So, you’re a new brick and mortar business who needs to accept cards, or you’re just frustrated with your current EFTPOS provider. Whatever the case, it’s important to understand how an EFTPOS machine works so you can choose the right terminal for you.

After all, EFTPOS machines are the most frequently used payment system in Australia. According to official figures, the system handles approximately 83% of our debit card transactions. And as Australia moves closer to a cashless society, the last thing you want is for your business to be left behind.

This guide will go through the process of an EFTPOS terminal while detailing the most important things to consider when choosing your provider.

What Is an EFTPOS Terminal?

EFTPOS stands for Electronic Funds Transfer at Point of Sale and is the backbone of every brick and mortar store An EFTPOS machine allows you to process online transactions for Debit Cards and credit cards, at payment terminals located at points of sale.

A typical EFTPOS machine is a countertop unit, however wireless units are becoming increasingly popular. Inside is high-tech programming that reads card information, encrypts and transmits data through telephone lines, authorises transfers between banks, and prints out receipts, all in just a few seconds.

The terminal communicates with at least three parties including; the customer’s bank, the merchant’s bank, and the authorising banks.

The EFTPOS terminal goes through the following process,

  • It checks the customer’s account to see if there are enough funds to cover the sale.
  • Then issues the amount to the authorising bank.
  • Following this, the information is passed over to the merchant’s bank.
  • When the amount is accepted, the transaction is approved, and a receipt comes out.

Benefits of Using EFTPOS Terminal Payments

Using an EFTPOS terminal comes with several advantages for your business including:

  • Lower risk of theft –Since EFTPOS payments go directly into your account, there will be less handling of cash and therefore a lower risk of theft.
  • Faster transaction speed- EFTPOS payments are fast to process.
  • Proof of payment- EFTPOS automatically creates a record of payment through a receipt, which can help avoid disputes.
  • Greater Convenience- Some customers may find EFTPOS convenient, as they don’t need to carry large amounts of cash.

The most important of these benefits is the convenience it allows your customers.

By allowing them to pay for their purchase with the payment method they prefer, you’re ensuring they are comfortable with your business and will keep coming back time and time again.

Features to Look Out for in an EFTPOS Machine

EFTPOS Features That Will Make the Process Smoother for Your Customers

Quick Tip

Use EFTPOS for high-value payments. Having too much cash on-premise increases the risk of theft.

If you think you are going to be accepting international payments, make sure your terminal accepts as many cards as possible as well as integrating a currency conversion option.

 

What’s Next?

Debit and credit card Payments are a key part of your customers’ experience and can make or break how they view your business. Understanding how EFTPOS terminals are going to work will help you pick the right provider to create a seamless and reliable process when it comes to transactions.

Join Safe2Pay

Safe2Pay’s upcoming EFTPOS machine comes with exciting features such as a dynamic currency conversion, Opera integration, and custom integration. It accepts multiple cards including, Visa, MasterCard, UnionPayInternational, American Express, Diners Club, JCB, and Discover.

Though that’s not all, our EFTPOS machine is taking us into the future as it accepts plastic cards and mobile wallets through built-in contactless, chips and magstripe readers.

The EFTPOS machine Allows Mobile and countertop use as well as contactless payments. It is easily integrated into any point of sale and provides one of the most secure options in Australia.

To learn more about our EFTPOS machine contact Safe2Pay online, or call us on 1800 723 327.

 

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