EFTPOS fees comparison
“The quotes I was given were based on volumes of 50 transactions / month with an average transaction amount of $100. You should definitely check with the banks for the latest prices.” – Roger Keays.
In order to use a Payment Gateway in Australia you will be required to establish a merchant account with one of the Australian Banks. There are several types of merchant accounts that Australian Banks offer so it’s important to note that you will be looking for an . The Australian Banks have a list of Third Party Gateways which they support and you should not run into any trouble if you mention that you would like to connect with one of the following Payment Gateways in Australia – including, but not limited to:
Payment Gateway Online Merchant Account| Fees | Bendigo | St. George | BankWest | NAB | Commonwealth Bank of Australia | Westpac | ANZ |
|---|---|---|---|---|---|---|---|
| Setup | $195 | $275 | $575 | $80 | $484 | $110 | $99 |
| Annual | $28 | $30 | |||||
| Monthly | $40 | $55 | $7 | $44 | $20 | ||
| Transaction Fee | ~1.8% | 2.75% | 1.69% + 13c | 0.8%-1.2% | 1.65% + 28c or $22/month | 1%-3% | 4.9% pr $50/month |
| Exit Fee | $250 | $150 |
It is always best to check with your Australian Bank or the Australian Bank that you choose to open an online merchant account with for their current pricing. The Australian Banks are always modifying their online merchant account prices however this table should give you a good indication of the costs involved in establishing an online merchant account with an Australian Bank.
Australian Banks such as ANZ & The Commonwealth Bank of Australia (CBA) on-sell a Payment Gateway called “MIGS” – MasterCard Internet Gateway Service. These Australian Banks will often mention that they have their own Australian Payment Gateway for merchants to utilize. ANZ has a product called eGate and CBA has a product called CommWeb; both of these products are a white labeled version of the MIGS platform which is owned and operated by MasterCard.
