Processing credit and credit card payments through POS software can be expensive. Some POS software companies have arrangements that add to the cost.
This is why we say to retailers to take care, to take the time to understand the transactional cost of using the POS software.
In one situation recently a new customer for our Tower Systems POS software was grateful to create, through us, a low cost for EFTPOS transactions since through their other POS solution provider the cost was over 2% per transaction. The saving in their business amounts to a saving of $30,000 a year. That’s right, more than $30,000 in EFTPOS fees saved by switching to Tower Systems.
It is not uncommon to see 2% and higher fees for EFTPOS as plenty of companies operate at the core with this model of a per transaction clip to fund their business.
We think this approach is unfair. It is disappointing that the real details are often not obvious.
We’re a POS software company and charge a fair price for the software. That;s how we make our money. Our customers are free to choose the EFTPOS partner that best suits their need. We can share our insights through which they could save money.
It is frustrating seeing some POS companies make slick marketing pitches and hiding in fine print high operating costs, like we see from some through their EFTPOS fee arrangements. It’s expensive, and unreasonable in our view.
For any retailer reading this and wondering how to tap into the significant saving on EFTPOS fee costs, talk to us. We will share our insights and what we did in our own shops to keep these per transaction EFTPOS fees low and to a level that they are not a pain point in the business. Being retailers ourselves we live these concerns every day and we are grateful for the opportunity to share our knowledge.
If EFTPOS is used regularly in your retail business, consider looking at your arrangements to see if a fee reduction could be achieved. As plenty of Tower Systems customers have found, switching software can unlock financially rewarding benefits.