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  • #966772
    fanix
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    So after contacting several banks to get some fee estimates, this is what I have so far:

    Note that these fees are for my online store. i will only be dealing with Card not present transactions, so no POS points required for my business.

    Commonwealth Bank:
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    Establishment Fee: $79
    Annual Fee:$28
    Transaction Fee: $0.14
    MSF (Per Transaction): 1.48% (Local)
    MSF (Per Transaction): 2.61% (International)

    St.George:
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    Establishment Fee: $70
    Annual Fee:$40
    Monthly Admin Fee: $20
    Transaction Fee: None
    MSF (Per Transaction): 1.43% (Local)
    MSF (Per Transaction): 1.43% (International)

    My customer base will mostly be international, so I was presently surprised at the International MSF rate from St.George..

    Any input regarding these fees?

    #1020836
    BrightSpark
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    Your location shows as South Africa so what good is an Australian Bank to you?
    A number of EFTPOS machines allow you to select other currencies as well, or you could also look at an web interface to the bank which works like a virtual EFTPOS machine. The fees for these would also vary between the banks as well.

    #1020837
    fanix
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    BrightSpark, post: 24664 wrote:
    Your location shows as South Africa so what good is an Australian Bank to you?
    A number of EFTPOS machines allow you to select other currencies as well, or you could also look at an web interface to the bank which works like a virtual EFTPOS machine. The fees for these would also vary between the banks as well.

    Yes, currently in South Africa, moving to Melbourne 1st April, thats when I will start my business.

    #1020838
    VideoTraining
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    These fees are quite reasonable.

    I also created a business account with St George, and this account costs $60/month! I am thinking of finding another bank to work with.

    Make sure you check ALL of the costs, not just transaction costs.

    Regards

    Tony Morris
    http://www.DVDcoach.com
    Online Computer Training Made Easy

    #1020839
    fanix
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    DVDcoach, post: 24670 wrote:
    These fees are quite reasonable.

    I also created a business account with St George, and this account costs $60/month! I am thinking of finding another bank to work with.

    Make sure you check ALL of the costs, not just transaction costs.

    Regards

    Tony Morris
    http://www.DVDcoach.com
    Online Computer Training Made Easy

    St.George wants me to sign a 3 year contract when opening my merchant account. Since this is a startup business and can fail at anytime I think this is really ridiculous. So I emailed BankWest for a quote on there merchant facility and they quoted me a staggering 0.95% per transaction, with a monthly fee of $2.00, no setup costs.

    Now that’s what I call a comprehensive quote :) I just need to draw up a business plan, as that’s required for my application!

    Whoo Hoo, so excited about this :)

    #1020840
    SmartSocialMedia
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    FaNIX
    Becoming a merchant is only one part of the equation – who is going to be your payment gateway provider? Or are those rates an all in service from the banks?

    #1020841
    fanix
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    SmartSocialMedia, post: 25076 wrote:
    FaNIX
    Becoming a merchant is only one part of the equation – who is going to be your payment gateway provider? Or are those rates an all in service from the banks?

    NetRegistry will be my gateway provider. They don’t charge any transaction fees, only $55 pm

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