Suncorp Bank Merchant Facilities Are Closing
Suncorp Bank has announced that its Merchant Facilities will no longer be available from 11 December 2026. Existing facilities can continue processing transactions until 10:00pm AEST on 10 December 2026.
If you're a Suncorp merchant customer, you'll need to arrange a replacement payment solution before that date. But before you simply switch to the first provider that comes knocking, it's worth understanding how merchant rates actually work — and checking what rate your business could qualify for.
You're Not Obligated to Move to Any One Provider
There is no requirement to move to any particular EFTPOS or merchant services provider. You are free to choose. That means this is an opportunity to compare your options and potentially secure a better deal than the standard advertised rate.
How Merchant Rates Actually Work
The rate you see advertised — often something like "rates from 0.95%" — is the headline figure. But the actual rate your business qualifies for depends on several factors:
- Your business type and industry — different industries carry different risk and volume profiles
- Your monthly card turnover — higher volume can unlock better pricing
- Your transaction volume and average transaction value — these affect processing costs
- Your card mix — the proportion of Visa, Mastercard, eftpos, Amex and other cards you accept
- Your current processing profile — your history and existing setup
The key takeaway: the advertised rate is a starting point, not a guarantee. "Rates from 0.95%" means eligible merchants may qualify for 0.95%. Your final rate is subject to application and approval.
High-Volume Businesses: Don't Settle for the Standard Rate
If your business processes substantial card volume — for example, supermarkets, multi-site retail, restaurant groups, franchises or corporate businesses — you may qualify for custom merchant pricing rather than the standard advertised rate.
Rather than simply accepting the headline offer, ask your provider to assess your full processing profile and submit a special pricing application. The difference between a standard rate and a custom rate can add up to thousands of dollars per year.
A Quick Example
Consider a business processing $100,000 per month in card transactions:
- At 1.30%, that's $1,300/month in merchant fees
- At 0.90%, that's $900/month — a difference of $4,800/year
Now scale that across a business processing $500,000 or $1,000,000 per month, and the potential savings become significant. A small rate difference adds up.
What to Look for in a Replacement EFTPOS Solution
When comparing providers, don't just look at the headline rate. Consider the full package:
- The merchant rate itself — and whether it's flat across all card types or tiered
- Terminal costs — is there a monthly terminal rental fee, or is the terminal free for eligible merchants?
- Installation and setup — does the provider just ship you a terminal, or do they install and configure it?
- POS integration — can the EFTPOS connect directly to your POS for automatic reconciliation?
- Ongoing support — is there local Australian support after installation, or are you on your own?
How Surpass Can Help
Surpass Business Solutions assists Australian businesses with the full EFTPOS switching process:
- Check your rate — a free 10-second rate assessment shows what category your business may fall into
- Rate review — we assess your processing profile
- Application assistance — we help with your merchant application
- Terminal supply and installation — we don't just send you a terminal; we install and configure it
- POS integration — where supported, we connect EFTPOS directly to your POS
- Ongoing local support — one company, one point of contact
Don't Leave It Until December
With the Suncorp Merchant Facility deadline on 10 December 2026, the smart move is to start comparing your options now. Application, approval, terminal supply and installation all take time. Leaving it until the last minute risks a gap in your ability to process card payments.
Check what EFTPOS rate your business could qualify for with our free rate assessment — it takes about 10 seconds and doesn't require any personal details to see your assessment.