Leading payments provider, Live eftpos, has launched a new Fee Free plan that will allow merchants to be more transparent with customers around surcharging.

The plan, which has been launched to 7,000 small business merchants, will automatically cover the cost of customers’ card transactions through automated surcharging.

This will reduce monthly business expenses by having the correct surcharge upfront, rather than through a monthly reconciliation for the costs of accepting card payments.

Reuven Barukh, CEO at Live group, said that manual surcharging had previously led to excessive surcharges for customers or additional costs to the business.

“Fee Free eftpos gives merchants peace of mind their card transaction fees will be covered,” he says.

“The COVID-19 pandemic has dramatically driven the use of card payments, and so it’s never been more crucial to offer customers the convenience of multiple payment options to maximise sales.

 “However, when you never know how customers are going to pay, our Fee Free eftpos plan means your business can avoid the fluctuating costs of customers using different payment types, without any hassle.”

There are no service fees with Fee Free eftpos for businesses that transact more than $5,000 per month and merchants earn uncapped Qantas Points through Live eftpos.

“Aside from the financial predictability of our Fee Free eftpos plan, our new portals will also make it easier to keep on top of any changes to the costs of accepting a payment by allowing merchants to manage and set the surcharge percentage,” says Barukh.

“This helps to ensure merchants never miss out on recouping transaction fees from customers while also avoiding the risk of incurring penalties for inaccurate or excessive surcharges as set out by the ACCC.”

Fee Free eftpos ensures merchants comply with the Competition and Consumer Amendment (Payment Surcharges) Act 2016 which bans excess payment surcharges.

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