Business Technology eWay's new flat rate merchant plan

Discussion in 'Starting & Running a Business' started by Simon Hampel, 8th Sep, 2015.

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  1. Simon Hampel

    Simon Hampel Founder Staff Member

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    Just got a call from eWay about their new flat rate merchant plan.

    Starting at 2.6% for all types of cards, including domestic, premium, international, Amex - all of them.

    Previously they charged 3.2% for premium and international cards and Amex and other types of card had different rates as well, so that's a nice discount. Obviously, the higher your monthly transaction volume, the more discount you can get.

    Quite nice, given that you can't effectively surcharge differently for premium or foreign cards because there is no way of knowing what type of card it is until after you've processed the transaction.

    Of course, whether you'd be better off on a lower rate for domestic cards and 3.2% for premium/international depends on your customer demographic - but I've found for my consulting business where my customers are small business owners - they mostly use premium or Amex cards.

    With my current NAB merchant facility (using eWay as a gateway) I'm paying up to 4% for some premium cards, so this discounted rate should be good for me.
     
    Simon Hampel, 8th Sep, 2015
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    380, leon brown, Aaronjod and 1 other person like this.
  2. 380

    380 Well-Known Member

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    Merchant market will get competitive over coming months..one of the other market leader is gearing up for bigger things!
     
    380, 9th Sep, 2015
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  3. Samten

    Samten Well-Known Member

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    Hi Simon
    Are these for cards that are used to purchase goods on your website i.e. shopping cart or do you manually process thru a NAB portal?
    Cheers
     
    Samten, 9th Sep, 2015
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  4. Simon Hampel

    Simon Hampel Founder Staff Member

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    eWay provides a merchant gateway for online credit card processing from your website or app.

    You can also do manual processing via their online portal.

    You don't deal with NAB (or any other bank) directly at all.
     
    Simon Hampel, 9th Sep, 2015
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  5. Samten

    Samten Well-Known Member

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    Thanks, just checked our deal with CBA and it's 1.4%.....pretty good. It is done through a manual portal though, where we process at end of day.
     
    Samten, 9th Sep, 2015
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  6. Simon Hampel

    Simon Hampel Founder Staff Member

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    Is that for all types of card including premium and international? How about Amex?
     
    Simon Hampel, 9th Sep, 2015
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  7. Samten

    Samten Well-Known Member

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    Yes same for Premium and International, don't do Amex tho.
     
    Samten, 9th Sep, 2015
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  8. Simon Hampel

    Simon Hampel Founder Staff Member

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    Nice - you must put some decent volume through to get that kind of rate.

    eWay will do as low as 1.2% if you do $50K per month through the facility.
     
    Simon Hampel, 9th Sep, 2015
    #8