What is EFTPOS & how can it help your business?
EFTPOS (or Electronic Funds Transfer at Point of Sale) is a convenient way for customers to pay using one of many payment methods – usually debit or credit cards, mobile phones, smart watches, or other wearables.
Normally, you will need a physical EFTPOS machine to allow the card holder to make a payment with these methods. Once approved, depending on the type of card, the funds are collected from the issuer – that is, the issuer of the cardholder’s debit or credit card and then settled to the merchant’s account.
Why use EFTPOS?
1. People prefer the convenience of Tap & Go
Paying by EFTPOS is now the preferred way to pay in Australia. Due to the simplicity of paying using EFTPOS, more and more people are opting not to carry cash. When approaching a retail store or restaurant, card holders simply expect to have the ability to pay for items using EFTPOS.
By not accepting payments by EFTPOS, you do risk missing out on potential sales from customers who prefer card over cash.
2. It speeds things up
The speed of EFTPOS payments has improved immensely over the years. Because of this, businesses are opting for this method of payment as it better addresses, in the case of a retailer, their queues – especially during busy periods. For restaurants, this also may mean settling the bill quicker so another dining party can be seated and served.
We know that reconciliation at the end of the day can also be a burden. By not having cash to count and deposit at the end of the day you can simply print off an end-of-day report with ease.
3. It reduces the risk of theft
When businesses do not require large amounts of cash on hand – this potentially decreases the risk of theft – either by external or internal parties.
4. Get access to business insights
As a business owner, it is helpful to know more about your customers.
By using an EFTPOS provider and the reporting that usually comes with their services, you can determine what type of customers are buying your goods. Are the majority of your customers using premium credit cards, or are they using debit cards? Are they international customers or are they using corporate cards?
Insights such as this will help you understand your customers and ultimately provide a service that is more oriented towards them.
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