Live Eftpos has launched a new Fee Free Eftpos plan to its 7000 small business merchants.
The plan will see merchants able to automatically cover the cost of their customers’ card transactions through automated surcharging.
“In the past, manual surcharging may have led to excessive surcharges for customers or additional costs to the business,” says Live Group CEO Reuven Barukh.
“Fee Free Eftpos gives merchants peace of mind their card transaction fees will be covered.”
Merchants will reduce monthly business expenses by automatically charging customers the correct surcharge upfront, rather than through a monthly reconciliation for the costs of accepting card payments, ensuring ‘cost of acceptance’ will always be covered when their customers pay using card.
Fee Free Customers automatically pass on a fixed rate of 1.65% to customers on all major card types including Visa, Mastercard and American Express. For Fee Free Customers using e-commerce, a surcharge rate of 1.95% will apply to all transactions.
“Aside from the financial predictability of our Fee Free Eftpos plan, our new portals will also make it easier to keep on top of any changes to the costs of accepting a payment by allowing merchants to manage and set the surcharge percentage,” says Mr Barukh.
“This helps to ensure merchants never miss out on recouping transaction fees from customers while also avoiding the risk of incurring penalties for inaccurate or excessive surcharges as set out by the ACCC.”
There are no service fees with Fee Free Eftpos for businesses that transact over $5,000 per month and merchants earn uncapped Qantas Points through Live Eftpos. As travel opens across Australia, merchants can use Qantas Points to save on business costs such as flights and upgrades.