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eWay Online Payments Review. What are the fees and how does it work?
If you run a small to medium-sized online business in Australia, you’ll know just how important it is to be able to securely transact online. However, finding the right online payment solution that meets your unique needs can be a challenge, there are simply so many to choose from.
One option you may have come across in this search is eWay which offers several solutions for accepting online payments.
In this guide, we’ll specifically focus on eWay’s Online Payments service including how it works, applicable fees and charges, whether it accepts overseas transactions and more. Let’s get straight to it.
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Who is eWay in Australia
Founded in Australia in 1998 before also branching into New Zealand, Singapore, Hong Kong and Macau, eWay offers payment processing solutions to Australian business owners. ¹
Through eWay businesses can accept card payments online from local and overseas customers. eWay acts as both a payment processor and a payment gateway for online transactions.
This means eWay handles payment processing, facilitating the transmission of payment data to an issuing bank as well as authorising fund transfers between customers and merchants.²
What is eWay Online Payment and how does it work?
eWay Online Payments electronically processes payments from customers to merchants when shopping online.²
When signing up for eWay Online Payments, business owners are provided with a merchant account linked to their eWay account. This merchant account is simply a business bank account that can accept payments transacted online through eWay.
Using the available integrations, eWay Online Payments can be incorporated into your website to handle payments at the check-out stage.
It works by taking payment information entered by a customer online and securely sending the payment request to the associated card provider or financial institution.
The payment request is then verified by the card issuer who determines if adequate funds are available before being approved.
This approval is communicated back to eWay who then authorises the transaction on the website in question, the funds are transferred and the transaction is finalised for the customer.
Subject to approval, business owners will usually see funds deposited to their merchant account within 1 – 3 business days following the online sale.³
What are the main benefits of using eWay Online Payments for your business?
eWay offers several benefits to business owners including³:
- Easy acceptance of payments via credit cards, debit cards and digital wallets
- Straightforward refund processing
- Over 250 Ecommerce integrations available for accounting platforms, shopping carts and websites
- Advanced online security and payment technology
- The ability to accept pre-authorised recurring payments
- Several merchant tools for clear business insights, simpler reporting and easier management of transactions
Additionally eWay offers⁴:
- Pay-as-you-go pricing
- Fast Settlement
- Dedicated technical support
- Fraud protection
- No lock-in contracts
- In-house merchant services
What are the fees and charges to use eWay Online Payments?
The following table outlines the fees and charges associated with eWay’s Online Payments product. ⁵
| Pricing in AUD | Online Payments |
|---|---|
| Transaction fees (inclusive of GST) | 1.5% of the purchase value + $0.25 for both domestic and international cards |
| Set-up fees | $0.00 |
| Monthly fees | $0.00 |
| Merchant Trust Initiative fee (applied once 50 transactions are reached) | $178.00 program establishment fee, $142 per year thereafter |
As seen on 03 November 2023
The Merchant Trust Initiative fee is not compulsory and you may choose to opt out before auto-enrolment occurs at 50 transactions or once every twelve months when it renews.
It is also worth noting that in this model eWay supplies you with a merchant account where funds are deposited post transaction.
Should you wish to use an existing bank account to receive funds, please refer to their Payment Gateway product, pricing for this varies, but is higher than the Online Payments option.⁶
eWay Payments exchange rates
While eWay allows merchants to accept payments in currencies other than AUD, however, this requires individual eWay accounts to be set up for each currency.⁷
The merchant bank then links each account to a corresponding currency terminal. This means there are no exchange rates to factor in through eWay as purchases are processed and settled in one currency.
The merchant bank in question is then responsible for applying any exchange rates on funds deposited to your merchant account.
Currently, eWay does not provide any clearer details on this online, instead, they advise you to discuss this with them during the application process.
Supported credit and debit cards you can accept with eWay
Several leading credit and debit cards are accepted by eWay at this time, these include⁸:
- Visa
- Mastercard
- American Express (AMEX)
- Discover
- JCB
Payments can be made by entering card details directly on the website or via a digital wallet. Accepted digital wallets include Click to Pay, Apple Pay and Google Pay.
Which services can you integrate eWay Payments with?
There are more than 250 partnered add-ons and integrations available with eWay as of 2023.
Here are just a few of the most well-known services you can opt to integrate with when using eWay.⁹
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eWay advises that many of these integrations are automated, however, some may require the support of a web developer to set up.
How do disputed transactions work with eWay Payments?
Where a customer disputes a transaction handled by eWay with their card issuer, eWay will contact the business owner to advise.
Following this, proof or documentation that verifies the charge was legitimate can be submitted to eWay who will then forward this to their sponsor bank to review with the card issuer.
Where adequate proof of verification is available the issue may be resolved in favour of the business and the dispute will be closed.
Where the dispute is upheld, you will receive a chargeback for the amount in question whereby the payment is reversed to the cardholder. A chargeback fee may also be applied as a penalty.¹⁰
For details on chargeback fees, it is recommended to speak with the bank at which your merchant account is set up.
Is eWay Online Payments safe?
Promising a bank-level of protection, eWay advertises that they use advanced technology and cybersecurity tools to protect customer data and safeguard merchants.
They do this in several ways¹¹:
- They maintain the highest levels of PCI compliance as set out by the PCI Security Standards Council. This ensures the safe handling of credit card information and the provision of high-level online security measures.
- Using multiple backups at secured servers, they can divert traffic away from system failures or security breaches without causing a loss of service or customer information
- Multi-channel authentication is in place to reduce the risk of fraudulent transactions
- In-built fraud protection constantly monitors for suspicious activity
- DNS routing is monitored and managed to keep traffic routed to the correct place and threats managed
In consideration of the above, eWay payments can be judged as safe by Australian standards, however, as with all online payment processing, risks still apply.
The choice to use eWay remains at the user's discretion and in acceptance of these risks. For further details on eWay safety and security, we recommend speaking with them directly.
Which industries does eWay work with?
eWay is available to businesses across several industries including¹²:
- Retail
- Professional services
- Education
- Utilities
- Charities
- Furniture and home furnishings
- Groceries and supermarkets
- Equipment and supplies
There are some instances where eWay may decline to work with your business, this may be due to it being considered too high risk.
This can occur when a business has a history of receiving a high volume of refund requests, chargebacks and returns or has previously been involved in credit card fraud.
It is recommended to check whether eWay Online Payments is available for your business before applying for an account.
What else do you need to know?
eWay’s Online Payment service may not be well suited to all businesses. Some things to keep in mind:
- While multi-currency transactions are possible, this requires multiple eWay accounts to be created and available currencies will depend on who the merchant bank is.⁷
- Should you operate multiple websites, eWay does not allow these to attach to one account, instead separate accounts are required for each website.¹³
- Eway does not offer its Online Payments product for all industries. High-risk industries may still be able to use them as a payment gateway but will need to provide their own merchant account under the Payment Gateway service option.¹⁴
How to contact eWay Payments
To get in touch with eWay’s support teams you can make a request via their website or call¹⁵:
- 1800 10 65 65 between Monday to Friday 0800 am and 0600 pm AEST. This number is for both new and existing customers
Be advised that consumers who have made a payment through eWay online and have concerns are directed by eWay to speak with their bank or directly with the business where the purchase was made.
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| Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. |
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Sources:
-
- eWay – About
- eWay – How it works
- eWay – Features
- eWay – Benefits
- eWay – Fees & Charges
- eWay – Payment Gateway product
- eWay – Multi-currency transactions
- eWay – Accepted cards & digital wallets
- eWay – Integrations
- eWay – Disputed transactions
- eWay – Security
- eWay – Supported industries
- eWay – Account usage
- eWay – High-risk industries
- eWay – Contact
Sources checked on: 03 November 2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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