The transition towards a cashless society has been gaining ground for some time now. In 2022, card payments accounted for around 70 percent of transactions. Cash payments made up just 13 percent, according to the Reserve Bank of Australia. With this in mind, selecting the right payment provider becomes more crucial. Not all payment systems are created equal, so to help guide this decision, Professional Beauty caught up with Georgie Mariouklas, CEO and founder of Beyond Payments, to explore the essential factors to consider.
- Transparent terminal fees
Processing card transactions typically incurs a percentage-based fee, which can increase with international and premium cards. These charges can add up quickly, particularly for small businesses. Look for providers that have simple and transparent fee structures or, ideally, ones that allow you to pass these surcharges onto your customers. Beyond Payments is the first fully compliant “feeless” service provider in Australia, alleviating costs associated with merchant service fees, interchange fees, scheme fees, terminal rental fees, and even essentials like thermal paper rolls. “On average, our merchants save between $10,000 to $15,000 a year in fees,” says Georgie. When assessing options, it’s also critical to verify that your fee-free EFTPOS solution is compliant as the ACCC and RBA have strict guidelines regarding credit and debit surcharges.
- Local expertise
The location of your payment provider can significantly influence their understanding of your business. An Australian-founded company, like Beyond Payments, is a rarity in the industry. Their on-the-ground presence means they can connect with you on a more personal level, fostering a deeper grasp of your unique needs.
- A customer-first approach
Choose a provider that prioritises customer service and accessibility. Technology can be unpredictable, and for small businesses, even minor downtime can be detrimental. The ability to call and speak to a real person 24/7 in your time zone, can make a big difference. “We pride ourselves on our community-focused model, which emphasises genuine relationships with our clients,” shares Georgie. “Whether it’s one salon or a large nationwide chain, we treat all our merchants equally.” In addition to troubleshooting, a customer-centric company recognises the value of your time and will strive to make your experience as smooth as possible, freeing you up to focus on the tasks that need your attention.
- Quick payment settlement
“How quickly will I see payments in my account?” is another important question to ask. Cash is king in business, so same day settlement is highly advantageous. By partnering with Beyond Payments, you can ensure that if you’re trading on a Saturday, Sunday or even a public holiday, your funds will be deposited into your bank account that day.
- Speed and reliability
Beyond Payments partners with Fiserv, a global leader in payment processing, ensuring that merchants benefit from robust technology with a 99.9% uptime and excellent support. Reflecting on this year’s global CrowdStrike outage, Georgie notes that it didn’t affect Fiserv at all because all their solutions are native and independent of other players in the market. “Our merchants were really grateful that they didn’t go down when many of their neighbours did.”
- Rapid onboarding
Select a payment provider with a streamlined setup process to minimise disruption. Beyond Payments prides itself on a rapid “plug and play” onboarding experience that can be completed in just 7 to 10 days. Another key differentiator is that they’re bank agnostic. You won’t need to move your bank accounts; only the terminal will change. “It doesn’t matter which bank you’re with—be it Suncorp, Westpac, or any heritage bank—you can keep your existing bank. This makes for a hassle-free start from the outset,” says Georgie.
- Point-of-sale integration
If the payment processing solution you settle on isn’t compatible with your point-of-sale (POS) system, it’s essentially redundant. Find a terminal that works with a wide range of POS systems, not just the one you currently use, in case you decide to switch in the future. Beyond Payments seamlessly integrates with over 500 existing POS systems and they can also build a custom, direct integration if necessary.
- Flexibility and choice
Different businesses have different needs. Whether you need a basic terminal or a more advanced solution, Beyond Payments allows businesses to try different terminal types, ensuring they find the best fit functionally and aesthetically. In the beauty industry, where look and feel matters, a clunkily designed terminal can detract from the ambience. “A terminal that seamlessly blends in with your salon’s reception desk is essential. We’ll even customise the signage to match the aesthetics of the front desk,” explains Georgie.
- Compliance & security
Using compliant technology safeguards your business and customers, ensuring adherence to regulations from bodies like the ACCC and RBA. This is particularly pertinent given the current increase in fraud and scams, making security measures a top priority.
- Extra features
While the primary role of a payment provider is to facilitate transactions, many platforms offer additional features that can optimise your operations. Beyond Payments provides advanced reporting capabilities alongside options like tipping, MOTO, dual SIM, and Bluetooth and Wi-Fi connectivity, giving businesses greater visibility and the ability to make informed decisions based on real-time data.
To learn more about Beyond Payments visit this link.
This article was produced in partnership with Beyond Payments.
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