You’ll find many good reads in the Carnes Hill newsagent, but for owner Yiu Wing his favourite is his latest merchant statement from Smartpay.
“Since switching to Zero Cost™ EFTPOS, we’re saving about $10,000 per year. That has made an enormous difference to our cash flow.” Yiu Wing says.
Finding a solution for low margins and hefty bank fees
As a newsagent, Yiu Wing knows his community and how things are changing, especially when it comes to payments.
“More customers prefer to pay by card now, rather than cash. Newsagents work on very low margins, and the EFTPOS fees were really eating into our bottom line.”
“My business is growing, and so were my bank fees.”
“With my bank, the fees varied month-to-month and were quite complicated to work out.”
So when Yiu Wing heard about Zero Cost™ EFTPOS, he wanted to find out more.
Zero Cost™ EFTPOS a good news story for business
Instead of paying a confusing array of card transaction fees, Zero Cost™ EFTPOS calculates the correct surcharge and adds that to the total for the customer to pay.
“What appealed to me about Smartpay’s Zero Cost™ EFTPOS is it’s simplicity. The surcharge is very reasonable and calculated automatically,” says Yiu Wing.
“I know exactly what’s going into my bank account and do not have to waste time at the end of the month when I get my statement.”
“I have been impressed with Smartpay from my first interaction."
“Making the switch has been easy. The terminal arrived quickly, we plugged it in, and I was ready to accept payments.
We just type in the amount, and Zero Cost™ EFTPOS does the rest. There’s no training really needed for my staff and I. It’s that simple.”
And how about his customers? How do they feel about paying a surcharge?
“I have two signs on the counter, and the surcharge appears on the terminal and receipt. I’ve found 99% of my customers have no issue with paying a very small surcharge,” says Yiu Wing.
“Customers understand we are a small business, and they still have an option to pay cash.”
Turning old bank fees into new business opportunities
“We are investing back into the business, purchasing more inventory and a better range of products, so my customers benefit in a different way.”
“Zero Cost™ EFTPOS has been a great help for that.”
“I’d definitely recommend Smartpay’s Zero Cost™ EFTPOS to other small businesses. I think it’s a very good solution to help small businesses with their cash flow while still providing options to customers.”