​Australian Online Merchant Providers: a Cost Comparison

You can find different online merchant providers in Australia. Each has its own set of fees to charge and rules to implement.

Before the cost comparison, here’s an explanation of the terms that come with each bank.

• Set-up – These are the flat rates charged to have the account set up. Some banks can opt to reduce this or even waive this completely.
• Monthly Fee – Rates charged every month.
• Annual Fee – Rates charged every year.
• Transaction Fee – Rates charged for every transaction.

Now that you’re aware of what the fees mean, let’s proceed to the merchant providers as well as the costs associated in each.

Please note that all amounts are in Australian Dollars (AUD / A$). Be it known as well that banks can change these rates promptly even without prior notice.

Australia and New Zealand Bank (ANZ)

• Set-up Fee: $99
• Transaction Fee
• Monthly fee:
• Annual Fee
• Exit Fee

Fees with 3^rd party processors:

BankSA

• Set-up Fee:
• Transaction Fee
• Monthly fee:
• Annual Fee
• Exit Fee

Fees with 3^rd party processors:

Bankwest

• Set-up Fee: $575
• Transaction Fee: 1.69% + 13c
• Monthly fee: $30
• Annual Fee: none
• Exit Fee: none

Fees with 3^rd party processors:

Bendigo

• Set-up Fee: $195
• Transaction Fee
• Monthly fee: $40
• Annual Fee: none
• Exit Fee: $250 if less than 12 months

Fees with 3^rd party processors:

Commonwealth Bank of Australia

• Set-up Fee: $484
• Transaction Fee: 1.65% + 28c or $22/month
• Monthly fee: $44
• Annual Fee: none
• Exit Fee: $110

CommBank accepts different payment gateway providers such as Securepay, Cardgate and eWay. Rates vary according to terms and conditions.

National Australia Bank (NAB)

• Set-up Fee: $80
• Transaction Fee: 0.8% - 1.2%
• Monthly fee: $7
• Annual Fee: $28
• Exit Fee: $150

Fees with 3^rd party processors:

St. George

• Set-up Fee: $275
• Transaction Fee: 2.75%
• Monthly fee: $55
• Annual Fee: none
• Exit Fee: none

Fees with 3^rd party processors:

Westpac

• Set-up Fee: $110
• Transaction Fee: 1% - 3%
• Monthly fee: $20
• Annual Fee: none
• Exit Fee: indicated in the Westpac offer letter; will be higher if contract ended prior to the date agreed upon

Fees with 3^rd party processors:

Westpac also charges interchange fees – fees paid to the customers’ card issuers – that are based on the card brand, place of issue, manner of transaction, type of card and the type of industry.