FAQs Archive - Merchant Advisory

Q: What do the EFTPOS terminals look like?

For images of the EFTPOS terminals being offered by each PSP, please refer to the individual PSP Profile pages - click on the PSP logos on the Payment Service Provider Panel page to access the individual PSP profile pages.

Q: What are the settlement timeframes?

For settlement cut-off times and settlement days, please refer to the Tools and FAQs section of each individual PSP Profile page - click on the PSP logos on the Payment Service Provider Panel page to access the individual PSP profile pages.

Q: Do I need to attach all the merchant statements if I have multiple stores?

Some banks (e.g. ANZ, NAB, Westpac) will provide a chain/group merchant statement which summarises all the stores, in which case that is the only merchant statement we need uploaded. Our Contact Form only allows you to upload a single merchant statement, so if you have multiple stores but utilise Commonwealth Bank or another PSP that does not provide a summary merchant statement for all stores, then please email the additional merchant statements (PDF format) to info@paymentsconsulting.com noting the following: Subject: [your company name] - merchant statements for additional stores Email text: Please note that a Contact Form has already been submitted with our company and contact details, including the merchant statement for one store in the group. Attached are the merchant statements for the remaining stores in the group. Please prepare a Pricing Comparison for the group.

Q: Do I need to change my business banking arrangements?

There is no need to change existing business banking arrangements if you elect to move to a new PSP for merchant services. All PSPs supporting the Pricing Comparison service can settle into any Australian business banking account.

Q: Will the terminals integrate with our POS system?

You will need to check directly with the PSP whether their EFTPOS terminal integrates with your specific POS system - please refer to the Payment Service Provider Information pages for relevant contact details, resources and links. Note that major banks typically use Linkly for POS integrations. Suncorp , Live Payments and Fiserv also use Linkly for POS integrations. Refer to the Linkly list of accredited POS vendors for further information. SmartPay does direct POS integrations rather then using a third party such as Linkly - please contact SmartPay to confirm that your POS system is supported.

Q: We've received a pricing offer with a lower % rate on Visa/Mastercard/eftpos, shouldn't we just go with that?

Not necessarily. All Payment Service Providers supporting the Pricing Comparison service enable least-cost routing as standard (which means multi-network contactless debit card transactions are routed to the lowest cost network, typically eftpos). Most industry offers to the liquor industry (e.g. NAB, Till Payments, CBA) leverage Metcash strategic merchant rates which require routing of multi-network contactless debit card transactions to Visa and Mastercard. As the card mix when least-cost routing is enabled is very different, it is not possible to make a decision just by comparing the rate schedules. To compare the offers, you need to ask the alternate provider to give you an annual fee estimate based on the same merchant statement that you submitted to the RDA Pricing Comparison service and then compare this to the reports we have provided you. As an example of the potential impact of a routing difference, a Visa/Mastercard debit transaction with average value of $45 at a MSF % of 0.343% would incur a MSF of $0.15435, which would be 54% higher than if it was routed to eftpos at a $0.10 transaction fee. It is also important to understand with flat all-inclusive rates, how this differs from the rates applied previously for each card type. For example, if a single flat rate is applied to all card transactions, then eftpos transactions that may previously have incurred a lower transaction fee, $0.10 in the above example, would now be charged at the flat 0.343% rate incurring a higher $0.15435 transaction fee.

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What do the EFTPOS terminals look like?

What are the settlement timeframes?

Do I need to attach all the merchant statements if I have multiple stores?

Do I need to change my business banking arrangements?

Will the terminals integrate with our POS system?

We’ve received a pricing offer with a lower % rate on Visa/Mastercard/eftpos, shouldn’t we just go with that?

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CONTACT US

CONTACT US

SERVICES

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