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
Comprehensive Integration with your point of sale
To ensure a smooth integration for yourself and your customer your EFTPOS terminal should be able to communicate with the rest of your business’ software. This will increase efficiency. To have an EFTPOS that can’t speak to your point of sale will lead to a workplace that appears disorganised and incompetent.
Ease of Use
You want an EFTPOS machine that is easy to use.It’s not only you that has to learn how to handle the EFTPOS terminal but also ALL of your employees. Safe2pay has worked hard to ensure that our new EFTPOS device is easy to handle and with 24/7 customer support available to you if anything should ever go wrong.
These days no one likes waiting, so don’t make them. You need an EFTPOS machine that can access your line quickly during peak periods and provide a seamless process. Like Safe2Pay’s fast terminal printer that can print up to 30 lines per second.
Mobility is a huge part of processing credit and debit card payments, especially if you’re in the hospitality industry, where customers like to make payments from the comfort of their tables. Safe2pay’s new EFTPOS machine offers 3G mobile, broadband internet Wi-Fi or Ethernet and dial-up.
Able to Accept Multiple Cards
It’s integral your EFTPOS machine accepts as many cards as possible, this goes back to the importance of providing your customers with their preferred method of payment. Safe2Pay’s EFTPOS accepts Visa, MasterCard, Union Pay International, American Express, Diners Club, JCB, and Discover.
Offer High Levels of Security
Nothing gives your business a bad name quicker than fraud and chargeback fees, protect yourself by ensuring you choose an EFTPOS machine provider that puts security at the forefront of their model. Like Safe2Pay who’s EFTPOS machine comes integrated with Payment tokenisation, for the highest level of protection in Australia.
Different EFTPOS providers well charge different cost. You should consider this when making your selection.
You don’t want anything that is too clunky sitting at the front of house or cluttering up what precious space you have left on your countertop. Choose a sleek and efficient design such as Safe2Pay’s new compact terminal.
If your business says it accepts credit cards, you should make sure this is always available to your customers. Of course, things can go wrong, and in that case, it’s important your EFTPOS provider offers around the clock support.
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.
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.
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.