EFTPOS terminal hire vs purchase: What’s the best option for your business?

EFTPOS terminals are essential tools for processing payments, whether in-store, on-the-go, or during special events. Businesses often face a critical decision: should they hire or purchase an EFTPOS terminal? While hiring may appear to be a flexible and cost-effective solution for short-term needs, purchasing a terminal offers long-term advantages in terms of scalability, functionality, and control.

In this guide, we’ll compare EFTPOS terminal hire and purchasing options, focusing on flexibility, scalability, and cost-effectiveness. We’ll also explore why purchasing an EFTPOS machine from Tyro is the smarter long-term investment for businesses that expect growth.

Understanding EFTPOS Terminal Hire

EFTPOS terminal hire is a popular option for businesses seeking short-term solutions or those just starting. It involves renting a terminal for a fixed period, often with additional costs for transaction fees.

Pros of Hiring an EFTPOS Terminal

• Lower Upfront Costs: Hiring eliminates the need for a large initial investment, making it ideal for businesses with limited budgets or seasonal needs.
• Short-Term Flexibility: Hiring works well for businesses operating at events, pop-ups, or during peak seasons when extra payment processing capacity is required.
• Minimal Commitment: Rental agreements often come with flexible terms, allowing businesses to return the terminal when it’s no longer needed.

Cons of Hiring an EFTPOS Terminal

• Ongoing Costs: While upfront costs are lower, terminal rental fees and transaction charges can quickly add up, making it expensive over time.
• Limited Customisation: Hired terminals often lack advanced features or integration options, which can limit their functionality.
• Scalability Challenges: As your business grows, relying on hired terminals may become inefficient and costly, especially for businesses with high transaction volumes.

The Benefits of Purchasing an EFTPOS Terminal from Tyro

For businesses seeking a long-term solution, purchasing an EFTPOS terminal is a strategic investment. Tyro’s EFTPOS machines are designed to meet the needs of growing businesses, offering advanced features and unparalleled scalability.

Long-Term Scalability and Growth Potential

Purchasing a terminal gives businesses complete control over their payment processing capabilities. Tyro’s EFTPOS machines are built to adapt to your business needs, whether you’re expanding locations, increasing transaction volumes, or integrating with new systems.

Full Control Over Features and Functionalities

When you purchase a terminal, you’re not limited to the basic features typically offered in rental agreements. Tyro’s terminals provide:

• Customisable payment options to support various industries, including retail, hospitality, and professional services.
• Seamless integration with point-of-sale (POS) systems, making transactions faster and more efficient.
• Support for multiple payment methods, including contactless payments, mobile wallets, and international cards.

Advanced Security Measures

Tyro’s EFTPOS terminals prioritise security with end-to-end encryption and advanced fraud prevention technologies. Unlike hired terminals, which may lack consistent updates, purchasing ensures your terminal is always equipped with the latest security features.

Key Factors to Consider When Choosing Between Hiring and Purchasing

Selecting the right EFTPOS solution depends on your business’s unique requirements. Here are the key factors to evaluate:

Assessing Your Business Size and Needs

• Small Businesses: If you run a seasonal or pop-up business, hiring may be cost-effective initially. However, purchasing is better for businesses with consistent operations and growth potential.
• Large Businesses: For companies with multiple locations or high transaction volumes, purchasing ensures scalability and reduces long-term costs.

Evaluating Transaction Volume

High transaction volumes often make purchasing more economical. Hiring may involve per-transaction fees, which can accumulate and exceed the cost of owning a terminal.

Planning for Future Growth

Purchasing a terminal aligns with long-term goals. As your business scales, owning a terminal provides the flexibility to upgrade, customise, and integrate with new systems without the constraints of rental agreements.

Tyro’s EFTPOS Purchase Offerings

Tyro offers a range of EFTPOS terminals designed to meet the demands of modern businesses. Here’s why Tyro stands out:

Seamless Integration with Existing Systems

Tyro’s machines integrate with over 300 POS systems, ensuring a smooth and efficient transaction process. This reduces downtime and enhances the customer experience.

Customisable Solutions for Various Industries

From retail and hospitality to professional services, Tyro’s EFTPOS solutions cater to diverse industries. Businesses can tailor their terminals to meet specific needs, whether it’s enabling split payments, tipping options, or advanced reporting tools.

Cost-Effective and Scalable

Unlike short-term rentals, Tyro’s terminals are a one-time investment that delivers ongoing value. With features like automatic updates, businesses can remain competitive without incurring additional costs.

Why Tyro is the Smarter Choice

While hiring an EFTPOS terminal may seem like a convenient option for short-term or seasonal needs, purchasing one from Tyro offers greater flexibility, scalability, and long-term value. With advanced features, secure transactions, and seamless integration, Tyro’s EFTPOS terminals empower businesses to grow without limitations.

If you’re ready to invest in a payment solution that grows with your business, explore Tyro’s EFTPOS products today.

For more insights on choosing the right EFTPOS solution, check out our guides:

• How Can EFTPOS Benefit Your Business?
• Discover Which Tyro Product is the Right Fit for Your Business

Make the smart choice for your business’s future—choose Tyro.