Smartpay offers two EFTPOS plans: Zero Cost EFTPOS and Simple Flat Rate. No contractual commitment is required, so you can cancel any time.
According to Smartpay, a $90 + GST “setup fee” is waived upon registration, but this is payable if you leave the EFTPOS plan within 12 months. So in reality, this is more like an early termination charge that was never intended as a setup fee.
The Zero Cost EFTPOS plan has no fixed monthly fee as long as you’re accepting at least $10,000 AUD monthly from Visa, Mastercard and eftpos cards per terminal. Otherwise, you pay an EFTPOS rental fee of $34.95 + GST monthly. Amex, keyed payments (MOTO) and debit card transactions do not count towards this minimum.
In fact, it is only merchants with an average card turnover of above $10k monthly who can apply for the Zero Cost plan in the first place.
Apart from that, transaction fees are automatically passed on to each customer paying with an eftpos, debit, Visa and Mastercard card via a surcharge. Smartpay automatically calculates this and adds a commission, which is how the company earns money with this plan.
If a customer doesn’t want to pay this, the merchant can choose to bypass it on the terminal. This will deduct the charge from the transaction settled in your bank account.