What exactly does and EFTPOS machine do?
An eftpos machine is a device that must be issued by a banking institution that allows businesses to take payments from debit, credit and charge cards. The funds are automatically taken from a customers account and deposited into a business (or merchants) account usually within 24-48 hours.

WHAT TYPES OF CARDS CAN AN EFTPOS MACHINE PROCESS?
The machines these days will take all cards issued by Australian banks and several international banks so long as the have the eftpos, visa and mastercard logo. Addition to this, you can accept American Express, Diners, JCB and Chine union pay cards through our range of terminals.

HOW DO I APPLY FOR AN EFTPOS MACHINE?
The application process is as easy and usually takes approximately 10minutes of your time – we’ll do the rest. A few simple autographs and a proof of bank account is all that we require. This is then submitted to the banks assessment team who will approve the application. As an eftpos machine is associated with providing credit (see below), it is subject to credit approval. Providing the application is approved, you will usually have your terminal within 8 – 10 working days.

WHAT ARE THE RISKS ASSOCIATED WITH AN EFTPOS MACHINE?
The key risk associated with having an EFTPOS Machine is the bank is extending to you a line of credit. You are guaranteeing the products you sell to your customers. According to the rules of MasterCard and Visa, when a customer purchases a product from you with their credit card, they are getting some formal protection from these card schemes that i) they are the ones purchasing the product and ii) they receive the goods/services they have paid for. From the date of purchase, the customer has 90 days in which to dispute a transaction. If you as the merchant are found to be in the wrong (eg you don’t keep the copy of the customers signature proving purchase) the bank has the right to take those fund back from you and return them to the card holder.  Further to this is the additional risk of fraud using lost/stolen credit card details which you are responsible for minimising.

WHAT IS A MSF?
The merchant service fee (MSF) is the fee that you are charged for all credit card transactions. We have 2 types of MSF depending on the card type used by the customer – Standard and Premium.

WHAT IS A STANDARD CREDIT CARD?
Standard Credit cards are all domestic consumer credit cards issued by Australian banks for personal consumer use and include gold cards.

WHAT IS A PREMIUM CREDIT CARD?
There are four different types of Premium Credit cards:

1. Platinum Credit Cards – These can be identified by their distinctive platinum/silver colour. These cards are can offer additional benefits and rewards programs when compared to other credit cards.
2. Corporate, Purchasing, Commercial Credit Cards – These cards have an identifier on the card these maybe be variations of  corporate, executive, commercial business cards.
3. Affinity – these types of rewards cards are credit or charge cards that offer extra benefits as a result of being issued by partnerships with other organisations.
4. International Cards – Cards issued by overseas banks e.g. Bank of China

WHAT IS A MINIMUM MONTHLY MERCHANT SERVICE FEE?
The minimum monthly service fee of $22.00 refers to the minimum amount in transaction fees that the bank will charge you in any given month. For example, if your transaction fees total $19.00 in a month, then the bank will simply round this up to $22.00.

SETTLEMENT OF FUNDS?
With a CBA account funds will be received within 24 hours, with any another bank account it will be one extra day (Please note these are working days).

WHEN DOES THE MERCHANT SERVICE FEE GET CHARGED?
The Merchant Service Fee is charged on the first business day of the month of each month.

WHAT IS A CHARGEBACK?
A chargeback occurs when a cardholder disputes a transaction that you have processed. The most common reasons for chargeback are the card being used without the true cardholder’s permission: or the same transaction is processed more than once. The Chargeback Processing Fee may be reversed if sufficient proof can be provided by the merchant as to the validity of the transaction.