What should I consider when switching to EFTPOS?
Not all EFTPOS systems are created equal. While they all essentially do the same job – that is, collect electronic payments from customers – the features of each EFTPOS solution, and their advantages, vary.
1. Seamless integration with POS/PMS
If you use a point of sale (POS) or practice management system (PMS), then you’ll want your EFTPOS solution to be able to talk to it.
- Eliminate double entry and rekeying errors
- Save time and money with advanced reconciliation
- Safeguard customers and your business against data breaches with integration architecture
- Get immediate transaction reporting
- Consistent inventory management
Your EFTPOS machine should offer every possible connection – ethernet, WiFi and 3G.
Also, look for an EFTPOS solution that:
- Invests in its technology
- Has dual live data centres in separate locations
- Has a 3G backup mode
2. Customised to your industry
Look for an EFTPOS machine that makes life easier for both you and your customers.
For example, if you own a bar, then you’ll want the ability to create bar tabs. If you’re a physiotherapist, then you’ll want the ability to process health fund claims.
Here’s a snapshot of the key features of EFTPOS that matter to different industries:
- Pay from the table
- Split billing
- Dynamic Currency conversion
- Bar tabs
- Process transactions simultaneously
- Dynamic Currency Conversion
- Least Cost Routing
- Integrated with Medicare Easyclaim
- Fast rebate payment
- Multiple doctor & account capabilities
- Integrated health fund claiming
- 98% coverage of the insured population
- Claims assessed in 4.5 seconds
3. Easy set-up
Some EFTPOS solutions are quick and easy to set up; others are more complex.
Questions to ask about ease of set-up include:
- Are there cables involved, and do I have the right connections?
- Is the machine easy to position for the customer?
- Is there a simple set-up guide with clear instructions?
- Does it connect seamlessly with WiFi or 3G?
- Can it connect seamlessly with my POS/PMS?
- Can I customise the settings?
- Is it easy to set up things like paying at the table or tipping?
4. Fast processing time
Fast moving queues mean happier customers and more sales.
Transaction speeds for EFTPOS should be as quick as possible so queues keep flowing. At Tyro, we keep them under 1.6 seconds on average
5. Transaction security
Accepting payments electronically can be risky. You need to make sure that payments are safe and encrypted.
Look for things like:
- Firewall protection
- Anti-virus software
- PCI PTS compliance
- Cardholder data protection
- Solutions in place to deal with fraud
- User PIN protection
6. Ability to accept different payment types
The way people pay is changing almost daily. The more payment types your business can accept, the better.
Ask the EFTPOS provider what types of payments it can accept. You’re looking for a broad answer, including all the major credit and debit cards, Alipay, UnionPay, Apple Pay, Google Pay™ and Samsung Pay.
7. Dynamic currency conversion
Tourism is big business in Australia. Increasingly, overseas visitors to Australia want the ability to pay using in their own currency.
Dynamic currency conversation enables this, by automatically converting from the traveller’s home currency to Australian dollars.
Having an EFTPOS machine that does this for you can help:
- Earn extra revenue from the currency conversion process (unless a refund is made)
- Enhance the customer experience
8. 24/7 local customer support
Whatever your business hours, you need to know that a support crew is available if you run into problems with your EFTPOS.
As well as asking about their support, see what other people say about it. Look for reviews online and on social media – you’ll quickly get a sense of whether other businesses love or hate their providers.
9. Near real-time, reporting
This is a key EFTPOS feature that can get overlooked. The best EFTPOS solutions come with sophisticated transactional reporting that give you insights and helps you run your business better.
Look for a solution that offers:
- Transaction history
- Easy segmentation of data to spot trends
- Search functionality
- Invoices, reconciliation reports and service fee breakdown
- Multiple user management
10. Mobile app
Make sure the EFTPOS solution has a mobile app. You can use it to check in on how your business is performing at any given time wherever you are
Ready to start shopping?
Yes, there’s a lot to consider when weighing up the features of different EFTPOS solutions. But it’s worth the effort – the right solution will work wonders for your business.
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Google Pay is a trademark of Google LLC.
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