Eftpos plummets in popularity as newer forms of payment emerge
Eftpos plummets in popularity as newer forms of payment emerge
Eftpos, the payment system widely used in New Zealand for more than 30 years, is plummeting in popularity. The thought of them disappearing altogether is concerning for some people who don't like using smartphones or want to avoid the extra fees that come with PayWave. But while Eftpos faces an unce...
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I'm honestly surprised with that graph. Over the last few years there has been a huge uptick in credit surcharges, I've started using EFTPOS a lot more because of it. Perhaps that's represented in the flattening of the decline rather than the increase in EFTPOS use that I expected.
This always bugs me because businesses charge customers for the fees when they should be taking the responsibility for them internally.
In a cash business, a person is paid to count tills and ensure money matches up. Then, someone has to do a bank run and deposit that cash. This takes time and labour. This is not directly charged to the customer as a service fee.
Meanwhile, Stripe or whatever payment processing platform a business uses does all of that for a business, and charges the business a fee. This includes a ton of value added services such as financial overviews and analytics, traditionally something an accountant on payroll would work on.
Businesses should be eating the cost as it's cheaper than equivalent billable hours for an accountant or allocating labour to count, manage, and deposit cash. I'm all for cashless businesses but it should be the owner's responsibility rather than fees for customers.
I have a small business plan with Stripe and I'm charged 0.40 cents + 0.4% per card transaction. A bit more for certain types. It's cruel that these businesses are charging more than that to the customer, I assume the larger businesses likely get a better deal than that.