How Does An EFTPOS Machine Work?
If you have a brick and mortar business, getting an EFTPOS is a good decision because of the convenience it provides.
EFTPOS is an acronym for Electronic Funds Transfer at Point Of Sale. It is an electronic payment method that you can use for completing your purchases.
An EFTPOS machine is capable of assisting the process of transferring funds from the bank of the customer to the bank account of the merchant or business.
You can benefit from EFTPOS if your customers use Debit Card, Credit Card or an EFTPOS card to buy from your store.
How does EFTPOS machine work?
- To get EFTPOS to work, you need network people to process EFTPOS card and credit card payments. Once the payments have been processed, the network people have to wait to find out if the payment has been accepted or declined. You pay these people as you are making use of the network.
- The actual transaction will be processed by the processing bank. Its main purpose is to process transactions paid through credit cards. It is important to note that your processing bank is not necessarily the bank for your business accounts.
- You also have to find a finance company who will lease the EFTPOS machine for a monthly fee. You will need to pay back the machine you leased by direct debit. The finance company will also provide you with the terminal to operate the EFTPOS device.
- The dealer or supplier will be responsible for the servicing of the machine. So if you are leasing, the service will also be included in your monthly fee. You have the option to rent or buy the terminal and purchase the EFTPOS paper.
Choosing an EFTPOS terminal
Whether you are considering the idea of accepting cards or you simply want to change your current provider, choosing a reliable terminal is crucial to making your business transactions as smooth as possible.
One thing that you need to achieve when considering EFTPOS is customer experience.
You should provide your customers with a seamless business transaction that enables them to pay without any hassle.
Even when customers have made a decision to buy, they can still change their minds because of a long queue.
If you give them an option to pay electronically, there is no need for them to wait in line just to complete their purchase.
When choosing a terminal, there are 5 important things you need to consider:
1. Business software integration
It is important that your EFTPOS terminal has the ability to communicate with your business’ software.
This is essential because it ensures efficiency. Since EFTPOS is about electronic funds transfer at a point of sale, the terminal should not defeat its purpose.
If your device fails to communicate to your point of sale, processing payments may not be possible. It is going to be an unpleasant experience for your customers.
Aside from providing excellent customer experience, there are greater benefits that you can reap from EFTPOS. Not only will you gain efficiency in your business, but you will also make it more visible. These things are important to good business.
2. Easy to use
Not everyone can understand the intricacy of technology. If your payment device is easy to use, it will not take long for you to process payments.
One way that you can test if a device is user-friendly is by training an employee. Did it take them more than five minutes to operate the machine?
If it is under five minutes, it only goes to show that your device is foolproof. It is not only the device that should be simple. Even the application process should not be complicated.
You need an accessible pricing model and simple device specifically designed for your business needs.
Everyone hates waiting. Customers do not have the luxury of time at their disposal in completing their purchases. They need to make a payment as quickly as possible.
Having a device that allows a seamless transaction is always a good choice for customers. Transactions should not get in the way in providing excellent service to customers.
Finding out that your EFTPOS is down can be frustrating.
For those who find it more convenient not to carry cash around, not having a reliable EFTPOS machine can bring a lot of inconveniences.
It is important that you choose a provider that has your back. Your EFTPOS device should work properly as most people prefer to pay with credit cards these days.
Considering getting an EFTPOS machine? Let us know your thoughts in the comments below.