How can EFTPOS benefit your business?

What is EFTPOS? 

EFTPOS, short for electronic funds transfer at point of sale, is a technology that allows customers to pay for their products or service with a debit or credit card, as well as smart devices and wearables (not to be confused with eftpos which is a local brand here in Australia that facilitates debit payments). 

Why is EFTPOS important for business? 

As cash continues to fizzle out in Australia, EFTPOS is a business service that customers have come to expect. Customers can pay for their goods with a single tap or swipe of their card thanks to EFTPOS’s first benefit, which enables quick and simple transactions.  

Customers will be more likely to return to your establishment in the future because this not only expedites the checkout procedure but also makes it more convenient for them. 

EFTPOS advantages and disadvantages 

Advantages of EFTPOS  

There are many pros of providing EFTPOS at your business. From efficiency to security, let’s go through the benefits of EFTPOS below. 

Efficiency in spades 

Let’s face it, handling cash can be a bit of a hassle. At the end of each day, it needs to be counted (and recounted) before depositing into your bank account, which creates a whole other task you and your staff need to fulfil after doors close and before going home. 

EFTPOS eliminates the need to deal with copious amounts of cash, reducing the amount of time spent on this tedious task. 

This is a big win for business because you’ll be able to put more time and energy into the areas that matter most. 

Reducing your risk of theft 

As well as being high maintenance, cash is also a lot easier to steal. Businesses that store cash on their premises risk being targeted for theft, and if broken into, suffering financial loss that can set their business back. 

Unlike cash, EFTPOS payments go straight into your bank account, making it a more secure payment method. With its higher level of security, EFTPOS gives you peace of mind that you just can’t put a price on. 

Speedy transactions 

It takes just a few seconds to process an EFTPOS payment, unlike cash which takes a lot longer due to the inevitable wallet rummaging and change counting that comes with it. 

Accepting transitions quickly means you can make more of them, particularly during rush hours. This is not only good for business, but customers too, because they don’t have to wait for long to pay for their products. 

With Tyro’s EFTPOS solutions, you can serve customers at lightning speed with sub 1.5 second¹ transactions. 

Pick a card, any card 

Another one of the benefits of having an EFTPOS machine is being able to accept a variety of cards. When you can accept the payment method your customer prefers, there’s less payment friction which lends itself to a seamless and convenient payment experience. 

Disadvantages of EFTPOS 

Although it’s got a lot of pros, EFTPOS does have some downsides that you’ll want to weigh up. They include: 

Risk of downtime 

EFTPOS machines rely on a working internet connection to make transactions happen. This means if the internet goes down (whether due to service interruptions or upgrades), so does your EFTPOS machine. 

When this happens, you won’t be able to accept payments through your EFTPOS machine as you usually would. This can be frustrating for customers and potentially harmful to your business’ reputation. 

Service fees 

It costs money to operate an EFTPOS machine. 

First up, there’s hardware fees. While these can add up, at Tyro we keep things simple and affordable with either monthly rental for our Mobile or CounterTop EFTPOS machines, or a one-off payment for our Tyro Go EFTPOS reader. 

Secondly, there’s transaction fees. Each time a customer makes a payment via your EFTPOS machine, you’ll have to pay a certain amount for processing the said payment. As a business, the transaction fees you have to fork out will vary depending on the card being used. 
 
Tyro Tap & Save² keeps these transaction costs to a minimum by using least-cost routing to automatically process eligible Tap & Go debit card transactions through the cheapest network. 

With Tyro’s Dynamic Surcharging³, you can also automatically apply your configured surcharge so you can recover your costs of accepting card payments easily. 

Wrap-up 

If you have business, you need an EFTPOS solution. It will help you keep up with the fast-paced world of business, capitalise on sales opportunities, and ensure you provide the best payments experience for your customers to keep them coming back. 

Unlock the power of EFTPOS with Tyro EFTPOS today.

Disclaimer

1 Average time taken to authorise a Visa, Mastercard, eftpos payment transaction, during the period 1 Feb 2022 to 30 April 2022. Measured as the time elapsed from a cardholder presenting the card on the EFTPOS machine to the return of the authorisation on the EFTPOS machine from the card schemes 

2 Tyro does not guarantee any cost savings by opting in for Tap & Save. Savings on eligible transactions processed through the cheapest network vary for each business depending on their card mix, transaction volume and amount, industry, and pricing plan. Eligible transactions are contactless debit card transactions less than $1,000. Tap & Save is not available on Special Offer pricing which includes some flat fee simple pricing offers or where you surcharge on debit card transactions as cost savings may not be realised. For details refer to Tyro.com or call 1300 00 TYRO (8976). 

3 Dynamic Surcharging is available for Mastercard, Visa, eftpos, UnionPay, American Express, JCB, and Diners Club on CounterTop EFTPOS and Mobile EFTPOS machines, and excludes eCommerce transactions.  By default, we do not include your EFTPOS machine rental costs into the calculation of your cost of acceptance, however you may choose to apply these costs into your calculation of your cost of acceptance via the Tyro Portal subject to the surcharging rules as set by the RBA and enforced by ACCC. 

Mastercard is a registered trademark of Mastercard International Incorporated.