Have you heard of least cost routing? It could save you money!

The NSW Small Business Commissioner conducted a survey which revealed that over half of small businesses were unaware of least cost routing.

Most debit cards within Australia are able to process transactions through either Eftpos, Visa or Mastercard, with all options having different associated costs of use for the merchant.

Least cost routing will automatically use the cheapest option when processing the payment. Otherwise, the payment will be processed through the default network. The RBA provides further insight into least cost routing here.

An example provided by EFTPOS Australia shows a Newsagency with an average sale of $36 saving approximately $3,188 p.a. Click here to find more examples and further information.