Need to accept credit cards but fed up with the cost?

Reduce your fees with Surcharging

When you accept credit cards, you open the door to more customers but also greater costs. It can be tough as a business owner knowing the bank is taking some of your hard earned money. In New Zealand, it is legal to pass on the credit card transaction fee or MSF (Merchant Service Fee) to the cardholder. Some EFTPOS terminals can be set to automatically add the surcharge to the credit card transactions. This is just one way to offset the bank services you pay for.

Did you know that some banks can do unbundled rates?

This means that you could potentially have a higher credit card rate like 3.5% and your Contactless rate could be 1.8%, depending on who you bank with. For most businesses, your credit card and Contactless rate with the bank should not be more than 3.5%. If you don’t know what you’re getting charged per transaction, you should! You can always look at your monthly statement from your bank. Don’t be afraid to negotiate with them – they should be working for you.

Get the best of both worlds

  • Credit cards are popular in certain industries, but do you want the added fees eating into your profit?
  • Can you afford to loose customers by increasing prices to cover these fees?

With credit card surcharging, you can choose to pass on the cost of credit card acceptance to the customer. The options of how you do this are numerous. This can be a great option to enable credit card acceptance for customers that have no other means of payment. Your dedicated Eftco account manager can discuss these options with you.


Some important things to note:

1. You must clearly display (beside the EFTPOS terminal) that you have a surcharge for credit card use. You can get this signage from Eftco.
2. Your surcharge percentage must be reasonable e.g. if you are charged 2.5% by your bank and you oncharge your customers 6% – this is not reasonable!

Are credit card processing fees annoying you? Email our team today to find out if surcharging is available on your EFTPOS, and if it’s right for your business.

You're in good company

Need EFTPOS for your business?

Your EFTPOS terminal is just one input to the true cost of providing EFTPOS and it’s the smallest. Don’t make the mistake of not taking into account your fees. Some providers provide lower monthly hire costs but end up charging a lot more for fee processing. Some businesses end up paying hundreds if not thousands more than they need to each month.
Are you paying too much? Get a FREE FEE ASSESSMENT to find out.