Card payments have emerged as a non-negotiable for any business in the fast-paced and technology evolving landscape of the hospitality industry. From empowering the way guests pay for accommodation to the way in which they settle the bill when dining, we are in a world where cash is diminishing, and card payments are taking control of the wheel.
Recent research by the RBA shows that over the past year, three quarters of all consumer transactions are now card payments, with a particularly rapid increase in digital wallet usage. The increase in contactless transactions and, thus, the rise in subsequent merchant transaction fees now affects businesses’ bottom line more than ever.
However, many business owners are unaware they could be getting a better deal on their EFTPOS, and that they don’t need to go to their banks for all their business finance needs. There are many independent providers in the market for services such as EFTPOS, who can save them money on fees. Especially when first setting up a new business, owners often default to the banks’ ‘bundles’ rather than exploring alternative (and, in most cases, much cheaper) options.
So, what are the benefits of choosing a specialist EFTPOS provider over a bank? Here are some things to consider.
Easy to switch and no lock-in contracts
It is extremely easy to switch providers, but business owners worry that doing so will cause downtime, particularly during peak periods. At Smartpay, we have a quick application process and a dedicated representative with you every step of the way, making the process simple. Why? Because EFTPOS should be easy. Many banks are also likely to ask you to sign up with a minimum contract period, which you’re locked into regardless of your business needs, so look for a provider like Smartpay with no lock-in contracts.
Zero out your fees
Picture this – you’re a business that’s hitting a busy period, and when sales go up, so do your EFTPOS fees. With a non-specialist provider, the card type used by the customer dictates the merchant fee amount per transaction. Unfortunately, the more premium the card, the higher the merchant fee charged, which can be impossible to predict. When it comes to EFTPOS fees, why not wipe them out entirely? Smartpay offers a Zero Cost™ EFTPOS solution* that allows you to keep every dollar of your sale by adding a minimal surcharge. Check out our savings calculator to see how much you can save on EFTPOS fees annually!
That specialist touch
Switching to a specialist EFTPOS provider not only saves you on merchant fees, but you also know you are a top priority client, given their core focus on EFTPOS. The goal is to make accepting card payments as easy as possible so you can get on with the main thing: running your hospitality business and focusing on creating memorable customer experiences.
Did I hear you say 24/7 customer service?
From when you open until when you close, no matter what time that may be for your hospitality business, you need an EFTPOS partner that is there to help, 24/7, 365 days a year. Most banks and incumbents can’t offer personalised service to every customer. Unlike their generic call centres, where it becomes a ‘battle of the financial product’ with the wait time to match, when you switch to a specialist provider, you’re calling a specialist team that only deals with one service type. Smartpay has a trans-Tasman customer service team always available to help with queries, focusing only on your EFTPOS needs. Easy!
As technology evolves, we can expect even more innovations in card payment solutions for the hospitality industry, making experiences easier for consumers but potentially more expensive for businesses. So, if you’re running a business, keep your business bank and change your EFTPOS facility to reap the savings; allowing your business to grow at a time when your bottom line is most critical. It’s time to put your EFTPOS bill back into your hospitality business by switching to a specialist provider.
EFTPOS fees eating into your profits? Savour the savings and mention the code HOSPMAG24 when you contact Smartpay to take advantage of our $500 cashback. Wipe away your fees with Smartpay, the EFTPOS specialists.
*Minimum turnover and T&Cs apply.
