What is EFTPOS used for?
In short, EFTPOS (Electronic Funds Transfer at Point of Sale) is an electronic payment system that may include EFTPOS machines, which facilitates the transfer of electronic funds at points of sale.
Because cash is on the out
As we move towards a cashless society, it’s imperative for businesses to let their customers pay in the method and the way they want.
Most people enjoy the convenience of paying by card, mobile and even wearables for everything from a litre of milk to a new fridge.
Who can use EFTPOS machines?
Most business that collect cash payments from customers can use EFTPOS.
All that’s needed is an EFTPOS machine and a contract with an EFTPOS provider. It’s very quick and simple to set up (at least, it is with Tyro!).
Are there limits to what EFTPOS can be used for?
Some banks put a limit on how much their customers can spend using a debit or credit card. It’s a way for them to help fight against fraud.
Additionally, some banks will also restrict certain merchants based on the type of goods and services they offer.
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