Retail Drinks Australia
Retail Drinks launches exclusive Merchant Services Pricing Comparison service
A new service from Retail Drinks aims to make it easier for retailers to find the best merchant service prices, writes CEO Michael Waters.
The last few years have seen an acceleration
cost routing’ or ‘merchant choice routing’,
services pricing negotiated exclusively for
in the migration to contactless card and
which is sending contactless dual-network
members from multiple payment service
mobile payments as consumers shift away
debit card transactions (Visa/Mastercard,
providers, including Suncorp, Fiserv, Live
from cash and paying by card becomes
plus eftpos) to the lowest cost network,
eftpos and SmartPay, with a detailed fee
second nature. This has invariably led to
typically the eftpos network. But for most
savings analysis for the two most competitively
a significant increase in merchant service
retailers, maximising the fee savings from
priced providers and least-cost routing
fees for retailers.
enabling this feature can be difficult to
enabled as standard. In addition, all referral
For an independently owned and
achieve as the major banks typically only
fees generated from successful applications are
operated retail liquor store, typical annual
pass on 0-10 per cent in fee savings from
donated directly to select nominated charities
merchant service fees can be anywhere from
implementing this. Knowing what other
by the payment service providers.
$5,000 to a staggering $25,000, depending
banks or payment service providers to use
We’ve spent the past several months
on store size and turnover. These costs
and obtaining multiple merchant services
getting the website ready and undertaking
have steadily increased in recent years and
pricing quotes for comparison can also be
a comprehensive pilot of the service with
today in most instances represent a ‘top
a time-consuming task.
a select group of member stores and the
five’ annual cost of doing business, behind
One of the priorities within Retail
results have been impressive – fee savings
purchasing stock, wages, rent, electricity, or
Drinks’ Strategic Plan 2021-2023 is to
are expected to be between 15 and 30 per
business insurance.
expand our member services and benefits
cent, which is significant!
In addition to merchant service fees,
to help our members run their businesses
We encourage all independent liquor
customer support, transaction speed,
more efficiently and effectively, which is why
store owners to visit retaildrinks.org.au
reliability and reporting are also important
we’ve partnered with Payments Consulting
for more information about our new
factors a retail liquor business must consider
Network (PCN) to develop and launch a
Merchant Services Pricing Comparison
when deciding on which merchant services
unique and bespoke Merchant Services
service, as well as the many other services
provider best suits their business needs.
Pricing Comparison service.
and benefits we provide to ‘enhance your
You may also have heard about ‘least-
This new service provides custom merchant
freedom to retail responsibly’.
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July 2022 | 25
