Businesses typically have to compromise on accepting fast payments at a high cost, or settling for lower-cost options that take days to settle. PayID lets businesses and consumers experience the best of both worlds, offering a solution to the current state surcharging.
Surcharging
Surcharging has become a prominent topic for businesses and consumers alike, as it is a way for businesses to pass on the EFTPOS transaction fees to customers, ultimately saving operating costs. However, the introduction of PayID offers a different approach. This innovative payment system enables businesses to provide customers with fast, secure, and low-cost payment options, providing many businesses with an avenue they can offer to customers without passing on a surcharge.
By accepting PayID, businesses can meet customer demands while covering their operational expenses, creating a more seamless payment experience.
Unravelling the Surcharging Phenomenon
The cost-saving measure of surcharging has become increasingly prevalent in Australia, with up to 60% of purchases now incurring surcharges. Data from Zeller indicates that across various industries and regions, the food and drink sector leads the way, followed by transportation and beauty. Interestingly, larger businesses are more likely to adopt surcharging, and Victoria and New South Wales show the highest percentage of businesses implementing the practice. The decision to surcharge is influenced by several factors, including the cost of acceptance, which encompasses the various fees associated with processing card payments.
When considering whether to add surcharges to transactions, it is crucial for businesses to keep in mind customer perception and experience. By exploring alternative strategies such as introducing lower-cost payment methods businesses can work towards providing an optimal customer experience and maintaining their competitive edge.
Furthermore, certain industries may experience more scrutiny over transaction fees by regulatory bodies and in some instances will be required to offer alternative payment methods that do not incur additional costs. In these cases, absorbing the costs of card transactions can be prohibitive and implementing a low-cost payments option is crucial.
Embracing PayID: A Path Towards Surcharge-Free Payments
PayID offers a solution that eliminates the need for many businesses to add surcharges. PayID has 4 core advantages when looking to minimise the impact of surcharging on your business:
- Affordability: PayID transactions incur a low, flat-fee per transaction – not a percentage of the sale amount.
- Real-time: No waiting 2-3 business days for payments.
- Accessible: Available through more than 100+ banks and financial institutions.
- Secure: No account signups, and no need for customers to provide their card or account details to make a payment.
By adopting PayID, businesses can reap the benefits of offering a surcharge-free solution that caters to customer needs without compromising on covering operational costs. By providing a more seamless, secure, and cost-effective payment experience, PayID enables businesses to focus on building customer relationships and maintaining a competitive edge in the market.
Examples of checkouts positioning PayID as a surcharge free payment option.
Azupay and PayID: Revolutionising Surcharge-Free Payments
Azupay, a pioneer in real-time payment solutions, leverages PayID and PayTo to offer businesses a seamless and cost-effective payment experience. Azupay’s solution for PayID brings an array of benefits to businesses encouraging them to avoid surcharging.
Is it time you explored PayID as a surcharge-free payment option for your business? Discover more about Azupay’s PayID for businesses solution today.
