You're pretty sure you're overpaying on eftpos. Or maybe you're sick of the customer service. Or you've heard you could be earning Qantas Points from your transactions and want to look into it.
Whatever the reason, you've thought about switching eftpos providers. But then you picture the hassle — new contracts, new terminals, downtime, staff retraining, things going wrong on a Saturday night — and you put it off for another month.
We get it. Switching sounds like a pain. But the truth is, it's far simpler than most people think. Here's how it actually works, step by step.
Before You Switch: What to Check First
Before you jump ship, you need to know what you're currently dealing with. Take 20 minutes to answer these questions:
1. What's your current contract situation?
Dig out your merchant agreement and check the term. Are you locked in for 12 months? 24? 36? Is there an early termination fee? Many contracts auto-renew, so you might be on a rolling month-to-month deal without realising it — which actually makes switching easier.
If you are locked in, check the termination penalty. Sometimes it's worth paying it if the savings from a new provider more than cover the exit cost. Sometimes it's better to wait until the contract expires. An eftpos broker can do this maths for you.
2. What are you actually paying?
Pull your last three merchant statements and work out your effective rate — total fees divided by total transaction volume. This gives you a real number to compare against, not just the headline rate you were quoted. Check for hidden fees like terminal rental, PCI charges, and minimum monthly fees.
3. What does your business actually need?
This is the question most people skip, and it's the most important one. Think about what matters to you beyond just the rate:
- Settlement speed. Do you need same-day settlement, or is next-day fine?
- POS integration. Does your terminal need to talk to your point-of-sale system?
- Terminal type. Countertop, portable, mobile? Do you need tap-and-go at a market stall?
- Rewards. Are you interested in Qantas Points, cashback, or other perks?
- Support. Do you need a real person to call when things go wrong?
The Switching Process: Step by Step
Step 1: Find a Better Deal
This is the part that stops most people — comparing 20+ providers is genuinely time-consuming. You can do it yourself by contacting each provider individually, or you can use an eftpos broker (like us) to do it for free. We compare the whole market and come back to you with the options that actually fit your business. If we can't beat your current deal, we'll tell you.
Step 2: Sign the New Agreement
Once you've chosen a new provider, you sign their merchant agreement. This is standard paperwork — business details, banking information, expected transaction volumes. Most providers now do this digitally, so it takes about 10 minutes. Your broker can walk you through it and flag any terms to watch for.
Step 3: Receive and Set Up the New Terminal
Your new provider ships the terminal to your business. Setup is usually straightforward — plug it in, connect to your internet, and run a few test transactions. If you need POS integration, the provider's tech team handles the configuration. This typically takes a few days from signing, not weeks.
Step 4: Run Both Terminals in Parallel (Optional)
If you're nervous about downtime, run both the old and new terminals side by side for a few days. Process a handful of transactions on the new one to make sure everything works — settlement arrives on time, receipts print correctly, POS integration functions properly. This is a safety net, not a requirement, but it gives peace of mind.
Step 5: Cancel the Old Provider
Once the new terminal is working, contact your old provider to cancel. Give whatever notice your contract requires (usually 30 days). Return the old terminal if it's rented. Make sure there are no final invoices or early termination fees you weren't expecting. If you used a broker, they'll typically handle this coordination for you.
Common Fears (and Why They're Overblown)
"What if there's downtime and I can't take payments?"
This is the number one fear, and it's completely understandable. But here's the thing: you get the new terminal set up and tested before you cancel the old one. There's no gap. You're not sitting there with no way to take cards. The old terminal keeps working until the new one is ready.
"Won't it confuse my staff?"
Modern eftpos terminals are all pretty similar in operation. Tap, insert, swipe — the basics don't change. If your terminal integrates with a POS system, there might be a 10-minute retraining session. That's about it.
"What about my regular customers' saved cards or recurring payments?"
If you process recurring payments (like a gym membership), you'll need to re-register those cards with the new provider. This is a one-time task, and your new provider can guide you through it. For standard in-store payments, there's nothing to migrate — your customers tap or insert their card exactly the same way.
"Is it worth the effort for a small saving?"
It depends on your volume. If you process $50,000 a month and save 0.3% on your effective rate, that's $150 a month or $1,800 a year. Add Qantas Points or cashback on top of that, and the "small saving" adds up fast. Plus, if you use a broker, the effort on your end is minimal — we do the heavy lifting.
The Easiest Way to Switch
If this all sounds like more research than you want to do on a Tuesday night, we don't blame you. That's literally why we exist.
At Eftpos Brokers, we handle the entire process — from comparing providers, to reviewing your current deal, to coordinating the switch and setting up the new terminal. We work with over 20 providers, the service is completely free, and if we can't find you a better deal, we'll say so.
One conversation. That's all it takes to find out if you can do better.
Book your free consultation here or call us free on 1800 595 340.