How EFTPOS Transactions Work: Pulling Back the Curtain on Cashless Payments

An EFTPOS machine is an essential tool for modern businesses. EFTPOS (which stands for Electronic Funds Transfer at Point of Sale) machines accept credit and debit card transactions. A modern EFTPOS machine from a reliable payment services provider will capably handle this task, by sending transaction approvals and transferring funds between different systems. Then, the customers' funds are settled into your nominated business transaction account — ready for you to spend, reinvest in your business, or pay suppliers and employees. This is the bedrock of a functional EFTPOS machine. No matter what other features and services are offered, your business needs an EFTPOS terminal that is ready to process every customer’s electronic payment quickly, securely, and affordably. Understanding the basic EFTPOS functionality An EFTPOS machine facilitates the movement of funds from a customer’s account into your own. When you’re selling in-person, you require an EFTPOS machine in order to accept digital payments. Contactless payments are now the norm in Australia; without an EFTPOS machine, you’re narrowing your potential customer pool to those few Australians who still carry cash. Zeller Terminal accepts payments through various methods, including inserted, swiped, and contactless payments from cards or NFC-enabled devices, as well as MOTO payments . How do you enter a card number on a payment terminal? To enter a card number on a card machine, simply key in the card number, expiration date and Card Verification Value (CVV). These transactions are known as MOTO (short for Mail Order Telephone Order) payments . On Zeller Terminal, accepting a manually-entered card payment is easy — simply toggle the mode switch from Card to MOTO. The ability to manually enter card details provides you with a quick, convenient and secure way to accept payment from customers when they’re not with you in-person. Using advanced EFTPOS features A next-generation EFTPOS machine offers you functionality beyond just accepting payments. The best EFTPOS machines combine fast, reliable payment processing with valuable features that can help you grow your business, such as: enabling you to showcase your brand through receipts and screensavers. providing you with enhanced security on every transaction accepted. integrating with POS systems, or offering a free, built-in point-of-sale. automatically splitting transactions by amount, or by number of guests. prompting customers to add a tip at the end of a transaction. Keep reading to discover how to use an EFTPOS machine to grow your business, by leveraging Zeller Terminal’s advanced features. Showcasing your brand A receipt, whether printed or digital, is the perfect place to promote your business and deliver a memorable customer experience. No longer just for proof of purchase, your receipts can help you promote your business by: boosting brand awareness by giving you a place to showcase your logo. motivating customers to follow you on social media with links. building customer relationships with a custom note or message. minimising the risk of chargebacks by including helpful return information. Additionally, the best EFTPOS machines, like Zeller Terminal, enable you to add a custom screensaver to the display. This screensaver could include your business logo, or a promotional offer to display to customers when they’re making payment. You can also learn how to Use Zeller Receipts as a Marketing Tool here . Providing enhanced security As your business grows, it’s likely that you hire new staff members to accept payments with your EFTPOS terminal. Unfortunately in some circumstances, this can create a security risk to your business, and your customers. Zeller Terminal enables you to take control of who can access secure information and features from your EFTPOS machine — such as transaction information, issuing refunds, or updating terminal settings. By setting a secure PIN code on Zeller Terminal, you can immediately restrict access to specific features on your EFTPOS machine, helping to protect your business and enhance your security. Point-of-sale functionality and integrations A point-of-sale (POS) system enables you to create an item library, track inventory, build a shopping cart, accept payments from customers, and send an itemised receipt, in one seamless, fully integrated flow. POS systems are a modern alternative to the traditional cash register and can be run on computers, tablets, smartphones, and even EFTPOS terminals. Zeller POS Lite comes built-in free to Zeller Terminal 2, enabling you to build a robust item library that displays directly from your EFTPOS terminal or smartphone (via Zeller App). You can use Zeller POS Lite to manage items, add modifiers and attributes to products, and create detailed item reports to track what’s selling, and what’s not. Alternatively, a modern EFTPOS machine should also integrate directly with your existing POS system — whether you use a hospitality-based POS like Redcat , or a retail-focused system like Zii POS . Zeller Terminal integrates seamlessly with over 600 third-party POS systems, which you can find on the Zeller Partner Hub . Split transactions In many circumstances, such as in a restaurant or cafe, your customers may ask to split a payment across a number of people. This requires you to operate a modern EFTPOS terminal that will enable you to automatically split transactions, without your staff having to calculate the individual payment values manually or with a calculator. With Zeller Terminal, you have the option to split transactions directly from the device. Transactions can be divided by the number of guests evenly, or alternatively, every guest can choose a custom value to make payment for, until the entire transaction is complete. Prompting customers for tips If you’ve delivered a great customer service experience, customers may want to leave you a tip at the end of an EFTPOS transaction. EFTPOS tipping is increasingly common in service industries such as cafes and restaurants, so having an EFTPOS machine that automatically prompts customers to leave a tip is essential. EFTPOS terminals that are automatically enabled with a built-in tipping feature may lead to an increase in gratuity, benefitting your employees. In fact, modern EFTPOS machines like Zeller Terminal, which automatically prompt customers for gratuity at the end of a payment, have delivered an increase in tips by up to 30% . Why you need an EFTPOS machine We know, with certainty, that Australians prefer using debit and credit cards over notes and coins. Research from the Reserve Bank of Australia demonstrates the sharp decline of physical cash use: respondents under the age of 40 used cash for less than 15% of their payments in 2019. In 2016, cash accounted for 30% of their payments. Over the last five years, the number of ATMs across Australia has fallen 53.6% — making it difficult for those few consumers who still want to carry cash to do so. The world has gone digital, and as a result so have businesses. All of this is unlikely to come as a surprise, considering the obvious benefits of credit and debit cards: they’re simple, fast, secure, and generally easy to use. A customer just needs to tap, dip or swipe their card or mobile wallet to your terminal — without the need to handle cash. For this reason, having an EFTPOS machine is just as critical for your business operations as it is for your customers’ experience. The cards EFTPOS machines accept EFTPOS terminals accept both credit and debit cards. However, with advancements in technology come new ways to pay — meaning older terminals from traditional providers may not support the payment methods your customers prefer. When selecting the right EFTPOS machine for your business, it’s important to look for a terminal that will enable you to offer customers a broad range of payment processing options. How do your customers expect to be able to pay for the goods or services you provide? If you run a busy coffee shop in the CBD, your customers might want to use their mobile phone or smartwatch to pay for their morning caffeine hit. Your customers may even use lesser-known payment types that are growing in popularity. When choosing which EFTPOS machine is right for your business, set your sights on an EFTPOS terminal that accepts all of the major card networks (such as eftpos, Mastercard, Visa, American Express, and JCB) as well as other convenient payment methods your customers prefer to use (such as Apple Pay and Google Pay). Do EFTPOS machines need internet? An EFTPOS machine will use a wired or wireless internet connection to process payments. Modern terminals use SIM cards, making it possible for you to process transactions outside of Wi-Fi range (a must when customers expect to be able to pay at the table). However, best-in-class terminals will provide multiple connectivity options: a SIM card slot, as well as Wi-Fi connectivity. Business owners must also ensure that their EFTPOS terminal will connect to the available mobile network — with the 3G network shutdown rolling out across Australia, Zeller Terminal will reliably connect to 4G networks, too. Communication between the terminal, the card issuer, the processing bank, and the payment network requires reliable connectivity — but that doesn’t have to come from a traditional internet connection. Technology has evolved so you no longer need to have your terminal hardwired, sitting stationary by your register. Your payment tools should work wherever you do. How long does an EFTPOS transaction take? Every business owner wants to know how long an EFTPOS transaction takes. The time it takes to settle funds to your business bank account directly impacts cash flow and, by extension, your ability to grow your business. Funds accepted via Zeller Terminal are swept to your chosen Zeller Transaction Account nightly, available for spending instantly using your free Zeller Debit Card . For more information about the limitations of traditional banks, read Transaction Processing and Settlement: Why Do Banks Take so Long? Finding the best EFTPOS machine for your business needs EFTPOS machines make payments easy for customers and business owners alike. Customers can quickly pay for their goods or services and get on with their day, while your business can cut down on wait times and efficiently provide great service to everyone making a purchase. Finding a trusted, secure and innovative EFTPOS provider should be a top priority for your business. Zeller enables merchants to accept every payment, accelerate cash flow, and quickly manage and access funds. Learn more about how Zeller Terminal can help your business. Interested in learning more? Find out how EFTPOS Transactions Work here.

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.

Here's what you need to know about finding the right EFTPOS terminal. Searching for a next-gen EFTPOS machine that accepts modern payment methods, processes payments quickly, settle funds into your business account as fast as possible, and looks good on your countertop? Finding the right terminal for your business is important – you’ll rely on it for secure, fast cashless payments that keep your cash flow looking healthy. Some terminal providers will lock you into long contracts, with expensive termination fees, so knowing what to look out for is key. How much is it to have an EFTPOS machine? The EFTPOS machine you choose will depend on variables such as your budget, sales volumes, Point of Sale (POS) software, and fees associated with your merchant account. It costs $259 to own a Zeller Terminal outright. There are no hidden fees or charges, and no lock-in contracts. When you sign up for Zeller, you also receive a free Zeller Transaction Account (into which funds accepted via Zeller Terminal are settled nightly) and a free Zeller Debit Card — so you can pay suppliers and make business purchases with ease. Keep reading to discover the nine questions you should keep in mind when comparing EFTPOS terminals. 1. Do I understand the fees? Many business owners don’t realise they are agreeing to pay hidden fees, such as expensive terminal fees, until it’s too late. Sign the dotted line and you could be agreeing to pay a lot more than anticipated for your EFTPOS machine — and lock-in contracts usually come with hefty fees for early cancellation. Otherwise cautious business owners fall victim to hidden EFTPOS terminal fees time and time again. However, these fees are required by law to be disclosed somewhere – you just need to know where to look. Make sure to go through the terms and conditions with a fine-tooth comb; never solely rely on a verbal quote. If you’re already using an EFTPOS machine, check your merchant statement as this will tell you the processing fees and other fees you’re currently paying. It’s also important to remember that, in most cases, if you decide to rent your EFTPOS terminal you won’t own it at the end of the payment period. You’re simply paying for the privilege of using it, and will be left empty-handed when the contract ends. Although renting may look like an affordable option at first, it’s a tactic designed to get business owners to pay far more than what the terminal is actually worth. Zeller Terminal is yours to own for one low payment of $259. There’s no lock-in contract or hidden fees; we know you’ll keep using your Zeller Terminal because you love it, not because you have to. Learn more about Zeller Terminal and whether it’s the right solution for your business. 2. Will it be easy to use? Taking payment is usually the last interaction a member of your staff has with a customer. However, time wasted teaching staff the intricacies of a confusing system is time that could be better spent on other parts of the business. The ease with which staff process a payment affects the customer experience at every business. Your EFTPOS payments terminal needs to be easy for all staff to use, with minimal training. This is especially important if you run a retail store that hires casual staff during peak holiday and sales periods, or in another business that regularly hires new workers. When shopping for an EFTPOS terminal, consider whether it has been designed by a team that understands your business. Are the prompts straightforward? Is the user flow intuitive? Your terminal should feel natural and simple to use. If it is, your staff will save time with every transaction – and you’ll save time training them how to use it. 3. Can I customise it to suit my business? Some EFTPOS payment terminal providers will force your business to work their way. This is related to the point above: if you choose a provider who understands your business, you’ll likely find there’s no need to change your internal workflows. An EFTPOS terminal should fit the way you want your business to work. When selecting a terminal provider, consider how well it fits with your established processes. For example, you might want the ability to: restrict the ability to provide a customer with a refund to a small pool of staff, such as managers charge your customers a surcharge enable tipping customise your receipts Choose a provider that gives you the power to customise the way you accept and manage your payments and you’ll save yourself from needing to retrofit your processes to fit the tool. 4. What happens if my internet cuts out? Your business needs to be able to continue processing cashless payments even during periods of internet outage. You don’t want to have to send your customers to the closest ATM, or have them scrambling for cash. Occasionally, small periods of service downtime will be unavoidable. Your internet provider might be down for routine maintenance or there may be a power cut to your area, or another technological issue may impact how your EFTPOS terminal connects to the internet. However, any period of downtime has the potential to negatively affect your business — the impacted customer may never return. That’s why, when you choose Zeller Terminal, you have the option to switch to another network. If you’re experiencing issues with your Wi-Fi provider, it’s simple to connect via 3G to another network and continue processing payments using your SIM card. 5. How often will I need to charge it? These days, many businesses are run on the go — so a mobile EFTPOS terminal is a must. Cafes and restaurants that take payment from the table depend upon a long-lasting battery to get through the day. For a retail store, a long-lasting battery provides the flexibility to take payments from wherever is convenient for the customer. For mobile services such as trades and beauty technicians, having the ability to take payment on the go saves you the hassle of returning to your computer, sending an invoice, then following up until payment is finalised. It’s essential that the EFTPOS terminal you choose has enough battery life to give you peace of mind that you’ll never miss out on crucial transactions. 6. How fast can I put my funds to work? Depending on which payment services provider you choose to use, you could access your funds the same day you earn them – or you could be waiting upwards of three business days. The speed of settlement can have a big impact on your cash flow. Choose a provider that’s slow to settle, and you may find yourself in the frustrating situation of needing a business loan to tide you over until your funds are released. When you use your Zeller Terminal in combination with your free Zeller Transaction Account , you’ll get same-day settlement for your funds so you can spend using your Zeller Debit Card . Or, if you want to use your existing business bank account , your funds will settle the next business day. 7. Is there setup and ongoing support? Painful setup, hard-to-follow instructions, and uncontactable customer service representatives are headaches you simply don’t need. Some EFTPOS terminal providers are intuitive enough to use out of the box, whereas others come with a booklet of instructions you’ll need to follow. Or, you may be asked to book a technician to manage the setup on-site. Once you’re up and running, having multiple ways to ask for help – whenever you need it — is important. If your business operates in the evening and on weekends, look for a provider that offers extended support hours. If something goes wrong and you need answers fast, you need to feel confident that someone will pick up the phone on the other end. 8. Will it protect my business? Fraud is a risk for businesses of any size. Recurring chargeback fraud , in particular, can be costly for a business. When considering any financial services provider, it’s important to check whether it's backed by a team of security experts. You’re trusting this business to handle your money. Zeller’s Support team monitors transactions round the clock — 24 hours, 7 days a week — to prevent fraud before it happens. Backed up by intelligent machine monitoring, our team works to identify and respond to fraudulent attacks in real-time. 9. How soon can I get it? If you’re ready to start selling your products or services now, choosing an EFTPOS terminal that takes weeks to be delivered is an unnecessary setback. Why eat into valuable time you could be turning a profit? Ideally, your EFTPOS terminal will be available for delivery quickly. Even if you’re not ready to start accepting payments at your business, getting your EFTPOS payment terminal as soon as possible will give you extra time to get up to speed with its features and options for customisation. We offer fast, free shipping anywhere in Australia, for all Zeller purchases. Sign up for Zeller in minutes. Zeller Terminal and accessories can be purchased online from the Zeller Shop with free express shipping and same-day dispatch. Once you’ve considered these 9 questions, you should have a good idea of the non-negotiables you need from your EFTPOS terminal provider. Remember to always read the fine print and understand what you’re really paying for when you sign the dotted line.