Quick answer
Usually yes, but how easy it is depends on how your revenue-based finance collects. If the provider debits your bank account, changing terminals rarely affects it. If it takes a share of each settlement through a terminal it controls, moving your takings elsewhere without agreement can breach the contract. Read the change-of-terminal clause, tell the provider before you switch, and agree a new collection method or a payout first.
Key points
- Bank-debit advances usually survive a terminal change; split-settlement advances often don't.
- Most agreements require notice before you change terminal, gateway or bank account.
- Quietly diverting takings away from the collecting terminal can be treated as a default.
- The RBA's March 2026 conclusions push acquirers to publish their merchant fees, making comparison easier.
- If you're switching for fees, compare the saving with any cost of paying the advance out early.
You can usually change EFTPOS provider while you’re repaying revenue-based finance, but don’t do it on a Friday afternoon without a phone call first. If your provider collects by debiting your bank account, a new terminal rarely matters. If it collects a share of each settlement through a terminal it controls, switching without agreement can breach the contract and trigger a default.
This guide explains how to tell which type you have, what to ask before switching, and how to sequence the change so your takings keep flowing and the provider stays onside.
Why are so many owners looking at their terminals right now?
Card acceptance costs are getting a lot of attention. In March 2026 the Reserve Bank published the conclusions of its review of merchant card payment costs and surcharging. Among other things, it said it will lift the prohibition on “no-surcharge” rules for the designated card networks, lower interchange caps on domestic consumer cards, and require acquirers to publish their merchant service fees and give merchants more information about their payment costs.
For a café, shop or salon that pays card fees on every tap, more transparency makes it easier to compare providers. And if surcharging becomes harder, the true cost of accepting cards lands on your margin rather than the customer’s receipt. Either way, plenty of owners are about to ask, “Am I on the right terminal?”
That’s a sensible question. It just needs one extra step if part of your takings is already promised to a finance provider.
How does your revenue-based finance actually collect?
Pull out your agreement and find the collection clause. It will almost always be one of these:
| Collection method | How it works | What happens if you switch terminals |
|---|---|---|
| Split settlement through a linked terminal | The provider receives your card settlements, keeps its agreed share and passes the rest to you | Switching moves your takings away from the provider. Needs agreement first, and often a new collection method |
| Split settlement through an online gateway | The same idea for online stores, collected through the payment gateway | Changing gateway has the same effect as changing terminal |
| Fixed daily or weekly bank debit | Your takings land in full; the provider debits an agreed amount | A terminal change usually doesn’t affect collection, but changing bank accounts does |
| Variable bank debit based on reported sales | The provider reads your sales data and debits a share | Changing terminals may cut off the data feed; tell the provider |
Our page on revenue-based and EFTPOS finance explains the difference between share-of-sales and fixed-debit products in more detail.
What should you check in the agreement before switching?
Look for these clauses. The wording varies, but most agreements include versions of them:
- Change of terminal, gateway or processor. Often requires written notice or consent.
- Change of bank account. Relevant if your new terminal settles into a different account.
- Diversion of receivables. Many agreements treat moving card sales away from the collecting arrangement as a default event.
- Minimum processing volume. Some expect a set share of your card sales to run through the linked facility.
- Early payout terms. How much it costs to close the advance if you’d rather clear it than restructure it.
If a clause is unclear, ask the provider to explain it in writing. It’s far better to have that conversation before the new terminal arrives than after a missed collection.
What’s the safest order of steps?
Owners who switch smoothly tend to follow roughly this order:
- Get the new provider’s pricing in writing, including any terminal rental, minimum monthly fees and contract length.
- Read your finance agreement for the clauses above.
- Call the finance provider and tell them you’re planning to change. Ask what they need: a new direct debit authority, a payout, or something else.
- Agree the new collection method in writing before the old terminal is switched off.
- Set a changeover date and make sure there’s no gap where takings fall between two systems.
- Watch your bank statements for the first two weeks to confirm collections are working as agreed.
Keep copies of every email and the signed authority in one folder. If a collection is ever missed during the changeover, you’ll be able to show exactly what was agreed and when.
Done this way, most changes are uneventful. Done the other way round, a provider can see collections stop overnight and assume the worst.
If your card takings are steady and you’d like to know whether a different structure would suit you better, it takes about a minute to ask a real person to look at your numbers.
An illustrative example
Illustrative only. A busy bottle shop takes most of its sales on card. Eight months ago it took a $90k revenue-based advance, collected by split settlement through a terminal linked to the provider. The owner gets a quote from another payments provider that would trim their monthly card costs, and the new terminals are offered free for the first year.
Before signing, the owner reads the advance agreement and finds a clause requiring 30 days’ written notice before any change of processor. They call the provider, who offers two choices: switch to a fixed daily bank debit for the remaining balance, or pay out the balance with no early payout discount.
The owner compares the numbers. Paying out would use cash they’d rather keep for Christmas stock. The fixed daily debit is a little less flexible on quiet days, but the shop’s takings are consistent. They choose the daily debit, sign a new authority, set the changeover for a Monday and keep the old terminal live until the new one is processing. Collections carry on without a hiccup, and the card savings begin the following month.
What if you’d rather clear the advance first?
Sometimes the cleanest answer is to finish with the advance before changing anything. A few ways owners do that:
- Let it run down. If there are only a few weeks left, it may be simpler to wait.
- Refinance into a different structure. An unsecured business loan with fixed repayments, or a business line of credit you draw and repay as needed, doesn’t depend on which terminal you use. Unsecured options typically range from $5k to $500k, sized on turnover and bank statements.
- Use property security. If you own property and want a larger or longer facility, property-secured business loans run from $20k to $5m.
business.gov.au’s overview of funding types is a useful reminder that overdrafts, lines of credit and asset finance all exist alongside card-based products. The right one depends on how your takings move through the year.
Two other things come up more than you’d expect.
Tax debt. The ATO’s page on firmer action notes that it can issue garnishee notices to suppliers of merchant card facilities. If you’re behind with the ATO, tell both your finance provider and your new terminal provider upfront, because a garnishee can disrupt settlements in ways that affect everyone.
Stacked advances. If you’re repaying two card-based products, a terminal change affects both. Map out how each one collects before you touch anything.
For industry-specific notes on how lenders view card-heavy businesses, see our pages for retail shops and restaurants.
Reviewing your terminal? Review your finance too
If you’re already taking a hard look at what your card takings cost you, it’s a good moment to check whether your finance still fits. Sometimes a simpler structure frees up both cash flow and the freedom to choose any terminal you like.
Asking us takes about 60 seconds, and there’s no credit check when you first enquire. We won’t send your details to a pile of lenders, so there’s no flood of calls from strangers. A real person reviews how your takings and existing advance work, then calls you with options that suit your situation. Please fill the form in accurately, including how your current advance collects, so we can give you a straight answer first time.
Frequently asked questions
Will my revenue-based finance provider let me change terminals?
Many will, provided you ask first. The provider usually wants a new way to collect, such as a daily debit from your bank account, or for the balance to be paid out. Problems mostly arise when owners switch without telling anyone.
What's the difference between split settlement and a bank debit?
With split settlement, the provider takes its share of each day's card takings before the rest reaches your account, usually through a terminal or gateway linked to it. With a bank debit, your takings arrive in full and the provider then debits an agreed amount from your account.
Can I run two terminals while the advance is being repaid?
Sometimes, but check the agreement. Providers that collect a share of settlements generally expect most of your card sales to go through the linked terminal. Moving a big share of transactions to a second terminal can reduce collections and may breach the contract.
Is it worth paying out the advance just to switch?
Only if the numbers stack up. Many advances fix the total repayable up front, so paying out early may not save money. Weigh any fee saving from the new terminal against what you'd pay to clear the advance now.
Do the RBA's surcharging changes affect my finance?
Not directly. They affect what you pay to accept cards and whether you can pass that cost on. But lower or changing card costs may prompt you to review your terminal, which is when your finance agreement becomes relevant.