Key facts
- •Westpac's published rate for EFTPOS machines is 0.79%, with a $24.75/month device fee for EFTPOS Now, Now with Presto and Flex, and $27.50/month for EFTPOS Connect
- •Westpac's published rate for EFTPOS Air (app-based) is 1.25%, with a $0 monthly device fee
- •These rates apply from 1 October 2026, down from 1.20% and 1.40%, for eligible new and existing customers
- •Westpac says its published pricing includes GST, and rates are reviewed at the start of April and October
- •The two products cover different cards, and EFTPOS Air does not accept UnionPay
- •From 1 October 2026, Westpac says most businesses can no longer apply card payment surcharges
What does Westpac charge per transaction?
Westpac publishes flat transaction rates depending on which product you use, with no setup fees and no lock-in contract. Customised enquiries are a matter for Westpac, and this page does not promise that any merchant will be offered a different rate.
| Product | Transaction fee | Monthly fee |
|---|---|---|
| QwikPay | $0.00Zero fees | Subscription model (not a device fee); check current pricing and terms |
| Westpac EFTPOS Now, Now with Presto, Flex | 0.79% | $24.75/device/month |
| Westpac EFTPOS Connect | 0.79% | $27.50/device/month |
| Westpac EFTPOS Air (app) | 1.25% | $0 device fee |
- Westpac's EFTPOS fees page says its published pricing includes GST and that transaction rates are subject to review at the start of April and October each year.
- Westpac's announcement reduced rates from 1.20% to 0.79% for EFTPOS terminals and PayWay, and from 1.40% to 1.25% for EFTPOS Air and OnlinePay, from 1 October 2026 for eligible new and existing customers. The earlier rates are shown for history only.
- A Westpac business transaction account is required for EFTPOS Air, OnlinePay and Presto products, and EFTPOS Air works only on compatible devices.
- Rates are Westpac's published standard rates. Verify current rates directly with Westpac.
Which cards do the rates cover?
- EFTPOS machines (0.79%): eftpos, Mastercard, Visa and UnionPay. The headline rate does not apply to American Express or JCB.
- EFTPOS Air (1.25%): eftpos, Mastercard and Visa, by card or digital wallet. EFTPOS Air does not accept UnionPay.
- American Express and JCB on EFTPOS Air: the rate is charged by American Express, is subject to eligibility, and needs a separate application. Other charges may apply.
The two products do not accept the same card mix, and not every brand carries the headline rate, as set out on Westpac's EFTPOS fees page. Check which brands matter to your customers.
EFTPOS machine vs EFTPOS Air: which costs less?
The rate difference is 0.46 percentage points (1.25% minus 0.79%). With one $24.75/month terminal, the machine costs less above about $5,380/month in card volume ($24.75 / 0.0046). With one $27.50/month EFTPOS Connect, the threshold is about $5,978/month ($27.50 / 0.0046). Below those volumes, EFTPOS Air costs less overall.
Our examples, using a $24.75/month terminal:
- At $5,000/month: machine $39.50 + $24.75 = $64.25; EFTPOS Air $62.50
- At $10,000/month: machine $79 + $24.75 = $103.75; EFTPOS Air $125 (difference $21.25)
- At $20,000/month: machine $158 + $24.75 = $182.75; EFTPOS Air $250 (difference $67.25)
These are our calculations, not figures quoted by Westpac. They assume one terminal, the same eligible card volume on both products and Westpac's published standard rates. They exclude different card agreements, other charges, software, smartphone costs, promotions and customised pricing. Westpac's published pricing includes GST, so no GST has been added.
Settlement
Westpac publishes settlement conditions for each product, and they differ:
- EFTPOS machines: according to Westpac's page on receiving payments, takings appear in your linked Westpac account following daily settlement. You can settle once a day before 9:30pm Sydney time, instant settlement is not available between 9:30pm and 11:00pm Sydney time, and a settlement done after 11:00pm is processed for the next day. Settlement must be to an eligible Westpac transaction account, can take place seven days a week subject to system availability, and applies to Mastercard, Visa and eftpos transactions, plus UnionPay on EFTPOS Connect.
- EFTPOS Air: Westpac's EFTPOS Air page says the business-day cut-off is 8:50pm Sydney time, seven days a week, and that settlement is performed directly after the cut-off, subject to system availability, to an eligible Westpac business transaction account.
Westpac's pages do not state timings for settlement into other banks' accounts, and funds appearing in a linked Westpac account is separate from settlement elsewhere. Confirm the conditions that apply to you with Westpac.
October 2026 card-surcharge changes impact
According to Westpac's card payment surcharges page, most businesses can no longer apply card payment surcharges to debit, prepaid or credit card payments from 1 October 2026, including payments made using Visa, Mastercard or eftpos. American Express, JCB and UnionPay have also agreed to remove surcharging from the same date, and Westpac says surcharging is disabled on its terminals where applicable.
Westpac says businesses may still offer discounts for other payment methods, provided they comply with applicable laws, and may charge fees that are not linked to the use of a card payment, such as weekend or public holiday surcharges, booking fees or service fees. There are limited exceptions where a surcharge is expressly permitted by law or regulation. Many merchants already absorb card costs or reflect them in overall prices, so the effect on margin varies.
Westpac also says interchange caps reduce on 1 October 2026 for domestic cards and 1 April 2027 for international cards, and that from April 2027 its merchant statements will provide more detailed card acceptance cost information, including separate reporting for domestic and international card transactions. This concerns Westpac's merchant statements, not quarterly fee publication or regulatory reporting, which Westpac's guidance does not mention.
Accept payments with $0 transaction fees through QwikPay
QwikPay can sit alongside your existing Westpac terminal or EFTPOS Air app as an additional payment option. QwikPay charges $0 per transaction on QwikPay payments, which are processed through the QwikPay wallet via QR code rather than a card network. QwikPay uses a business subscription model, so subscription charges may apply. Check current pricing and terms during onboarding.
Start accepting zero-fee paymentsHow Westpac compares to other providers
| Provider | Transaction fee | Monthly | Settlement |
|---|---|---|---|
| QwikPay | $0.00Zero fees | Subscription model; check current pricing and terms | On-Demand Settlement |
| Westpac EFTPOS machine | 0.79% (eftpos, Mastercard, Visa, UnionPay; not American Express or JCB) | $24.75/device (EFTPOS Now, Now with Presto, Flex); $27.50/device (EFTPOS Connect) | One settlement a day before 9:30pm Sydney time to an eligible Westpac account |
| Westpac EFTPOS Air | 1.25% (eftpos, Mastercard, Visa; American Express and JCB subject to eligibility) | $0 device fee | After an 8:50pm Sydney cut-off, seven days a week, to an eligible Westpac business account |
| Tyro (rented terminal) | 1.3% | $19/mo (Pro Lite); $29/mo (Pro Touch, Pro Key) | Depends on account and settlement conditions |
| Tyro (BYO smartphone app) | 1.3% | $0 rental | Depends on account and settlement conditions |
| Square | 1.6% (accounts opened on or after 30 May 2024; eligible older accounts may pay 1.9% on Reader, Stand or Tap to Pay) | $0 (Free plan) | Free next-day transfers including weekends; instant transfers 1.95%, subject to eligibility |
| Stripe (in-person) | 1.65% + $0.10 domestic from 1 Oct 2026 | None for payment processing | Depends on payout schedule and account conditions |
Rates are published standard rates. Custom or promotional pricing can differ, and a lower percentage does not automatically mean a lower total cost. The other providers' rates come from their own sources: Tyro, Square and Stripe. Tyro figures are Tyro's published standard rates, so confirm current Tyro pricing with Tyro.
Frequently asked questions
What is Westpac's merchant service fee?
Westpac publishes 0.79% for EFTPOS machine transactions and 1.25% for EFTPOS Air transactions using its app. EFTPOS Now, Now with Presto and Flex have a device fee of $24.75 per month, EFTPOS Connect is $27.50 per month, and EFTPOS Air has a $0 monthly device fee. Westpac says its published pricing includes GST and that transaction rates are subject to review at the start of April and October each year.
What changed on 1 October 2026?
Westpac's announcement reduced its rates from 1.20% to 0.79% for EFTPOS terminals and PayWay, and from 1.40% to 1.25% for EFTPOS Air and OnlinePay, from 1 October 2026 for eligible new and existing customers. The earlier 1.20% and 1.40% rates are shown here only as the previous published rates. A Westpac business transaction account is required for EFTPOS Air, OnlinePay and Presto products.
Which cards do the Westpac rates cover?
The 0.79% machine rate covers eftpos, Mastercard, Visa and UnionPay, and does not apply to American Express or JCB. The 1.25% EFTPOS Air rate covers eftpos, Mastercard and Visa, and EFTPOS Air does not accept UnionPay. American Express and JCB on EFTPOS Air are charged by American Express, are subject to eligibility, and need a separate application. The two products do not accept the same card mix, so check which brands you need.
Does Westpac negotiate merchant rates?
Westpac publishes standard pricing for its EFTPOS products and says its fees are quoted upfront. For customised arrangements, contact Westpac directly. This page does not confirm that any particular merchant will be offered a different rate.
When is EFTPOS Air cheaper than a Westpac EFTPOS machine?
Using the published rates and one $24.75/month terminal, the 0.46 percentage point rate difference means the machine costs less above about $5,380/month in card volume ($24.75 / 0.0046). With a $27.50/month EFTPOS Connect, the threshold is about $5,978/month. Below those volumes, EFTPOS Air costs less. These are our calculations, not figures quoted by Westpac, and they assume the same eligible card volume on both products and exclude other charges, software, smartphone costs, promotions and customised pricing.
How quickly does Westpac settle funds?
It depends on the product. Westpac says takings from EFTPOS machines appear in your linked Westpac account following daily settlement, with one settlement a day before 9:30pm Sydney time. EFTPOS Air has a business-day cut-off at 8:50pm Sydney time, seven days a week, with settlement performed directly after it. Both go to an eligible Westpac account and are subject to system availability. Westpac's pages do not state timings for other-bank accounts, so confirm those conditions with Westpac before assuming a timeframe.
Can Westpac merchants still surcharge from October 2026?
Westpac says most businesses can no longer apply card payment surcharges to debit, prepaid or credit card payments from 1 October 2026, including payments made using Visa, Mastercard or eftpos. American Express, JCB and UnionPay have also agreed to remove surcharging from the same date. Westpac says businesses may still offer discounts for other payment methods, provided they comply with applicable laws, and may charge fees that are not linked to the use of a card payment, such as weekend or public holiday surcharges, booking fees or service fees. There are limited exceptions where a surcharge is expressly permitted by law or regulation. Many merchants already absorb card costs or reflect them in overall prices.
Will Westpac's merchant statements change?
Westpac says interchange caps reduce on 1 October 2026 for domestic cards and 1 April 2027 for international cards, and that from April 2027 its card acceptance costs summary will change and merchant statements will provide more detailed card acceptance cost information.
Is Westpac cheaper than Tyro?
Westpac's published machine rate of 0.79% and EFTPOS Air rate of 1.25% are both lower than Tyro's published standard rate of 1.3%, but total cost depends on rental, card mix, eligibility and payment channel. Compare the full cost, not the percentage alone.
Can I use QwikPay alongside my Westpac terminal?
Yes. QwikPay is an additional payment option that sits alongside your existing card acceptance, so your Westpac terminal or EFTPOS Air app can stay where it is. QwikPay charges $0 per transaction on QwikPay payments, but subscription charges may apply, so check current pricing and terms during onboarding.