As seen above, the upfront cost is high: $82.50 for setting up one terminal contract + $88 for getting a technician to set it up on site. If you just need it temporarily, the setup fee is $220, while additional outlets for the same business are $27.50 each.
The EFTPOS machines are never owned by you, so after ending a contract, you’ll need to return it to Westpac’s terminal supplier. A lost or damaged Verifone VX 690 terminal will cost up to $550 (incl. GST) to replace or fix, whereas the Verifone e355 reader may cost up to $200 to fix or replace.
In addition to the $33 fee per individual chargeback, an “excessive chargeback fee” may be applied if you have an unusual amount of chargebacks during a period of time. Add to that the authorisation charges for transactions requiring you to validate the payment method over the phone. Of course, this only applies to some transactions (maybe very few).
On a custom price plan, a monthly minimum charge of $22 is applied if card transaction fees are less than $22 during the relevant month. Other than that, a custom price plan would charge at least $24.75 per month for renting a standalone terminal (EFTPOS 1) or $27.50+ per month to rent a POS-integrated terminal on the Presto Smart plan. An additional $2 “participation fee” applies for all custom pricing merchants.
If you go for the EFTPOS 1 plan, there is no contractual lock-in – however, you have to pay a $104.50 (incl. GST) cancellation fee to end the contract. The Presto Smart plan also has a termination fee, but is bound by a contract term that’s not disclosed until you sign up.
The Merchant Pricing Plan has the following pricing that includes terminal rental and card transactions. Note that this pricing structure requires a Westpac business transaction account in the same name as the business registered for the EFTPOS machine.