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?
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
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.
Call 13 11 75
Frequently asked questions
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.
Suncorp Bank's Wave & Save is our new EFTPOS solution that uses Least Cost Routing (LCR) to process scheme (Visa/MasterCard) debit card contactless transactions within set transaction limits** through the EFTPOS network as opposed to the default credit card network. Enabling Wave & Save on a merchant terminal may provide eligible merchants with lower merchant fees on these transactions.
Based on a Merchant’s pricing plan, a Wave & Save Transaction limit** is set to a default position where the transaction amount costs the same to process via both the EFTPOS and Credit Card network. Scheme debit card contactless transactions valued over the limit will route down the EFTPOS network and you will be charged the debit card fee.
Some debit card issuers may set a maximum daily card limit on EFTPOS debit card transactions, usually $1000**, meaning once this limit is reached, transactions will be processed via the credit card network.
Any scheme debit card contactless transactions valued equal to or under the transaction limit will continue to be processed via the credit card network and be charged the credit card transaction fee. Setting the right transaction limit helps to take steps to ensure you are charged the lower transaction fee for scheme debit card contactless transactions
For Existing Suncorp Bank Merchants
Use our Wave & Save Transaction Limit Calculator.
Enter the Merchant Service Fee % and the Debit Card Fee in the green fields as per a merchants pricing plan. Press enter. The dollar amount displayed is the transaction amount where the costs are the same to process via both the EFTPOS and credit card network. This transaction amount will be set as the default position for their Wave & Save Transaction Limit**.
For New merchants
Your Wave and Save Transaction Limit will be calculated based on your new pricing plan with Suncorp Bank. The transaction limit will be set to a default position where the transaction amount costs the same to process via both the EFTPOS and Credit Card network. Our Business Specialist will let you know your transaction limit during the application process.
Home Loan, Personal and Business Banking products are issued by Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882) to approved applicants only. Eligibility criteria, conditions, fees and charges apply and are available on request. Please read the relevant Product Information Document and terms and conditions before making any decisions about whether to acquire a product.
Merchant facilities are issued by Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882).
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.
* 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.
** 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
+ 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.
