3 myths about switching EFTPOS

Most business owners don’t think about their EFTPOS machine as a key part of their service workflow.

This is a mistake.

Payments is a quickly evolving space, facing disruption from FinTech providers looking to create value and remove friction.

This means that consumer expectations have continued to increase.

Your customers now expect a fast and seamless payments experience, whether they’re choosing to pay by card or mobile.

Related: What is EFTPOS used for?

We all know that long queues mean lost business. That’s another reason why fast transactions give you an added advantage during your peak hours of business.

Is your current provider holding you back?

Common misconceptions about switching EFTPOS machines

You have to switch banks

Most business owners rarely consider financial services from providers other than the bank they signed up with for their first bank account.

Sure it seems more convenient to stick with just one provider, but at what cost?

Technology is revolutionising the financial services industry. This means many niche providers are better alternatives for the specific problem you have. The best thing about them all? They play well with your bank.

Why? Because they have to. People have mortgages and savings tied to their banks. They have business accounts, personal accounts, savings accounts – and the list goes on.

Fintech is an industry (in most part) built upon banking infrastructure because it needs to be. This means it’s much easier than you think to integrate your new fintech provider with your bank.

Local fintech Tyro, brings a technology driven approach to business banking starting with EFTPOS.

Tap and Go has taken Australia by storm. The number of card transactions have officially eclipsed cash. That should mean that 40 – 50% of your transactions are via card payments.

You should be paying far more attention to your EFTPOS provider and how much merchant fees you are being charged.

Not sure what merchant fees are? We’ve broken it down here – no jargon, just plain English.

Why look outside of your bank? Easy.

State of the art hardware, sub 1.5 seconds transaction speeds ^*, and a local support team.

More importantly, Tyro is focused on EFTPOS with more than 200 engineers working to refine and improve the product every day.

The best thing about it, you don’t even have to leave your bank.

When you speak to your bank about switching your EFTPOS to a different provider you might encounter some push back. This could be represented in the lines of “Taking your EFTPOS away may affect your loans,” etc, etc.

These are exactly what they sound like – scare tactics.

It’s an invasive process

Feel like you’re being questioned on details that is none of anyone’s business? There’s a reason for this. Know-Your-Customer (KYC).

What is KYC?

KYC is a term used in banking and fintech and it stands for “Know Your Customer”.

KYC is the process of a business identifying and verifying the identity of its customers. It is also used to refer to anti-money laundering regulations which governs these activities.

It’s all in the interest of the consumer really. KYC is the process of identifying and verifying your details.

It’s really hard to switch EFTPOS and, it takes a long time

With the banks it definitely can be hard and take a long time, but with Tyro – we understand how you use payments with your Point of Sale.

With more than 200 Point of Sale integrations and counting, our EFTPOS products are built to integrate easily into your Point of Sale and be up and running in no time. See if we integrate with your Point of Sale.

Changing up business operations are always painful. But streamlining will mean more efficiency, and by virtue of that more margin.

Technical debt is a term used in the software space.

But it couldn’t be more relevant to brick and mortar business owners today. Why? Because your business runs on technology.

From your Point of Sale or Practice Management Software, to your loyalty program, you’re running on a stream of connected apps.

When most of your operations are run on software and hardware, you have a fair amount of code humming in the background of your business.

So you should know about tech debt. We’re willing to bet your business has some.

What is technical debt?

You don’t need to know the details of the code, but understanding how technical debt works will help when you’re making changes in how you run your business.

Changing up any part of your business operations is often painful. This is why most businesses live with tech debt, until they are unable to cope with the ramifications.

Your EFTPOS machine is as much of your service workflow as your Point of Sale, printers and staff. See how Tyro can help you streamline payments and leave a lasting impression.

We’ve also streamlined your onboarding process to offer you optimal experience and service.

On top of all that, our always-on local team is there to assist at your convenience.

Interested in knowing more about how you can streamline your payments? Get in touch with our team to talk about how we can reduce your merchant fees, and add value in your business.