on it. All your customer has to do is press CHQ or SAV and they will be paying by eftpos.
^ Back to the top I am about to open a shop, how do I get set up with merchant facilities?
Please contact your bank. They will be able to take care of all your set-up and ongoing needs.
^ Back to the top Do I need one terminal for eftpos and another for scheme debit and credit cards?
No. Unlike in a number of other countries, Australians are fortunate in that almost all electronic transactions, including eftpos, can be processed through a single terminal.
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