EBP increasing top up fee from 0.8% to 1.3%

[electriccurio]

I got an email from EBP saying that they are increasing the surcharge for using a credit card for top up from 0.8% to 1.3% from 12/10/19. Thoughts? Any other better alternative out there?

 

[lilkid28]

Is first $1000 still fee free?

 

[electriccurio]

No mention of that, so I assumed so?

 

[Bell21]

Does anyone know anything about ebp expanding their range of credit cards beyond VISA/MC and what surcharges might be?

 

[Skyhawk]

No. Have you heard something to that effect?

 

[Bell21]

I reached out to EBP a month or so ago and they said they are in the early stages of introducing AMEX, but weren't able to provide any clarity, other than they might start testing it over coming months and no info re surcharges.

 

[carls888]

Just received the email...ouch! That's a game changer for me. I can pay direct to most suppliers and be charged less than 1.3%.

 

[Pete98765432]

Is first $1000 still fee free?

The email says the 1.3% surcharge will apply to all top-up transactions made from credit/debit cards. It doesn’t say the first $1000 is free of surcharge. Time will tell whether they maintain this.

As with most corporate babble it includes this as part of so called updates. Apparently they’ve been listening to feedback. I wonder who provided feedback that they should increase their charges?

 

[Scr77]

EBP say they have listened to feedback, but do not mention a single improvement?

 

[33kft]

Their accountants are loving the new EBP features.

I suspect that excitement will wane when they learn a few lessons about where the demand came from

 

[Skyhawk]

Did anyone here give feedback?

 

[Isochronous]

EBP say they have listened to feedback, but do not mention a single improvement?

I wonder which of their customers complained about the ability to buy crypto through the platform? =P

 

[33kft]

Did anyone here give feedback?

I absolutely have after the announcement, in the form of a curt request to remove my account.

 

[kpc]

Their accountants are loving the new EBP features.

I suspect that excitement will wane when they learn a few lessons about where the demand came from

i have put through a 7 figure amount over the past few months through EBP which will come to an end post October 12th!

 

[electriccurio]

I would have thought the more volume they can push through Visa/Mastercard, the lower their merchant fee would be. But seem to be the opposite?

 

[carls888]

Just confirming that I've understood. The current rates will stay the same until October 12th?
I'll put through one final hurrah for the end of the month, then cancel.

 

[Xanthe]

The new rate seems exorbitant - especially for AFFs who are looking for cents per point value.

 

[BillytheFIsh]

While I have taken advantage of EBP's low rate as much as possible, I've always thought 0.8% was unsustainably low and would have to be raised eventually. 1.3% inc GST is still very easy to justify when tax deductible, perhaps not so much when not.

The marketing BS is, of course, BS, but use it when it suits you and don't when it doesn't. Just remember it's all a game.

 

[kooky]

While I have taken advantage of EBP's low rate as much as possible, I've always thought 0.8% was unsustainably low and would have to be raised eventually. 1.3% inc GST is still very easy to justify when tax deductible, perhaps not so much when not.

The marketing BS is, of course, BS, but use it when it suits you and don't when it doesn't. Just remember it's all a game.

How do you even tax deduct it in a clean way, you can't even get a simple tax invoice from them!

 

[jasonfungsing]

Contacted EBP, this is what I got regarding Amex.

Hi Jason,

We are introducing a number of changes and enhancements to the system in the coming months. We are planning on introducing American Express however a specific date has not been set for release.

Thank you
Easy Bill Pa