• ameliamckee
  • ameliamckee
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Hi, I'm after a bank which can open an account for my where my photography clients can netbank or use an included EFTPOS machine to process ccard payments. Any comparisons and fee's charges wold be greatly appreciated.

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  • gucci3331
  • gucci3331
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  • What you are after is a merchant facility.
    Any bank can provide this faciliy if you have a registered business. Your credit rating should be in good standing to apply. I'm sorry I can't recommend a bank on fees and charges, as they don't differ much. The merchant facility is simply an application to receive payments via eftpos etc.. and then withdraw at will or transfer to your normal account for everyday banking. When or if you do apply for a merchant facility beware of offering Diners club and American express as they have high costs. Best to just stick to Visa, Mastercard as it is minimal.
    Pay Pal is an option - although I'm not a fan due to the limit of only $1000 at anytime resulting in "anti-money laundering laws" (ridiculous) if your business client's costs are mostly under $1000 then it is not a bad option as they can transfer there and then with their mobile phone app for Pay Pal - but not a favourite as your account can't go over $1000 and they do tend to hold up your funds.
    So basically (as I've babbled :) if you haven't had a merchant facility before or if you have and there was no problems, and you credit rating is clear - just compare each banks % and you receive the equipment, logos etc easily. 10% discount for cash payments can also be appealing ;-)
    Hope some help - good luck!!
  • Answered by gucci3331 (over 2 years ago)
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