The PostFinance Card is a popular and widely used payment method in Switzerland. However, until now, there were still some shops that said: “Sorry, we can’t accept that card." This was often because these shops used payment terminals that cannot process payments made using domestic cards such as the PostFinance Card.
Why the new PostFinance Card works with all payment terminals
At last, “Sorry, we don’t accept PostFinance Card” is a thing of the past. In future, the yellow card will be accepted at all standard payment terminals in Switzerland and abroad. Because the PostFinance Card is now combined with Debit Mastercard. This is what’s changing for your business.
Payment terminals: ep2 or non-ep2?
The payment terminals offered in Switzerland are very varied – and not just in terms of what they are used for. The devices also differ in terms of whether or not they have implemented the Swiss ep2 standard. This is reflected in the designations “ep2” and “non-ep2”.
Here’s the difference:
- ep2-certified payment terminals have implemented both the international safety standards and the Swiss ep2 standard for cashless payments and can therefore process international cards such as Mastercard as well as domestic cards, such as the previous PostFinance Card, Lunch-Check or Reka cards etc.
- Non-ep2 payment terminals such as SumUp and myPOS have implemented only the international safety standards and can therefore only process international brands such as Visa and Mastercard.
Why the PostFinance Card can be used at all payment terminals in future
The introduction of the new PostFinance Card creates a new situation: since the new PostFinance Card is combined with Debit Mastercard, it can be used at any payment terminal – including SumUp or myPOS, for example. In practical terms, this means that all shops, businesses and restaurants that have an acceptance agreement with Mastercard will in future be able to accept payments from customers with the yellow PostFinance card. It is expected that the new PostFinance Card will be introduced on an ongoing basis until spring 2023. By that time, all the approximately 2.6 million card holders will have been provided with the new PostFinance Card. You can recognize the new PostFinance Card by the Debit Mastercard logo. It is important to know that only retailers with an ep2 payment terminal and a PostFinance EFT/POS contract can benefit from the low transaction fees of the PostFinance Card.
What changes for your business when the new PostFinance Card is introduced
You have already been collecting payments made via the PostFinance Card until now?
Nothing is changing for you in future. Since you have an ep2-certified payment terminal and an EFT/POS acceptance agreement with PostFinance, you will continue to benefit from all the advantages that this payment method offers for payments made with the PostFinance Card. This includes our attractive and transparent prices, as well as payment of the amounts on the following day and a separate statement showing all transactions made with PostFinance Cards.
Transaction costs for small amounts of up to 5 francs amount to 5 cents per transaction, or 10 cents per transaction for amounts between 5 to 10 francs, and 23 cents per transaction for amounts of 10 francs or more for up to 10,000 transactions a year, regardless of the revenue generated.
You have already used Mastercard to collect payments but not yet used the PostFinance Card?
In this case, you will be able to accept the new PostFinance card without having to take any action. The transactions will be automatically processed via Mastercard. The conditions that you concluded with your acquirer for Mastercard products will apply.
As of 1 January 2021, it is no longer necessary to open an account with PostFinance in order to benefit from an EFT/POS acceptance agreement.
If you have a non-ep2 terminal, it may be worth purchasing an ep2 terminal and concluding an EFT/POS acceptance agreement with PostFinance. By doing this, you would benefit from lower rates from PostFinance when your customers pay using the yellow PostFinance Card.