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How An EFTPOS Terminal Can Benefit Your Business


9.08.2021 Payments

How An EFTPOS Terminal Can Benefit Your Business

Considering a card machine? Here's what to weigh up.

Having a reliable card machine and accepting card payments is becoming increasingly important to Australian businesses. Contact payment is now the norm, so when you’re starting up a business, one of the first things you’ll need to consider is whether to get EFTPOS (Electronic Funds Transfer at Point Of sale).

While there has been a rapid decline in cash payments over the past decade, the rise in payment technology means it’s crucial to be informed about the various EFTPOS options that are available to your business so you can make the right choice. Looking for more information about what EFTPOS is and how it works? We’ve written a handy article explaining exactly that.

Let’s take a look at the advantages and disadvantages of using EFTPOS in your business.

What are the advantages of EFTPOS?

The advantages of EFTPOS include faster transactions, encryption for security, quicker access to your funds, the ability to offer multiple payment methods for your customers' convenience, and proof of payment with a digital or hard-copy receipt. 

Faster transactions

A card machine has the superior ability to speed up transactions, which means you can create a better service experience for your customers while also lowering your labour costs. 

For the hospitality industry, increased efficiency is the key to handling rush hour. This is the time your business will be making the most money so it’s important to be able to keep customer satisfaction levels high while finalising transactions quickly. Having EFTPOS machines handy helps your employees keep up the pace during those frantic peak times. 

More secure

EFTPOS machines offer businesses a much higher level of security than when you’re dealing with cash and keeping large quantities of it in your till. Thieves primarily target businesses that make a lot of cash quickly. By having card payments where the funds transfer directly into your bank account, you are more likely to avoid being a victim of this type of petty crime.

Quicker access to your funds

Instead of making a time-consuming trip to the bank to deposit cash, then waiting for it to hit your account, you can accept funds through Zeller Terminal. The money will conveniently settle in your account by the next business day. If you sweep the funds into a Zeller Transaction Account, they can be available even sooner. This helps increase your business's cash flow.

Some card machine providers have setups that take longer, so if fast access to takings is important to you, look for a provider that prioritises this. 

Accept multiple payment methods

EFTPOS terminals can accept a wide variety of payment methods, including contactless technology. Options include AMEX, Apple Pay, Google Pay, eftpos, and more. 

Letting your customer choose what’s convenient for them will ensure you meet their needs. It's a key part of providing exceptional, memorable customer service as a whole. 

Proof of payment

An EFTPOS terminal will provide your customer with a physical receipt, which proves what, when and how they purchased goods or services from your business. Some providers, such as Zeller, will also allow you to email or text a digital receipt to your customers, so they can keep it for their records. 

Even if your customer doesn’t take the receipt, you’ve got details of the transaction to ensure there’s proof of payment. There’s no need to count your till when a customer says they think they paid with a $50 note, but your staff gave them change for $20, either.

Disadvantages of EFTPOS

Merchant services fees

Each time a customer makes a card payment, you have to pay a transaction fee. When you’re being charged a different rate for accepting AMEX cards, eftpos, and the rest, it can become very difficult to work out how much you’ll need to pay your merchant services provider at the end of the month. This is one reason why the typical merchant statement can be tricky to understand. 

However, you have the option to pass that off as a surcharge. Look for an EFTPOS terminal provider that charges one flat rate, so you can anticipate your charges. 

Every card tapped, dipped or swiped on Zeller Terminal costs just 1.4%. You can easily toggle surcharging functionality one or off anytime, from Zeller Dashboard.

Risk of downtime

EFTPOS terminals rely on a working internet connection to make the transaction happen. Some internet downtime is unavoidable, whether due to service interruption or upgrades — it’s out of your control. 

When this happens, you won’t be able to accept payment. This is extremely frustrating for a customer and potentially harmful to your business reputation. 

Decoy Cafe, in Melbourne CBD, was experiencing multiple internet dropouts at peak periods. This rendered their card machines, provided by one of Australia's big four banks, useless — and forced staff to ask customers to return the next day to pay for their purchases. However, since making the switch to Zeller Terminal, Decoy has resolved its downtime issues. 

Zeller SIM Card (powered by Optus) provides backup internet connectivity, in the event your WiFi cuts out, so you can continue taking payment.

Should you get an EFTPOS machine for your business?

Without a doubt, you should be operating your business with a quality EFTPOS machine that’s available to your customers however they pay.

Every EFTPOS machine is different, from the speed of settlement to the merchant services fees. Make sure you consider all the pros and cons before you make a purchase so you select the card machine that’s right for your business. 

Ready to get started with Zeller?