National Liquor News July 2022

Page 25

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

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’.

July 2022 | 25

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