The Tyro Blog

22 September 2017 - 2 min read

Business Strategies

EFTPOS – advantages, disadvantages and why you need one

advantages and disadvantages

Wondering if you should get EFTPOS in your business? Well it’s about time.

Contactless payments have gone from trend to norm in Australia.

And you don’t have to take our word for it.

Advantages of EFTPOS

1. Efficiency and lowered labour costs

Cash is finicky.

It needs to be counted (often recounted) and then deposited into your bank daily.

That’s a whole additional task for you or your staff to fulfil.

Having EFTPOS reduces the amount of cash your business will be dealing with, thereby reducing the amount of time your staff spend handling it.

2. Lower risk of theft

Back to our earlier point about cash being high maintenance.

Cash is so much easier to steal. Businesses that store huge amounts of cash are more likely targets for crime. EFTPOS payments go straight into your bank offering you peace of mind, and bringing your business a layer of transparency.

3. Lightning fast transactions

The main benefit of contactless payments are the speed they bring to each transaction.

Most hospitality businesses make the bulk of their revenue during rush hours.

For cafes it’s the morning coffee craziness, while for quick service it’s the lunch hustle.

Falling behind, and losing customers during your rush hour

See how you can bust queues with Tyro’s sub 1.5 seconds transaction speeds*. Yes, you will feel the difference.

4. Take all varieties of payments

When you run a business you know that your customer is king, always right, and unlikely to carry cash.

When you have an EFTPOS facility in your business you reduce any friction in accepting payments as you will be able to transact any way your customer expects to.

The payments market is deeply fragmented.

Between credit cards, mobile and wearable payments, business owners are constantly kept on their toes.

How do you meet consumers’ shifting payments expectations?

You do your research when choosing an EFTPOS for your business.

Most modern EFTPOS machines offer contactless technology which will allow you to take most types of payments.

Should you get an EFTPOS for your business?

Well, the obvious answer is yes.

Customers are turning towards alternative payments to cash more frequently.

For your business to stay relevant, you need to be able to meet your customers where they are.

Get in touch with Tyro to chat about how our EFTPOS facility and hear about our competitive rates.