Taking EFTPOS through your existing bank is the default many venues fall into, because it is bundled with the business account and feels simple. It can be fine, but bank merchant fees are often higher and less transparent than the specialist providers, so it genuinely pays to check. Here is our honest read.
Most venues end up on bank EFTPOS because it comes bundled when they open a business account, and there is real comfort in having payments and banking under one familiar roof with a provider you already deal with. For some venues that simplicity is worth a little extra.
The honest issue is cost and clarity. Bank merchant fees are frequently higher than the specialist payment providers, and they can be bundled in ways that make your true rate hard to see. A lot of venues are quietly overpaying not because the bank is bad, but because they set it up years ago and never compared. This is the one option where a quick benchmark almost always pays off.
Payments sit alongside your business account with a provider you already use, which feels simple.
A name you already bank with, with established support channels.
Bank merchant rates are frequently higher than specialist providers, and not always clearly shown.
Because the rate is easy to overlook, this is the option where comparing almost always pays off.
Bank EFTPOS is rarely the cheapest, but it is the most common, because it is the path of least resistance. That combination is exactly why it is worth a look. Many venues discover they are paying noticeably more than a specialist provider would charge, simply through inertia. A quick comparison costs nothing and frequently uncovers a real saving.
We rate suppliers independently. We do not earn a referral fee from Bank EFTPOS. Here is the balanced picture, the good and the points to weigh up.
Bank EFTPOS is usually bundled into your merchant facility, with fees that vary by bank and plan and are not always shown as a single clear rate. That opacity is the point to watch, the figures below describe the shape, and benchmarking reveals the real number.
Bank merchant fees are often not shown as a single clear rate, which is exactly why comparing matters. Getting you a clear read on what you actually pay, and what a specialist provider would charge instead, is exactly what we do, free.
Bank EFTPOS is one option. Here is how it sits alongside the other payment providers we review, so you can weigh them side by side.
Bank EFTPOS is the option venues most often overpay on, simply by never comparing. We will read your current fees and show you honestly what a specialist provider would charge instead. Free, no obligation, and we will be in touch within 48 hours.
