{"id":230,"date":"2016-04-19T07:18:01","date_gmt":"2016-04-19T07:18:01","guid":{"rendered":"http:\/\/www.theonsitemanager.com.au\/news\/?p=230"},"modified":"2016-04-19T07:18:01","modified_gmt":"2016-04-19T07:18:01","slug":"the-future-of-surcharges-and-what-it-means-for-your-business","status":"publish","type":"post","link":"https:\/\/theonsitemanager.com.au\/news\/the-future-of-surcharges-and-what-it-means-for-your-business\/","title":{"rendered":"The Future of Surcharges and What It Means For Your Business"},"content":{"rendered":"

According to\u00a0consultancy firm\u00a0Capgemini\u00a0and Royal Bank of Scotland, Australia has the 4th<\/sup>\u00a0highest rate of non-cash payments on earth, increasing by 7 percent per year. According to the RBA, the average surcharge for Visa \/ Master Card is 1.9% and 2.9% for American Express. The implications of this, for a business\u00a0operating on a 10%\u00a0margin, are staggering. They\u2019re essentially sacrificing 20-30% of their profit just to receive payment. For a motel operating on a 30% margin it\u2019s around 10%. These costs are often simply accepted as part of doing business, but it\u2019s only going to get worse from here.<\/p>\n

Seemingly overnight, tap-and-go services have become ubiquitous and with them, even greater stacking of\u00a0bank fees\u00a0imposed on merchants. eWallets allow mobile phone payments and are shaping up to be the next emerging technology in Point Of Sale. Apple, Google and Samsung are locked in a 3-way battle for market share, no matter who wins, the loser will surely be merchants faced with yet more\u00a0fees\u00a0<\/strong>as customers begin to demand to be offered these added payment services.<\/p>\n

Until now, merchants have chosen to absorb the\u00a0fees\u00a0and increase their total retail price for all customers; or to add\u00a0a\u00a0surcharge onto the bill – but this has been done in a clunky and ineffective manner by trying to increase the grand total by the percentage of fee, including GST (even though no GST is charged to the fee) and then deducted as an expense on their book keeping (with the fee also added to the fee).\u00a0For an onsite manager wishing to accept\u00a0rent deposits or bond payments by credit card, it’s a nightmare with surcharges and fee\u00a0adjustments wreaking havoc with your trust account.<\/p>\n

The continued creep of\u00a0merchant fees\u00a0has made the Australian market ripe for emerging Fintech companies disrupting the traditional banking sector to effectively and dramatically improve merchants\u2019 bottom line. Companies such as\u00a0Zefpos\u00a0have recently entered the Australian market with a much needed process that easily and instantly splits the fee out of the transaction and adds it as a separate cost, borne by the purchaser rather than the merchant.\u00a0It\u2019s fully ATO and RBA compliant, the fee is highly competitive with conventional systems, and it ensures that the merchant incurs absolutely no cost to accept all major credit card and EFTPOS services from their clientele.\u00a0<\/i>(The merchant keeps 100% of their EFTPOS and credit card income.)<\/p>\n

Zefpos\u00a0provides a standard EFTPOS terminal\u00a0(or terminals, as required, wired or wireless as required) with no setup fee, no merchant fees, no ongoing fees and no rental fees for qualifying merchants. And the merchant doesn’t even need to switch banks as the fees are completely handled by\u00a0Zefpos\u00a0with same day clearance into the merchant’s account.\u00a0<\/strong>There are no other\u00a0<\/b>EFTPOS products\u00a0in Australia offering such a service at this time, making them first-to-market with a highly innovative model.\u00a0<\/i><\/p>\n

Zefpos\u00a0enables merchants to be more competitive without\u00a0bank fees\u00a0eroding their profits. This equates to more business with lower cost of doing business. The simplified process increases productivity on the front desk and in the back office. Accepting all cards means consumers have the choice of how they want to pay.\u00a0Zefpos\u00a0is the ideal choice for any onsite manager (permanent or holiday), hotel, restaurant, bar, motel or resort operator. If you\u2019d like to know by exactly how much\u00a0Zefpos\u00a0can increase your business\u2019 bottom line, simply call me on 0407769944 or\u00a0visit http:\/\/www.theonsitemanager.com.au\/zefpos\/<\/a> to arrange an easy, obligation-free EFTPOS Health Check to see what your business can save.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to\u00a0consultancy firm\u00a0Capgemini\u00a0and Royal Bank of Scotland, Australia has the 4th\u00a0highest rate of non-cash payments on earth, increasing by 7 percent per year. According to the RBA, the average surcharge for Visa \/ Master Card is 1.9% and 2.9% for American Express. The implications of this, for a business\u00a0operating on a 10%\u00a0margin, are staggering. They\u2019re essentially sacrificing 20-30% of their profit just to receive payment. For a motel operating on a 30% margin it\u2019s around 10%. These costs are often simply accepted as part of doing business, but it\u2019s only going to get worse from here. Seemingly overnight, tap-and-go services have become ubiquitous and withRead More →<\/a><\/p>\n","protected":false},"author":1,"featured_media":231,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mbp_gutenberg_autopost":false},"categories":[3,7],"tags":[],"_links":{"self":[{"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/posts\/230"}],"collection":[{"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/comments?post=230"}],"version-history":[{"count":1,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/posts\/230\/revisions"}],"predecessor-version":[{"id":232,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/posts\/230\/revisions\/232"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/media\/231"}],"wp:attachment":[{"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/media?parent=230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/categories?post=230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/tags?post=230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}