How to Choose the Right EFTPOS Machine for Your Business

How to Choose the Right EFTPOS Machine for Your Business
Looking for a contactless card reader for your business? Here's what you need to know when getting set up with an eftpos machine.
by Square May 16, 2024 — 3 min read
How to Choose the Right EFTPOS Machine for Your Business

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:

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:


1.6% card present rate applies for Square Sellers who sign up on or after 30 May 2024. The rate of 1.9% will apply for Square Sellers who signed up prior to this date when using Square Reader, Square Stand or Tap to Pay, as listed in the Square Fee Schedule.

The Bottom Line is brought to you by a global team of collaborators who believe that anyone should be able to participate and thrive in the economy.


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