23 November 2023
Custom Surcharging the easy way with Till Portal
Custom surcharging is an essential tool for businesses looking to optimise revenue while keeping in line with Australian regulations. This article will walk you through the process of applying custom surcharging using the Till Portal, as well as give you a brief overview of your legal obligations around surcharging.
As a business owner or finance manager, you know it’s critical to remain compliant – for payroll, OH&S or the way you manage your customer data. Adhering to Australian regulations for surcharging is no different and ensuring you practice transparent pricing will ensure you avoid legal pitfalls and retain customer trust. Whether you're a small cafe owner or a medium-sized retail store operator, this guide will help you make the most of custom surcharging while sticking to the rules.
Understanding Australian surcharging rules
Before we dive into the details of custom surcharging, it's important to understand the regulatory framework in Australia. Surcharging regulations are governed by the Australian Competition and Consumer Commission (ACCC). These rules aim to protect consumers from excessive surcharges while allowing businesses to cover the costs associated with card payments.
In a nutshell:
When a merchant charges a surcharge for paying by card, the surcharge must not be more than what it costs the business to use that payment type.
If a merchant charges a payment surcharge, it must be able to prove the costs it is based on.
If there is no way for a consumer to pay without paying a surcharge – for example, where a business does not accept cash – the business must include the surcharge in the displayed price.
The ACCC provides a comprehensive guide to card surcharges on their website, which you can find here. Familiarising yourself with these regulations is the first step in ensuring compliance.
How to apply custom surcharges on Till Portal
Now, let's dive into the practical steps of applying custom surcharges via the Till Portal. Just follow these 6 simple steps:
Login to Till Portal
Scroll down the menu on the left-hand side and hit Self Servicing
Hit the Manage Surcharge widget
Select the Location where the terminal surcharge update is needed
Enter the updated surcharge amount
Tick the Acknowledgement box to confirm you understand the update process, then click Update Surcharge
With Till Portal, custom surcharging couldn’t be simpler.
Self Service surcharge updates are available to blended merchants only with a 3% maximum for card schemes or 30 cents for EFTPOS (if the merchant chooses a set dollar ($) value).
For a simple visual guide to managing surcharges on Till Portal, head over to our Help Centre article, here.
Transparency is a key element in maintaining trust with your customers. It's essential to inform them of any surcharges at the point of sale. Till Payments provides surcharging stands that can display the surcharge amount clearly, ensuring your customers are aware of any additional fees they might incur. Failure to do so can harm your brand reputation and lead to customer dissatisfaction.
Legal implications & tips to ensure compliance
Non-compliance with Australian surcharging regulations can lead to legal consequences. Surcharging above regulated amounts can result in hefty fines. To ensure compliance, make sure you:
Regularly review and update your surcharge settings to align with current regulations.
Educate your staff about the importance of adhering to surcharge guidelines.
Keep detailed records of your surcharge transactions to demonstrate compliance if necessary.
Strategic surcharging to optimise profit
Applied cleverly in line with compliance requirements, custom surcharging can be a strategic tool for profit optimisation. Here are some ways businesses your business could use custom surcharging strategically:
Tiered Pricing: Offer discounts for lower-cost payment methods (e.g., debit cards) to encourage their use.
Dynamic Surcharging: Adjust surcharge rates based on factors like transaction size, time of day, or customer loyalty.
Competitor Analysis: Keep an eye on what your competitors are doing with surcharging and adjust your strategy accordingly.
Why customise your surcharging? The Till Portal custom surcharging advantage:
Designed with user-friendliness and convenience in mind, Till Portal makes it quick and easy for merchants to implement custom surcharges.
With Till Portal you can now apply or update custom surcharges in seconds, all by yourself – without the need for a whole lot of time, phone calls and emails back and forth to your payment provider.
With everything payment related all in one place, key benefits include:
Ease of Use: The Till Portal is intuitively designed, allowing even those with limited technical expertise to navigate it effortlessly.
Customised: It enables you to create and apply surcharges tailored to your specific business needs, ensuring flexibility and control.
Near Real-time Insights: The portal provides near real-time data on surcharge collections, helping you make informed decisions.
Incorporating custom surcharges into your payment processing can help your business reduce transaction costs for profit optimisation. With Till Portal the process of applying custom surcharges is simple, intuitive and easy.
Remember: the importance of transparency in pricing to maintain customer trust, complying with Australian surcharging rules to avoid financial penalties, and the strategic ways custom surcharging can be applied to enhance your business model. With the Till Portal's user-friendly interface, and everything payment related all in one place, custom surcharge success is never more than few clicks away.