Review of Australian Merchant Accounts
Posted by Roger Keays, 17 February 2010, 3:56 PM
Having a good merchant facility goes a long way to simplifying the accounting for your business. Here are some quotes I got from several Australian banks when I set up the merchant account for Sunburnt Web Solutions. They are separated into two types of accounts: gateway accounts, which can be linked directly to your website so all payments can be made automatically, and MOTO (Mail-Order, Telephone-Order) accounts, which let you login to the bank's website to process credit card payments manually.
The quotes I was given were based on volumes of 50 transactions / month with an average transaction amount of $100. You should definitely check with the banks for the latest prices.
| ANZ | Bendigo |
StGeorge | BankWest | NAB | CommWeb | |
| Gateway | ||||||
| Setup | $99 | $195 | $275 | $575 | $484 | |
| Annual | $30 | - | - | - | - | |
| Monthly | $40 | $40 | $55 | $30 | $44 | |
| Transaction Fee | 4.9% or $50/month* |
~1.8% | 2.75% | 1.69% +13c |
1.65% +28c or $22/month* |
|
| Exit Fee | - | $250 < 12mth | - | $110 | ||
| MOTO | ||||||
| Setup | $100 | $35 | $80 | |||
| Annual | - | - | $28 | |||
| Monthly | $25 | $19.50 | $7 | |||
| Transaction Fee | ~1.8% | 1.69% +12c |
1.5% local 2.75% int +35c |
|||
| Exit | $250 < 12mth | $1000 < 12mth, min 3yrs |
$150 | |||
* whichever is greater
Some additional notes:
- Bendigo's gateway doesn't have an API for merchant hosted checkout, you redirect to their website.
- NAB's MOTO requires an NAB account @ $10 / mnth (and no debit card).
Since Sunburnt payments are subscription based, I ended up choosing Bendigo Bank with their batch payment processing, and manually process the payments twice a monthly with the help of some scripts I wrote for my accounting system. It works reasonably well.
For instant online payments I would probably choose St George's gateway because they seemed to have a pretty good API for programmers. Don't worry, nobody paid me to say that.
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