Fishing Co-Op nets $15K savings switching to Zero Cost EFTPOS
Fishermen might love their tall tales, but the story of the $15K in EFTPOS fees that didn’t get away is all true, says Wallis Lake Fishermen’s Co-Op manager Suzie.
“I wish I had made the switch to Zero Cost EFTPOS years earlier.”
After reviewing their costs and spending, Suzie said the team were taken back by what they were paying their local bank in EFTPOS fees.
“A small percentage fee on each transaction doesn’t seem like a big deal, but you add it up over a year and it’s significant. We were paying $12,000 to $15,000 p.a.”
Finding a better EFTPOS alternative
“We started to search for an alternative solution and spoke to a number of payment businesses, including Smartpay who introduced us to their Zero Cost EFTPOS solution.”
Unlike most EFTPOS set-ups with different card transaction fees, Zero Cost Eftpos has one rate for credit cards and the terminal automatically calculates a surcharge and adds this to the total for the customer to pay.
“We work off very low margins, so surcharging enabled us to invest the savings back into the co-op and for the benefit of the local fishermen.”
Switching to Zero Cost EFTPOS an easy decision
“We really liked Smartpay, as they were so friendly and easy to deal with, right from the initial conversation.”
“Smartpay made switching so easy.”
“Everything was so simple – from explaining how their solution worked and the application process to receiving the terminal.
“We love the simplicity of the terminal and the way it automatically calculates the surcharge. We just punch in the amount and that’s it.”
“We have 8 part-time staff and with the Smartpay terminal there is no training required. "
“We get the full value of the purchase price the next business day, so we do not have to waste time reconciling, or budgeting for fees at the end of the month.”
Getting local customers onboard
Fisherman’s Co-Op is a huge part of the community. Every day you can see generations of fishermen and locals weighing their catch or buying the freshest seafood.
“As we are a local operator serving our community, we were concerned about passing on the surcharge.
“We placed multiple signs on our counters and took the time to explain to our customers the change, and the reasons behind it.
“Most of our customers understood why we needed to do this. They experience surcharging elsewhere, so they have come to accept that. They still have the option to use other payment methods, like cash.”
The savings are now being reinvested into the business to help local fishermen, and Suzie says they’re planning to open another service and will use Smartpay for that too.
“I have recommended Smartpay to a number of local businesses. It’s a great payment solution for businesses. “
Want to know more about surcharging?
If you’re keen to learn more about how surcharging on EFTPOS works, or what you could save, find out more about SmartCharge. To talk about how surcharging could work for your business get in touch with the team at Smartpay.