Wave & Save EFTPOS solution

Call us to see if we can help you save on merchant fees

What is Wave & Save?

With debit cards making up 69% of transactions in Australia***, the opportunity to reduce merchant fees could make a big difference to your bottom line.

Suncorp Bank's Wave & Save EFTPOS solution uses least cost routing to process scheme (Visa/MasterCard) debit card contactless transactions through the eftpos® network, within set transaction limits**. This may help you take steps to lower your merchant fees.

How does it work?

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Customer taps their debit card

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Transaction goes through the eftpos® network, if transaction value is over your Wave & Save limit, unless daily limits are reached (applicable to some cardholders)**

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You pay the debit card transaction fee

Based on your pricing plan, the Wave & Save transaction limit will be set to a default position, where transaction fees are the same via both the eftpos® and Credit Card network. Scheme debit card contactless transactions valued over the transaction limit will be routed through the eftpos® network.

Any scheme debit card contactless transaction valued equal to or under the transaction limit will continue to be processed via the credit card network and the credit card transaction fee charged.  Setting the right transaction limit helps you to take steps to ensure you are charged the lower transaction fee for scheme debit card contactless transactions. 

Some debit card issuers may set a maximum daily card limit on EFTPOS debit card transactions, usually $1,000**. That means, once this limit is reached, transactions will be routed through the Credit Card network if applicable. 

Benefits of the Wave & Save EFTPOS solution

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You may pay lower merchant fees on contactless scheme debit card transactions

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Improved cash flow with same day settlement*, if to a Suncorp Bank Business Premium Account, 7 days

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Free installation and connection of terminal

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Dedicated technical support on hand to help

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Countertop or mobile terminals to suit your needs

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Choice of broadband, mobile or WIFI connection+

See how much you could save

Suncorp Bank is proud to be an early adopter of implementing least cost routing on our EFTPOS terminals. After all, helping businesses like yours to save money is what we're all about.

Existing customers

To opt in to the Wave & Save EFTPOS solution, complete this quick Change Request.

New customers

We can tailor a Wave & Save EFTPOS solution to suit your needs. To learn how you could save on your merchant fees, call our Suncorp Bank business specialists today.

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Call 13 11 55

Frequently asked questions


What is Least Cost Routing

Least Cost Routing (LCR), also known as ‘lowest cost routing’, ‘low-cost routing’, ‘merchant routing’ or ‘smart routing’ is the industry terminology used to explain the new routing functionality on merchant terminals for scheme (Visa/MasterCard) debit card contactless transactions.  The introduction of least cost routing is to help merchants take steps to ensure that debit card contactless transactions are processed through the lower cost payment channel.

Merchant facilities are issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL 229882 ("Suncorp Bank"). Approved applicants only. Terms and conditions, fees and charges apply and are available on request. Suncorp Bank cannot guarantee savings/lower merchant fees for all merchants that enable Least Cost Routing on their terminals as this is dependent on the merchant's industry, card types used to process payments, the value and volume of transactions and the merchant's pricing plan.

The least cost routing functionality only works with payments made using a physical card. Payments made using a phone or any other device (i.e. watch or phone), will still be routed via the credit card network.

** The Wave & Save Limit will depend on the merchants pricing plan and is set to a default position where the transaction fees are the same to process via both the eftpos® and Credit Card network. Some bank issued scheme debit cards have a maximum daily card limit on EFTPOS transactions up to $1000 depending on the card Issuer. If one of these cards is used where the transaction value exceeds the daily card limit, the transaction will be processed via the credit card network and the credit card fee charged.

*** The percentage of debit card transactions was provided by the RBA and supported by the following publications in March 2019. For detailed information on payments data see Reserve Bank of Australia, 2019, 'New Payments Insights from Updated Retail Payments Statistics Collection', RBA Bulletin, available at RBA - New payment insights from the updated retail payments statistic collections and RBA Payment Data

* Same day settlement is only available where the proceeds of card sales are credited to a Suncorp Bank Business Premium Account on the same day for transactions processed before 21:00 (AEST-Brisbane time), seven days a week. Merchant customers must hold a business transaction account in the same name as the merchant facility.

+ Mobile (GPRS/Wi-Fi) connectivity is available on the mobile terminal only. GPRS not available for HealthPoint claiming.

The information is intended to be of general nature only. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries.