As a small business owner in New Zealand, navigating the world of EFTPOS can be a daunting task. From choosing the right terminal to understanding transaction fees, there’s a lot to consider. At eftpoSmart, we’re here to simplify the process for you. Here is your comprehensive guide to everything you need to know about EFTPOS for small businesses.
What is EFTPOS?
EFTPOS stands for Electronic Funds Transfer at Point of Sale. It allows customers to pay for goods and services using their debit or credit cards, making transactions quick and convenient. For small businesses, offering EFTPOS can enhance customer experience, boost sales, and streamline operations.
Why Should Your Small Business Accept EFTPOS?
- Increased Sales Opportunities: Many consumers prefer to use cards rather than cash. By accepting EFTPOS, you open your business to a broader audience.
- Improved Cash Flow: EFTPOS transactions are processed quickly, meaning you receive funds in your account faster than cash deposits.
- Enhanced Security: Card transactions reduce the risk of theft associated with handling cash.
- Customer Convenience: EFTPOS provides a seamless checkout experience, helping to reduce queues and wait times.
Choosing the Right EFTPOS Solution
When selecting an EFTPOS solution for your small business, consider the following:
- Type of Terminal:
- Countertop Terminals: Ideal for brick-and-mortar stores with a fixed checkout point.
- Mobile Terminals: Perfect for businesses on the go, such as food trucks or market vendors.
- Integrated Solutions: For businesses using POS systems, integrated EFTPOS options can streamline operations.
- Transaction Fees: Different networks have varying fee structures. Ensure you understand the costs involved, including transaction fees, monthly fees, and any additional charges.
- Customer Support: Opt for eftpoSmart – our strong customer service will assist you with any issues that may arise.
- Contract Terms: Avoid long-term commitments if you’re unsure about your EFTPOS needs. At eftpoSmart we have short contract and open ended contract terms.
Common EFTPOS Questions Answered
1. How Much Does EFTPOS Cost?
The cost of EFTPOS can vary widely based on the provider and the type of terminal you choose. With eftpoSmart being the provider of your terminal, we keep the rental fees as low as possible.
Expect to pay transaction fees which are independent of us, which can be a percentage of the sale or a fixed fee per transaction. At eftpoSmart we can go through your questions to make sure you aren’t paying for features that you may not need for your business, keeping your costs to a minimum.
2. Can I Accept Contactless Payments?
Yes! Most modern EFTPOS terminals support contactless payments (NFC), allowing customers to pay quickly by tapping their cards or smartphones.
3. What If My EFTPOS Terminal Stops Working?
By choosing eftpoSmart – we offer 24/7 customer support. Having a backup solution, such as a manual processing method or a mobile terminal, can also help mitigate downtime.
4. How Do I Reconcile EFTPOS Transactions?
Most EFTPOS systems provide detailed reports that help you reconcile daily transactions with your sales records. Make sure to familiarize yourself with the reporting tools available.
Investing in an EFTPOS solution can transform the way your small business operates, enhancing customer satisfaction and boosting sales. At eftpoSmart, we’re dedicated to helping you find the right EFTPOS solution that fits your unique business needs. If you have more questions or need assistance, don’t hesitate to reach out.
Embrace the convenience of EFTPOS and watch your small business thrive.
