Merchant Services Review


Looking for a good deal from your merchant services provider? See how the big banks scored in our customer satisfaction ratings.

See Our Ratings Methodology


Most Satisfied Customers | ANZ

In 2016 we’re able to report that ANZ has been rated highest of the four major banks, with five-star reviews in almost every category, including overall satisfaction. It also achieved the highest satisfaction rating in terms of fees.

ANZ leads in merchant services satisfaction

Business is all about the bottom line, and merchant services are crucial in helping small Australian businesses maximise their potential. Card payments are easy and convenient, and the last thing you want is to lose a customer just because you couldn’t facilitate their payment method. But not all merchant services are the same, and business owners need to be conscious of getting a good deal from their bank.

That’s why Canstar Blue annually surveys hundreds of small business owners and key decision makers to find out how they rate their merchant services provided by a major bank. In 2016 we’re able to report that ANZ has been rated highest of the four major banks, with five-star reviews in almost every category, including overall satisfaction. It also achieved the highest satisfaction rating in terms of fees.

Merchant services fees and charges

Lots of factors are important in determining overall satisfaction with a merchant services provider but when you’re considering your options, it’s important to fully understand the fees and charges. Merchant service fees are made up of several fixed and variable components. The fees are usually based on the number of transactions per month and can vary between types of businesses. As an example, Westpac lists the following ‘main monthly fees’ that apply to all:

  • Credit card merchant service fees
  • Interchange fee
  • On charge scheme fees
  • Participation fee
  • Terminal access fee

In addition, numerous other fees may apply, including an installation fee, establishment fee, excessive chargeback fee, minimum merchant service fee and closure fee.

EFTPOS minimum spend

Almost half of small business owners and decision makers reported there is no minimum spend when customers use their EFTPOS facilities (49%). However, 20% said customers need to spend $11 or more, 22% ask for $6 to $10 and 5% allow payments of between $1 and $5.

Interestingly, 4% didn’t recall what their minimum payment is. That may sound surprising but around one-third (32%) of respondents admitted they have considered removing their EFTPOS terminal because it isn’t used often enough. They will, presumably, be the same people who told us the majority of their business is cash-based (35%). On both counts, this is particularly true for sole traders (41%).

Banking loyalty

Our survey of small business owners and decision makers found that many of them – whether they mean to be or not – are loyal to their banks. Over two-thirds (69%) told us their merchant services provider is the same institution that they personally bank with, and almost the same number (67%) have never switched providers. But that loyalty could be costing some business owners, with 65% holding the opinion that they could probably get a better deal by switching banks.

Small business satisfaction

Despite all the potential costs associated with merchant services, our survey of small business owners found customer service to be a major driver of overall satisfaction. Whether it’s branch service or call centre support, business owners and decision makers demand their bank handles any issues they have in a quick and efficient manner. Time is money, and our findings show that customers of ANZ think they’re getting a good deal.

In our previous review of merchant services, ANZ was joined by Commonwealth Bank at the top of the ratings table. However, this time ANZ’s results have improved – from 3 stars to 4 on fees, 4 stars to 5 on call centre support and also 4 stars to 5 on internet banking. And unlike last time, ANZ was the only bank to earn top marks for overall customer satisfaction.

The banks we rated


From EFTPOS terminals to internet payment solutions, ANZ says its merchant services will ensure that you can receive payments from your customers anytime, anywhere. Its EFTPOS terminals promise fast, secure and reliable processing – no matter what your business size. Customers can choose from the basic low cost terminal, full service integrated terminal for detailed reporting, or a portable terminal for payments on the go. ANZ has a wide range of merchant service products and services, and you can see more details on its website.

Commonwealth Bank

Commonwealth Bank promises flexible options from its merchant service products, whether it’s in-store or on the go. CommBank says its standard mobile EFTPOS terminal is most popular with customer, allowing for payments at the counter or tableside. For businesses on the go, the bank says its ‘Emmy’ payment solution is perfect. Paired with the CommBank Small Business app, you can turn your smart device into a secure mobile point of sale that will provide invoicing and estimations, and save you time. Find out more on the CommBank website.


Westpac says Mobile PayWay is its most popular merchant services product. It promises secure payments on the move with its mobile app and secure card reader. For in-store card payments, Westpac has a stand-alone terminal EFTPOS 1 machine that can be used at the counter, or also taken over to your customer. The bank also promises streamlined sales and improved service delivery with its new, lightweight EFTPOS 1i device. Westpac also offers online payment tools and solutions. Find out more on its website.


NAB boasts a wide range of merchant services products, including countertop, mobile and integrated EFTPOS terminals that it says will reduce customer queues and the risk from cash handling. NAB encourages business customers to stay in control of their costs with its simple pricing plans. It also says you’ll get even more value when you settle your terminal to a NAB business account as part of its business fundamentals package. It also promises secure and convenient online payment solutions with NAB Transact and the NAB eCommerce Merchant Account. Find out more on the NAB website.

Frequently Asked Questions

Canstar Blue commissioned Colmar Brunton to survey 801 small business owners and decision makers (i.e. the main decision maker for a small business) across a range of categories to measure and track customer satisfaction with products and services related to their business. The outcomes reported are the results from customers within the survey group who use merchant service facilities from a bank to take payments from customers – in this case, 268 people.

Brands must have received at least 30 responses to be included. Results are comparative and it should be noted that brands receiving three stars have still achieved a satisfaction measure of at least six out of 10. Not all brands available in the market have been compared in this survey. The ratings table is first sorted by star ratings and then alphabetically.

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