You might have heard about ‘zero-cost’, ‘fee-free’, and ‘no-pay’ EFTPOS: as their names suggest, they offer business owners a way to accept payments without the regular transaction fees. Before you sign up, it’s important to understand how these schemes work and whether or not they’re right for your business. Fee-free EFTPOS explained. When someone makes a cashless transaction – by tapping their card or mobile device to your EFTPOS terminal – there is a cost for using the technology that moves the money from their account to your business bank account. This cost is known as a ‘transaction fee’ or ‘merchant fee’. A way for businesses to avoid having to pay this fee is to pass it on to the customer as a small surcharge that is added to the sales total. So, instead of your business incurring the cost of the transaction, your customer covers it at the time of payment. This is referred to as ‘surcharging’. Fee-free EFTPOS  means the processing fee is passed on to your customer as a surcharge. Zero-cost EFTPOS  means the cost to your business is zero, because it is passed on to your customer as a surcharge. This process is sometimes also referred to as an “automatic surcharge”, which means the cost of accepting a transaction is automatically passed on to your customer. Is surcharging legal? Yes. In Australia, it is legal to pass on the transaction fee, however, the Reserve Bank of Australia (RBA) mandates that the surcharge rate can’t be higher than the amount you incur to process card transactions (your ‘cost of acceptance’). Read our blog article to learn more about  how surcharging works in Australia  and in what states and industries it is most popular. It is important to note that if you do choose to pass on the fee to your customers, you are legally obliged to display appropriate  surcharge signage  at the point of sale. When ‘fee-free’ isn’t actually free. While the promise of ‘free’ EFTPOS processing is enticing, it’s important to make sure you fully understand the terms of your contract with your payment provider before proceeding. Many fee-free or zero-cost EFTPOS plans do indeed have additional costs and obligations, which we’ve listed below: Machine rental  – Most payment providers will charge a monthly fee for the EFTPOS hardware required to take payments. If your business requires multiple machines, this cost can quickly add up. Upfront establishment fee  – When you get started with EFTPOS, you may be charged a one-off establishment fee that covers the setting up of your payment terminal. It is usually charged per facility, so if you have more than one EFTPOS machine , you will be charged for each. Lock-in contracts  – This means you cannot remove the surcharge without help from your financial services provider, which will likely involve lodging a formal request and then waiting for it to be actioned. Minimum monthly transaction volume  – Many payment providers will only honour their ‘fee-free’ promise when you meet a minimum transaction volume, which can be upwards of $10,000 processed through your EFTPOS terminal per month. Variable fees per card type  – As a merchant, you have a responsibility to ensure your surcharge remains less than – or equal to – your cost of acceptance. However, some payment providers will charge a variable transaction fee, (one that changes depending on the card type) which makes it very difficult to predict what an appropriate surcharge will be. In order to stay within the law, you will have to surcharge an amount that, in some instances, won’t entirely cover the cost of the fee. When signing up for a zero-cost EFTPOS provider, make sure you’re asking questions to uncover the hidden charges and obligations — to ensure you’re getting the best deal for your business, and for your customers, too. To learn more about the true cost of EFTPOS, read our article on deciphering transaction fees . Zero-cost EFTPOS made simple with Zeller. At Zeller, we pride ourselves on keeping our fees simple and transparent. When you use Zero-Cost EFTPOS with Zeller Terminal, you know exactly how much (and how little) you’re paying. Purchase your EFTPOS machine outright  – Zeller Terminal is yours to own for just $99. With no monthly rental fees, this makes it the most affordable EFTPOS machine on the market. Order one online from the  Zeller Shop  and enjoy free express shipping. Turn surcharging on and off at any time  – We understand that surcharging doesn’t always sit well with the customers who have to foot the bill, which is why we have built flexible surcharging into our technology. With Zeller Terminal, you can toggle surcharging on or off with ease. What’s more, you can also customise the surcharge if you would prefer to only pass on a portion of the transaction fee. One low, flat fee  – No matter what card your customer chooses to pay with, Zeller will only ever charge one low, flat transaction fee of 1.4% to every in-person transaction — taking the guesswork out of calculating surcharges. No monthly minimum requirements  – At Zeller, we do not discriminate: our offer remains the same for all businesses. Whether you process $5 or $50,000 in a month, you will always have access to zero-cost EFTPOS. No hidden fees and no lock-in contracts  – With Zeller, what you see is what you get. Purchase Zeller Terminal outright and pay (or surcharge) 1.4% per in-person transaction. There are no additional fees, and we’ll never lock you into a contract.

Looking for ways to save money in your business? Here are five. The primary purpose of any EFTPOS machine is to enable customers to pay for products or services safely and securely. However, operating a business is expensive — and accepting cards and other cashless forms of currency comes at a cost. Zeller was established to help Australian businesses grow, so it makes sense that together, Zeller Terminal , Zeller Transaction Account , and Zeller Debit Card can save you money. Here are five of the ways Zeller helps keep more money in your business. 1. One low, flat fee. Transaction charges are an expense a business incurs each time an electronic payment is processed. Depending on your payment services provider, these fees can vary widely — making it difficult to anticipate what charges you'll be up for at the end of the month. Zeller processes every tapped, dipped and swiped transaction (including AMEX) for one low rate of 1.4%. Quinton Evens, owner of White Lily Couture , recently made the switch to Zeller. “It started with thinking, how we can use our cash smarter? We looked at other banks and terminal options, but they couldn’t beat our current rate," he says. "When we calculated how much we were paying versus how much we could save with Zeller, it was a no-brainer. Saving $10,000 a year on transaction fees is insane." 2. Automatic surcharging for zero-cost EFTPOS. Surcharging is a part of modern-day life, and an easy way to recoup your cost of acceptance from customers who choose to use cashless forms of payment. The number of customers who carry cash is dwindling, meaning most sales these days come at a small cost — which you can pass on to the customer as a surcharge. For every purchase made with a card or device that is tapped, dipped or swiped to Zeller Terminal, the transaction cost is just 1.4%. As a merchant, you are legally able to pass your cost of acceptance on to your customers – giving you fee-free EFTPOS . Some EFTPOS providers charge merchants an additional fee to switch surcharging functionality on, and make the switch irreversible. This effectively forces merchants to make a definitive decision for their business, one way or the other, and financially commit to it. But how do you know if surcharging is right for your business, and your customers? Zeller Terminal’s surcharging functionality can easily be toggled on from Zeller Dashboard. You can even customise your surcharge amount. With surcharging enabled, your Zeller Terminal will automatically apply a surcharge to every transaction total, after your customer's card is presented, but prior to any card verification and transaction authorisation steps (such as PIN entry or signature). If you decide surcharging is not for you, simply toggle the functionality off. Considering implementing a surcharge at your business? Read our article first to determine if it’s right for your business and your customers, or if there’s another way you can recoup the cost of transactions. 2. Fast settlement. For many merchants, the reality is that funds accepted via their EFTPOS machine aren’t cleared for one or two business days. That means that any payments accepted at the end of the week are often not available to be spent until Tuesday or Wednesday, the following week. The faster you can access your funds, the faster you can put them to work — paying staff, ordering supplies, and investing in your business. That’s why, when you accept funds via Zeller Terminal and have them settled in to your free Zeller Transaction Account, you are able to use your Zeller Debit Card to spend the funds the very next day. 3. Easy tipping. Tipping may not be an ingrained part of Australian culture, but by not offering it you’re removing the opportunity for customers to reward your staff for their efforts. You could be costing your business — especially if you have a large tourist clientele. Some EFTPOS terminals will prompt customers to leave a percentage-based tip, or to key in a specific amount. With Zeller, you have the option to do both, one or the other, or neither. Why not enable Zeller’s tipping functionality, and leave it to the customer to decide whether they want to tip or not? Zeller Terminal enables you to prompt your customers to leave a dip during the transaction flow. This is particularly handy for hospitality-based businesses, however, these days many Australians are also tipping for services rendered. So, how much should you prompt customers to tip? Some sources say 10% is typical. Others say $5 per person, or more if dining at a high-end restaurant. With tipping enabled, Zeller Terminal can prompt your customer to either enter a numerical figure or select a percentage-based tip. You can even customise the percentage-based tip amounts – say, 5%, 10% and 20%. 4. Transaction visibility. In order to appropriately manage your cash flow and identify any opportunities to save costs, you need visibility over your transactions. Any time you have the Zeller Terminal in hand, you can scroll through a chronological list of transactions. Instead of manually counting a cash draw or reconciling your paper receipts, simply tap Transactions from the Navigation menu and a list of transactions will appear. Knowing the state of your takings at any point in time is important. If you operate a food truck, for example, you might have a specific target to meet. With an hour to go until closing time, wouldn’t it be handy to know you only have $150 in transactions to go until you hit your goal for the day? Armed with that knowledge, you might decide to combine some of your items into a special — meaning less food wastage, and a strong end to the day. 5. Fee-free business debit card. Spend the funds settled into your Zeller Transaction Account using the Zeller Debit Card, and you won’t pay any fees for domestic purchases. There’s no annual card fee, either. You can use it both in person and online. We offer this to provide you more affordable business spending. Funds accepted through a Zeller Terminal will be swept into a Zeller Transaction Account overnight, and available for you to spend using your Zeller Debit Card the next business day. You are, however, able to settle funds to an external third-party bank account instead. By sharing your details with us, we may contact you from time to time. We promise we won’t bug you — and you can unsubscribe from communications at any time.