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Accepting card payments is rapidly becoming an essential part of running a business in Australia, and to do that, you’re going to need an eftpos machine. Research shows that the number of payments made with cash over the last decade has almost halved, and that cash usage will likely continue to decline.
Whether you’re new to accepting cards, or looking to update your payments provider, our guide provides everything you need to know about getting setup with an eftpos machine.
What is eftpos and what does it stand for?
EFTPOS stands for ‘electronic funds transfer at point of sale’. EFTPOS is a payments network that facilitates the transfer of funds electronically when debit or credit payments cards are used at the point-of-sale.
What is an eftpos machine?
An eftpos machine, or card reader, is a device that allows you to accept credit and debit card payments from your customers. As more and more payments are made using tap-and-go, a good card reader will allow you to accept contactless and chip cards, and even mobile wallets like Apple or Google Pay.
How much does an eftpos machine cost?
Eftpos terminals have traditionally been an expensive investment, especially for small businesses. Banks and traditional providers often charge rental fees, ongoing subscription rates, and have additional costs for accepting corporate and international cards.
However, that is rapidly changing. Square offers a selection of affordable eftpos payment solutions with transparent pricing. There are no ongoing hardware fees, so you simply pay 1.6% per payment for all major cards — including American Express.
How do I use an eftpos machine?
That will depend entirely on the hardware you purchase for your business. Square’s eftpos tools are linked to our free point-of-sale app, meaning you can take payments anywhere you sell, including Apple Pay, Google Pay, and all major credit and debit cards.
Keep in mind that some eftpos machines will work independently from your point-of-sale setup, meaning you manually need to enter the transaction amount each time you take a payment.
Are eftpos payments secure?
All eftpos payments made with Square are secure. Square provides active fraud protection, assistance with dispute management, encryption of payments, and ensures all products are PCI-compliant.
What should I look for when purchasing an eftpos machine?
There are many things to consider when investing in a payment provider for your business. Here are some of the key things to look out for:
- Hardware costs: Different providers will have different pricing models. Some will rent hardware to their customers, others, like Square, allow you to buy it outright with no ongoing costs.
- Processing fees: When you take a card payment, your payment provider will charge a percentage on each transaction to cover processing fees. Look for a provider that has simple, transparent fees and doesn’t charge more to process international or premium credit cards. Square charges one flat fee for all major cards, including American Express.
- Payment options: The last thing you want is disappointed customers or a lost sale, so it’s essential to have an eftpos machine that allows you to take a wide range of payment types that customers are using. Square eftpos machines accept mobile wallet payments, like Google and Apple Pay, as well as all major credit and debit cards.
- Point-of-sale capabilities: If you’re running a retail or brick and mortar business, having a point-of-sale system can be a great way to keep track of sales, inventory, and more. Square provides a free point-of-sale app that allows you to keep track of your entire business in one place.
- Invoicing needs: You may need to send customer invoices to be paid by card or take a payment over the phone without the customer’s card being present. Look for a provider that will allow you send digital invoices or take payments over the phone.
- Mobile payments: If you ever sell at events or temporary locations like pop-ups, it’s essential to have a mobile card reader so you can take payments on the go. If you lose internet connection, you can still accept payments with Square’s offline mode, which can be a lifesaver in a busy event environment.
Where can I buy an eftpos machine?
All Square eftpos machines are available online for purchase with free shipping. You can quickly and easily get started with the Square Terminal or Square Reader to begin accepting fast and reliable payments, no matter where you sell.
Square Reader is also stocked in 1,000 retail locations across Australia, including:
