Join Australia's most dynamic and respected property investment community

eWay's new flat rate merchant plan

Discussion in 'Small Business' started by Simon Hampel, 8th Sep, 2015.

  1. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    3rd Jun, 2015
    Posts:
    1,660
    Location:
    Sydney
    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.
     
  2. Be Developer

    Be Developer Property Developer Business Member

    Joined:
    19th Jun, 2015
    Posts:
    1,085
    Location:
    Australia
    Merchant market will get competitive over coming months..one of the other market leader is gearing up for bigger things!
     
  3. Samten

    Samten Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    275
    Location:
    Sydney
    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
     
  4. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    3rd Jun, 2015
    Posts:
    1,660
    Location:
    Sydney
    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.
     
  5. Samten

    Samten Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    275
    Location:
    Sydney
    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.
     
  6. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    3rd Jun, 2015
    Posts:
    1,660
    Location:
    Sydney
    Is that for all types of card including premium and international? How about Amex?
     
  7. Samten

    Samten Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    275
    Location:
    Sydney
    Yes same for Premium and International, don't do Amex tho.
     
  8. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    3rd Jun, 2015
    Posts:
    1,660
    Location:
    Sydney
    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.