How do EFTPOS machines work?

How do EFTPOS machines work?

If you’re wondering how EFTPOS machines work, you’re probably looking to begin accepting cards at your business (or you’re frustrated with your current provider).

With several players in the EFTPOS space, it can get confusing for small business owners. Add to this the complexity that merchant services are shrouded in, and it’s no wonder that most business owners don’t want to spend time thinking about it.

So, does the EFTPOS machine you choose matter?

Owning your customer experience means the tools within your business need to run seamlessly. Yes, even your payments device.

Payment is a crucial part of your customer’s journey. Your customer has made the decision to buy and is only going to get increasingly frustrated by a long queue. It’s a fact (PDF).

Here are five things to consider when choosing an EFTPOS machine

• Integration with your point of sale

Your EFTPOS machine needs to speak to all your business’ software. Why does this matter? Pure efficiency really. EFTPOS – The acronym stands for – electronic funds transfer at point of sale. An EFTPOS device that doesn’t speak to your point of sale will make your payments experience cumbersome, and leave a bad impression with your customers.

Beyond the customer experience wins, there are greater benefits to be had when you integrate your tools. You gain efficiencies in your business and visibility on your business. And those, are key to good business.

• Ease of use

Keep it simple. This should be the approach you take when thinking about your payments device. A useful acid test to apply would be to ask yourself if you could train a new employee to take a payment in under five minutes. That should be an indicator of the right Eftpos device for your business.

The simplicity doesn’t have to end with just the device. Tyro has worked to remove the complexity in the application process. Learn more about a simple and accessible pricing model curated for small business.

• Speed

In this instant-gratification generation, no one likes waiting. Getting through your line quickly during your peak period(s) is the key to business success. Your payments process should be seamless so that your front of house can focus on your customers without letting transactions get in the way.

• Size

Counter space is precious and no one likes a cluttered front of house. Make sure that your EFTPOS device doesn’t take up too much room, and design your front of house so your device can be both unobtrusive and accessible.

• Cost

The clip taken from your earnings is an important consideration when making a decision on which EFTPOS device to use in your business. Not having a clear understanding of what this percentage cut translates to in revenue can come back to burn you when you’re doing your annual reviews.

It’s always good business to know what you’re getting into. So do your homework based on last year’s projections.

Tyro now offers simple, competitive, and transparent rates for small business owners.

Payments are a key part of the brick and mortar customers’ experience. Understanding how EFTPOS machines are going to work within your business will help you design the most frictionless way you can conduct transactions.

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