Tyro, our preferred broadband EFTPOS partner and the EFTPOS partner small business and independent retailers love, is fighting hard against the looming EFTPOS fee hike which is being driven by the major Australian banks. Click here to see the latest Tyro press release on the EFTPOS fee situation.
While some sections of the media are getting all worked up over the carbon tax, others are remaining silent on what is effective a new EFTPOS Tax being imposed by the banks and facilitates by the federal government.
The impact of the higher EFTPOS fees could be more significant on small businesses, especially those which cannot easily pass on or mitigate against the higher costs of doing EFTPOS transactions. Coles and Woolworths are exempt. They sit on the board which decided the price rise which is set to cause the EFTPOS fee hike.
With EFTPOS an important method of payment in retail today, retailers have little choice but to offer this service. This positions them at the mercy of the major banks who control EPAL which sets pricing for services which effects EFTPOS processing fees.
We are supporting the campaign against higher EFTPOS fees in a number of ways including focusing on the topic at this blog and in direct communication with our customers.
Part of our mission here at Tower Systems is to help our retail partners cut the cost of doing business. While our software is terrific at helping retailers do this, we rely on fairness from providers such as the banks and their EFTPOS processing services. Our lobbying on the EFTPOS fee hike issue is central to our mission. We will gladly go into bat for our customers to help them maintain a fair cost structure.
Tower Systems proudly serves over 2,500 small and independent retailers across Australia.