What is EFTPOS integration and how can it help your business?
As cash continues to become less and less the payment method of choice, EFTPOS continues to reign supreme as the go-to payment method for consumers. If you’re still not on board the EFTPOS train, it’s officially time.
In order to keep up in the fast-paced world of business, it’s important to have appropriate EFTPOS solutions so that you can ensure you’re capitalising on sales opportunities and ensuring you provide the best payments experience for your customers to keep them coming back.
The benefits of incorporating an EFTPOS solution into your business are far reaching and we’ve covered the whats and whys in this article, to help you navigate this critical business service, in case you’re still on the fence.
What is EFTPOS?
To understand how EFTPOS works and its key features, it’s first handy to know that EFTPOS stands for electronic funds transfer at point of sale. Essentially, EFTPOS is a technology that allows businesses to accept payments electronically from physical debit or credit cards, or even smart devices such as wearables, rather than physically with notes and coins.
You’ll have spotted this card-processing machine on the countertop but it can also be brought to consumers wherever they are with mobile options now on the market.
Efficiency in spades
As a small business owner, it’s hard to overstate the tediousness and time consumption that can come with counting cash. Having to calculate (and recalculate) cash before depositing it into your bank takes time (that you probably don’t have!).
EFTPOS solutions, such as Tyro’s EFTPOS machines, help push this time-consuming task to the bottom of your to-do list, because you’ll have far less cash to deal with by offering card processing to consumers.
This is a big win when it comes to your business because you’ll be able to put more time and energy into the areas that matter most.
Reducing your risk of theft
There’s no getting around the fact that, due to its tangible nature, cash is much easier to steal.
Businesses that store cash on their premises risk being targeted for theft and if they are broken into, may suffer financial loss.”
EFTPOS sees efficiency and security converge – the money goes directly into the bank, with no physical cash exchanged, making it a more secure form of payment. You can’t put a price on peace of mind.
EFTPOS payments take seconds to process, which is faster than cash exchanges, which, by their nature, require significantly more wallet rummaging and change counting.
Being able to accept transactions quickly means you can make more of them, particularly during rush hours, which will help keep your customers happy too.
With Tyro’s EFTPOS solutions, you can serve customers at lightning speed with sub 1.5 second transactions1.
Pick a card, any card.
Another one of EFTPOS’ advantages is decreased payment friction, because you’re able to accept cards (and a number of them for that matter). This lends itself to a seamless payment experience that is convenient for your consumers.
Tyro accepts a variety of cards, letting customers pay the way they choose.
Why EFTPOS is important to businesses
Card payments are overwhelmingly the payment method of choice; in fact, more and more people are going completely cashless these days2, and moving towards device payments likely Apple Pay, Samsung Pay, and Google PayTM not to mention wearables.
By adopting an EFTPOS solution into your business, you’re able to better service customers in the way they want to be served.
Get in touch with Tyro to discuss an EFTPOS solution for your business.
Get started with Tyro
1 Average time taken to authorise a payment transaction, from 1 March 2020 to 30 June 2020. Measured as the average 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, covering approximately 95% of Tyro’s EFTPOS machine fleet in production.
2 Source: Australian Banking Association (ABA) analysis of RBA data, May 2021: https://www.ausbanking.org.au/covid-19-accelerates-debit-card-use-cash-decline/
Apple Pay is a trademark of Apple Inc., registered in the U.S. and other countries.
Google Pay is a trademark of Google LLC.