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Are you getting the best EFTPOS rates available?

09.06.20 01:18 PM By David

TYRO EFTPOS and surcharging - do it!

Restrictions are starting to lift and the future is looking brighter than it has in months past.  With that we are looking to help businesses prepare for a busy period ahead and as always we are looking for ways to be more competitive and profitable in our business right?  Well, now is the time to take stock and to scrutinize every single part of our businesses to find ways to either increase customer spend or to reduce costs and improve those margins - hopefully both!            

In this post we want to look at at reducing costs in a specific way... read on (hint its EFTPOS).  There are the common ways that include but are by no means limited to:

    • Menu and dish costing reductions and/or waste trimming
    • Managing your roster more effectively in line with demand
    • Negotiating better deals with suppliers or source new ones
    • or, in the worst case scenario, pay yourself less or even nothing just to keep the business afloat.

You'll probably know many other ways to cut costs, but have you considered that simple changes to your systems can provide some of the biggest savings? As systems experts, we can advise ways in which to save you money via - you guessed it - systems.

Here are two ways our customers save money and two things you should review immediately.  Both involve your EFTPOS as mentioned above

    1. Make sure you are getting the best rates you can!  To speak with our Tyro team CLICK HERE to fill out your details and they will call you!
    2. Pass on EFTPOS processing costs to your customer.  The term for this is Surcharging.  Surcharging is becoming common place in our industry and so it should be.  Some operators are saving tens of thousands of dollars a year by simply passing on the cost of processing

Think about it. You buy tickets to a gig or a show - Processing fees.  You shop anywhere online for that matter - Processing fees.  Petrol stations? Supermarkets?

I know personally I am seeing surcharging more and more in hospitality venues and completely expect this to become the industry standard faster in the very near future.  I highly recommend adopting this change now.

There aren't many concerns raised when I speak to business decision makers around the topic.  One concern is raised all the time... What if customers wont accept it?  The first point I'd make is that I've not seen anyone regret doing it or consider for a second changing back.  

My feedback remains the same.

If you can save *insert number here*... but lets say even $1,000 per month or $12,000 per year (its often a lot more) and trade that off against a handful of conversations with concerned customer would you do it?  The key is in being prepared and training your staff to explain that you are covering your costs and simply passing the banks charges on.  You can even explain that the only other alternative would be to put your prices up to cover the costs which is the avoidable option.  This is just a more transparent way of operating.

We are supporting many businesses in this transition. The team at Tyro will tell you the same.  Reach out to me directly if you wish to discuss further.

David Cahill - 0401717777 or [email protected]