eWay simplifies merchant fees

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eWay simplifies merchant fees

Payments provider eWay has introduced a flat 2.6 percent merchant fee, along with the option of accepting payments in multiple currencies.

eWay's new 2.6 percent merchant fee regardless of card and payment type http://www.eway.com.au/plans-pricing is intended to simplify things for online retailers.

Traditionally, merchant fees are higher for Amex and Diners than for MasterCard and Visa, higher for premium (eg, platinum) cards than standard ones, and higher for cards issued overseas.

That last point can still be seen in eWay's optional discounts for higher volume businesses. If you take more than $2,000 in card payments you can opt for 2.2 percent plus 30c on domestic cards and 3.2 percent plus 30c on international cards. Further reductions apply as the volume increases, but even if you process more than $45,000 a month you'll still pay 2.8 percent plus 30c on international cards. So if most of your business comes from overseas, you'll probably be better off on the basic flat rate.

Another advantage of eWay's Have A Go Plan is that there are no setup or other ongoing fees, according to a company statement.

eWay has also introduced a multi-currency option designed for retailers that want to charge overseas customers in their local currency. The way this works is that it keeps separate balances for each currency so you can then pay your suppliers in those currencies. That sounds useful if, for example, you're having something made in China at a price set in US dollars and then selling it to American customers, but not so beneficial if your business is based on locally-sourced products.

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