No-Cost EFTPOS is a type of EFTPOS pricing plan that allows businesses to pass on the recurring fees traditionally associated with accepting payment through an EFTPOS terminal to the customer as a small surcharge. As part of No-Cost EFTPOS, this surcharge is automatically added to the total value of a customer’s order at the time of payment.
Depending on your EFTPOS provider, this surcharge may also cover additional fees such as your EFTPOS terminal rental fees, account fees and more.
The Difference Between No-Cost EFTPOS and Traditional EFTPOS
Traditional EFTPOS plans typically involve a variety of initial setup, recurring, and transaction-based fees charged directly to your business.
While this will vary between EFTPOS payment providers, these fees will often encompass:
A setup fee for initial system installation, integration and configuration
Hardware fees
Monthly EFTPOS terminal rental fees
Monthly account fees
Transaction fees for every payment processed via the EFTPOS terminal (this may be a flat fee, a percentage-based fee, a subscription fee or a combination of the three)
Refund processing fees
Technical support fees
In a traditional EFTPOS payment plan, these fees would all be charged to the hospitality business, often as a monthly bill, eating into their potential profits.
Other EFTPOS plans, such as ‘fee-free EFTPOS’ plans, may only surcharge the transaction fee to the customer rather than more comprehensively covering EFTPOS-related costs.
A No-Cost EFTPOS payment plan, however, aims to remove any such cost to the business. Instead, the cost is passed to the customer in the form of a small surcharge, saving the business money.
How Does No-Cost EFTPOS Work?
No-Cost EFTPOS pricing plans weigh a business’s monthly EFTPOS-based transaction turnover against the fees typically charged to a business as part of processing EFTPOS-based transactions.
This allows for a small surcharge to be calculated and charged to customers, spreading the fees a business may typically be charged for their EFTPOS terminals to their customers.
The surcharge can be automatically applied to the total value of a customer’s order and removes much of the hassle to the business owner in terms of receiving and paying monthly bills to their EFTPOS provider, as the fees are paid directly through the surcharge.
Depending on your plan and provider, this surcharge calculation may allow a business to pass over more of its EFTPOS-related fees to the customer, such as its POS software subscription fees.
No-Cost EFTPOS with NXT21 Payments
With 21st Century Business Equipment’s NXT21 No-Cost EFTPOS solution, businesses can save on more than just EFTPOS transaction fees.
NXT21 Payments allows hospitality businesses to cover their POS software and support fees, their EFTPOS terminal rental fees, and even the thermal paper their EFTPOS terminals use to print receipts through a small surcharge to their customers.
Not only does this help your business save money, but it removes the stress of monthly billing for the use of your EFTPOS system.
To learn more about how NXT21’s No-Cost EFTPOS solution can save your hospitality business money, contact the team at 21st Century Business Equipment to organise a no-obligation demonstration of our NXT21 POS system.