Master comparison - all providers at a glance
| Provider | Transaction fee | Monthly fee | Hardware | Settlement | Surcharge post Oct 2026 | Rewards |
|---|---|---|---|---|---|---|
| QwikPay | $0.00Zero fees | Free 12 months, then from $19.99/mo | None - QR code only | Instant, on-demand | Not applicable | Yes - Qwik Points |
| Tyro | 1.4% | $29/mo rental (waived above $10K/mo) | Terminal rental required | Next business day | Banned | No |
| Square | 1.6% (from 30 May 2024) | None | From $65 one-off | Next business day | Banned | No |
| Zeller | 1.4% | None | From $99 one-off | Next business day | Banned | No |
| Stripe | 1.7% + $0.30 | None | Contact Stripe | 2 business days | Banned | No |
| ANZ / CBA / NAB / Westpac | 0.5-1.8% (varies) | From $20-24/mo | Terminal rental | Next business day | Banned | No |
Rates are indicative and may vary. Bank rates are estimated ranges - exact rates are negotiated based on volume and industry. Verify current rates directly with each provider before making a decision.
What the RBA surcharge ban changes from October 2026
From 1 October 2026, merchants can no longer pass card fees to customers as a surcharge on Visa, Mastercard, or EFTPOS transactions. Merchant service fees stay - they come directly out of your margin. For a business processing $25,000 per month in card payments at 1.4%, that is $350 per month absorbed - $4,200 per year. The only payment option that removes this cost entirely is one that operates outside card networks.
Full RBA surcharge ban guide →Detailed comparison guides
The only option with $0 transaction fees and instant settlement
Tyro, Square, and Zeller all charge a percentage of every card transaction and settle funds the next business day. QwikPay charges merchants nothing per transaction. Payments are processed through the QwikPay wallet via QR code, not through a card network. No interchange. No scheme fee. No merchant service fee. Settlement is instant and on-demand - withdraw to your bank account whenever you choose, not when your provider decides. QwikPay sits alongside your existing terminal as an additional payment option. Your current setup stays exactly where it is.
Apply free - 12 months free if you sign up before 30 August 2026Frequently asked questions
Which EFTPOS provider has the lowest fees in Australia?
QwikPay charges $0 per transaction - the only provider in Australia with no transaction fee. Among card-based providers, Tyro and Zeller both charge 1.4% per transaction, while Square charges 1.6% for accounts opened from 30 May 2024. Bank providers (ANZ, CBA, NAB, Westpac) charge variable rates typically between 0.5% and 1.8% depending on card type and volume.
What is a merchant service fee?
A merchant service fee is the cost a business pays to accept electronic card payments. It typically includes an interchange fee paid to the card-issuing bank, a scheme fee paid to Visa or Mastercard, and the payment provider's own margin. Merchant service fees in Australia typically range from 0.3% to 2.5% per transaction depending on the provider, card type, and transaction volume.
Will merchant fees disappear after the RBA surcharge ban?
No. The RBA surcharge ban from 1 October 2026 eliminates the ability to pass card fees to customers as a surcharge. The underlying merchant service fees continue - they come out of the merchant's margin instead. The only payment method with no merchant service fee is QwikPay, which processes payments via QR code through its wallet system rather than a card network.
Do I need to replace my EFTPOS terminal to use QwikPay?
No. QwikPay is an additional payment option that sits alongside your existing terminal. Your Tyro, Square, Zeller, or bank EFTPOS machine stays exactly where it is. QwikPay adds a QR code at the counter for customers who want to pay with zero fees and earn Qwik Points rewards.
How does QwikPay charge $0 per transaction?
QwikPay processes payments through its wallet system via QR code rather than through a card network. Because there is no Visa, Mastercard, or EFTPOS network involved, there is no interchange fee and no scheme fee. QwikPay generates revenue through its monthly subscription - free for the first 12 months, then from $19.99 per month based on payment volume - rather than per-transaction fees.