Why do I need an EFTPOS machine?

With contactless payments now the norm in Australia, there are many benefits of having an EFTPOS machine. It’s a must for businesses that regularly accepts payments for goods and services.

But, like any new solution it pays to weigh up the advantages that EFTPOS will deliver for your business. We have listed out some of these below:



1. Lower staff overhead costs

Reconciliation takes a lot of your time each day and we know that cash in particular takes time to count (and recount). Then it takes some more time to go and deposit it at the bank each day.

With EFTPOS, you significantly reduce the amount of time your staff spend on reconciling the daily takings – which means more time back for your business.



2. Less risk of theft

Cash is much easier to steal than electronic payments. Electronic payments via EFTPOS are fully transparent and traceable.



3. Lightning fast transactions

Contactless payments via EFTPOS are so much faster than handling cash.

For example, Tyro’s sub-1.6 second transactions help businesses bust the queues and get more people through the door.



4. Accept more payments

Customers today want to pay in a variety of ways. You may have a mix of corporate customers, tourists, people young and old – each with their own preferred ways of paying. With the right EFTPOS solution in place, you can cater to a variety of customer needs.

Learn more about merchant fees



5. Every transaction is logged

As every transaction is logged, you’ll get a clear picture of your takings so you can better plan your business.

With cash, every transaction may not be captured and as a result you may not get the insights you need and potentially, you may even lose track of transaction which could open you up to fraud

Was this helpful?