EFTPOS Merchant Facilities: Who Qualifies and What You Get

EFTPOS merchant facilities provide the necessary infrastructure for businesses to process electronic card payments. For property management entities, this service provides a way to accept rent payments from tenants through various card-based methods.

👤Who it's for

This service is specifically intended for management agencies. It is a tool for professional entities that need to facilitate secure, electronic transactions from their clients or tenants.

🎁What you get

By setting up these facilities, you gain the ability to accept card payments for rent. This replaces or supplements other payment methods, allowing tenants to settle their rental obligations using their cards. This can streamline the collection process for your agency and provide a more modern way for tenants to manage their rent payments.

💰What it costs you

Using these facilities is not free. You will be responsible for paying merchant service fees. These fees are charged by the provider for the processing of each transaction. You should check with your specific bank to understand how these costs are calculated and how they are applied to your account.

⚠️The catch to know

A common pitfall involves how you handle surcharging. A surcharge is an extra fee added to a transaction to cover costs. You must ensure that any surcharge you pass on to a tenant does not exceed the actual cost you incur from the bank to process that specific payment.

📝How to apply

1. Reach out to one of the major Australian banks to inquire about their specific merchant service offerings.
2. Compare the different fee structures provided by various banks to find a solution that fits your agency's volume.
3. Complete the necessary application and documentation required by your chosen bank to establish the facility.
4. Set up the required hardware or software systems in your office to begin accepting card payments.