Online Payment Processing Fees: Types and Costs for Rental Stores

  • Do you run a rental business and struggle to accept payments through multiple channels?
  • Have you been struggling to manage your customer’s recurring payment cycles in autopilot mode?
  • Do you experience customers walking out of your store because of payment inconvenience?

If yes, then you need to start using a mobile phone EFTPOS app to enable convenient transactions for your customers instead of cash payments or using the traditional POS or EFTPOS machines.

As per Capterra, 80% of small and mid-size in-store businesses are implementing mobile POS systems. In fact, the transaction value of mPOS is forecasted to exceed $1.9 trillion by 2024 from $850 billion in 2019. Hence, it’s no mystery why POS and EFTPOS systems are entering into mobile solutions.

This blog article will help you explore the various aspects of the mobile phone EFTPOS app starting from the basic definitions, case examples, use cases, and benefits.

Let’s start with the definitive definition of the mobile phone EFTPOS app.

What is Mobile Phone EFTPOS App?

Mobile EFTPOS app is a SaaS-based payment solution that enables businesses to accept payments of different types including credit cards or debit cards from VISA, American Express, and Mastercard. Additionally, it becomes simpler to accept payment of any type from anywhere in a highly secure way using this kind of app solution.

Below are some of the reasons for you to understand why adapting to the mobile phone EFTPOS app works. Let’s have a look.

A mobile phone EFTPOS app:

  • Bundles speed, convenience, and efficiency backed by a regulatory push with a one-stop app solution
  • Makes your business adaptable to omnichannel capabilities that in turn is a great way to sustain in a dynamic consumer marketplace
  • Helps you open up to multiple payment methods
  • Helps your business become versatile with its payment strategy
  • Helps you save on processing costs
  • Makes you open to a system that can help you automate your billing and payments process for recurring business (this largely works for rental businesses)
  • Helps you get access to real-time data and analytics of the revenue cycles making it easier to detect gaps

An example of a mobile EFTPOS app is the FacilePay app itself.

FacilePay is a stripe-secure payment app with features including easy-to-enter debit or credit card information, a simple online invoicing and payment system, agile items management software framework, multi-currency support, recurring payments, and an easy and secure online payment link.

To dive deeper into the uses of an EFTPOS app, we will explore a case example. This case example is related to one of FacilePay’s clients and will be a great look-through to gain better insights. But, before learning about the case study, let’s have a look at the challenges faced by rental stores.

Challenges Faced by Rental Stores

Being in a rental business has many diverse areas to look into and streamline for efficient operations and optimal growth. Examples include – managing rental deposits, inventory and revenue mapping, and quality management of rental products. But, keeping up with all the aspects (especially for small business owners) often becomes challenging and tedious.

Here are some core challenges that rental business owners often struggle to manage:

  • Tracking & Managing Billing Becomes Tiresome

    Rental businesses often find it a struggle to manage their regular billing and invoices. There are plenty of aspects that go into a rental invoice that includes deposits, discounts (if any), and scheduled payments. Keeping a track of all these transactions and monitoring them on an ongoing basis can be very tedious and cumbersome.

  • Mismanaged Inventory Leading to Revenue Losses

    Inventory and stock management is another area where close tracking and monitoring are required. However, most of the time, rental businesses face the challenge of mismanaged inventory. This largely impacts their revenue stream as well. It is required to have a concrete system in place that can map revenue and inventory to avoid the business encountering any losses.

  • Providing Multi-channel Payments Gets Costly

    Running a rental store of any kind means having customers with diverse payment capabilities. You need to accommodate all these payment requirements to efficiently run your business. It means your business accepts chip cards, debit card, credit card, and online payments. The easy it is to say, the harder it is to adapt. Hence, most of the rental businesses struggle in this area and often lose a lot of customers for not being able to accommodate their payment needs.

  • Unable to Obtain Data-based Revenue Projection

    For any rental business, it is important to have a data-based revenue projection on a real-time basis that gives a clear idea of their expenses, profits, and market dues. While this is a vital area to consider, most businesses fail to have proper tracking of their payments and a concrete accounting structure with real-time data.

These above are some of the challenges or issues faced for recurring billing as well as one-time payments by rental stores. Let’s learn about the ways a mobile EFTPOS app can help rental businesses and overcome these challenges.

How Does a Mobile EFTPOS App Like FacilePay Make Transactions Simpler and Efficient for Rental Stores?

Have you been struggling to manage your customer’s varied payment needs in your rental store?

If yes, then using a mobile phone EFTPOS app like FacilePay can be a great solution for your rental business.

Let’s explore the benefits below to understand the ways this app can bring-in simplicity and efficiency to all your transactions.

  1. Convenient Transactions Making Customers’ Experience with Payments Satisfying

    Convenience is the key to keeping your customers happy and satisfied. FacilePay app brings to you an all-in-one payment solution that drives convenience. It is the perfect alternative to the POS app and traditional payment methods like cash and credit/debit cards. All you need to do is scan the customer’s card with a smartphone camera or by tapping it into an NFC-enabled device. With FacilePay you can accept payments of all types.

  2. Efficient Returns & Cancellation Management Making Repetitive Tasks Simpler

    Rental businesses often need to manage returns and security deposits on a daily basis which is quite a long and repetitive process. FacilePay being a mobile EFTPOS payment app makes these transactions faster and efficient.

    In addition to returns, this app also helps deal with the charges for cancellations, repairs to rented inventory (if any), or replacement to rented inventory (if any).

    Managing all these charges and payments with cash becomes a hassle. FacilePay charges only a minimal 1.25% per transaction fee. Apart from that, there are no hidden or monthly charges. This way all these additional payments are also managed easily.

  3. Quick & Agile Process Helping to Streamline Revenue Cycles

    Prompt payment, billing, and accounting solutions are needed to run a rental store efficiently. Being a mobile EFTPOS app, FacilePay makes billing and payment processing simpler while also helping to manage accurate revenue records.

    Additionally, you can make prompt edits to your ongoing revenue cycles for rental products without much hassle or disturbing the entire flow of transactions. This makes the FacilePay app agile in nature.

    These quick and agile solutions work as a savior for rental owners and make this a great app solution for your business. This app makes money transactions easier as compared to cash or traditional POS or EFTPOS payments.

  4. Easy Payment Cycle Management for Recurring Business

    Rental businesses require to manage their payment schedules at regular intervals. Handling these recurring transactions in cash or card payment can be very challenging.

    Facilepay can easily manage your recurring payments and billing cycles and save time as well as cost. You can simply automate your entire payment schedule and monitor revenue collection using this app.

    Having an efficient payment cycle management tool makes your rental business operations smoother and better.

  5. Secure Payment Structure Eliminating Chances of Fraud

    Security is one of the major concerns for rental businesses when trying to bring some solution to their existing payment challenges. The vulnerabilities associated with most payment structures often make them hesitant in choosing any solution and that ends up being restricted to cash and card payments.

    An EFTPOS app like FacilePay follows a gated system of Stripe that makes payment extremely secure. Stripe is fully compliant with the Payment Card Industry Data Security Standards. All your customer’s payment information is safeguarded on Stripe’s secured server.

    Thus, your rental business and customer payment information are safe when using the FacilePay app.

Now, we know the benefits of an EFTPOS app like FacilePay and how it can help your rental business drive efficiency to its payments system. Let’s have a look at an exclusive case example by a FacilePay client.

An Exclusive Case Example:

FacilePay Making Payments Efficient for an Australia-based Indian Traditional Attire & Accessory Rental Store

Short Introduction to Ms. Sunita and Ms. Monia, Their Business, and Their Challenge

Ms. Sunita and Ms. Monica are the owners of Indian traditional attire and accessory rental shop based out in Australia. They design exclusive Indian fashion attires and accessories and give them on rent. The payment process for renting involves cash transactions by customers. But, this transaction process became quite cumbersome and often led to losing a lot of business owing to many customers coming without cash availability.

This made Ms. Sunita and Ms. Monica rethink their payment strategy and try out something efficient and easy. This is when they started using the FacilePay app.

Ms. Sunita and Ms. Monica shared with us how FacilePay’s features helped them as a great mobile phone EFTPOS app solution as compared to cash and regular EFTPOS machines.

Let’s have a look at what they had to say.

Solutions Provided by FacilePay App

  1. Accept Payments in Any Form: FacilePay helped the owners with the utmost convenience when it comes to accepting payments. There were many instances when the owners see their customers walking out because of the non-availability of cash with them. Also, the regular EFTPOS machines are very costly for them to manage on a monthly basis. FacilePay worked to be the perfect alternative POS app solution making it possible for the owners to collect multi-channel payments easily and efficiently.
  2. Efficient Management of Returns and Cancellations: The owners have been struggling to manage returns and security deposits on a daily basis. The FacilePay app has made it convenient for them to manage these tasks efficiently and without hassle. With the app, they can easily tally their revenue and expenses from returns and cancellations. It also helps them monitor their churn rate.
  3. Minimal Charges Per Transaction: FacilePay charges only a minimal 1.25% per transaction fee for all its features. Apart from that, there are no hidden or monthly charges. This way all these additional payments are also managed easily.

The above blog detailed-out the ways the FacilePay app can help rental stores bring efficiency to their payment structure and grow. Explore some common questions that people ask about EFTPOS apps for more clarity.

Frequently Asked Questions About EFTPOS App

  1. Is EFTPOS different from POS?

    Yes, EFTPOS (Electronic Funds Transfer at Point of Sale) and POS (Point of Sale) are two different modules for accepting payments in stores.

  2. How are Stripe payments secured

    Stripe follows the most stringent security standards and makes sure that customers’ payment information doesn’t get stored anywhere. It has encrypted formats that secure transactions made through it.

Ready to Make a Choice?

The FacilePay app is for all vendors, merchants, and business owners that need to accept daily payments via debit and credit cards. It is a very easy-to-use and efficient app that offers a faster, cheaper, and more secure way of transactions.

Interested in making your rental business transactions simpler and quicker? Start using FacilePay today.

Author Bio
Rakesh Patel

Rakesh Patel, the founder and CEO of FacilePay, brings 28 years of IT experience in payment automation technology, business strategies, operations, and information technology to the table. With his extensive knowledge and expertise, he has created a trustable solution that helps to accept payments online. This has helped businesses of all sizes to receive payments quickly and securely. His commitment to simplifying the payment process has led FacilePay to be an ideal choice for businesses. His aim is to provide a seamless payment solution for various payment types, including e-commerce, subscriptions, and online donations. Read More