4 Benefits of EFTPOS for Businesses in New Zealand

As a business owner, you probably understand the numerous advantages of EFTPOS payments for your customers. But, have you ever considered how EFTPOS can benefit your business operations? Here are just some of the ways businesses benefit from EFTPOS:

 

1. Reduced cash handling

Ideally, you want to spend more time making money than counting it! Going cashless means no more sorting, counting and recording cash. Despite our best efforts, humans can make mistakes while counting, but a computer doesn't! With EFTPOS, you can maintain accurate records and generate comprehensive reports for better decision-making. Get quick access to all your sales records instantly and easily export transaction data to tools that make accounting a breeze

 

2. Integration with other business systems

EFTPOS can seamlessly integrate with various business systems, enhancing operational efficiency and providing a holistic view of business operations. For example, our free transaction reporting platform Verifone Central which allows you to monitor your EFTPOS transactions in real-time from anywhere. Build detailed, customised transaction lists that make reporting, reconciliation and dispute management a breeze. Track sales trends and customer behaviour and identify opportunities for growth and optimisation.

You can also integrate EFTPOS machines with a POS which is a surefire way to increase security and streamline payments by reducing the chances of error. Enjoy simplified inventory management, streamlined financial reporting and automated reconciliation processes.

 

3. Eliminating the Risk of Theft

Ever seen a retail store displaying signs that boldly proclaim, "No cash kept on premises" to deter would-be thieves? Well, the alarming truth is that retail crime is on the rise, as reported by the Retail Crime Report 2023 from Retail NZ.

Cashless payments allow you to keep your hard-earned profits safe from smash-and-grab robberies.

By embracing the convenience of cashless payments, not only do you create a safer environment for both yourself and your valued customers, but this becomes particularly crucial if your business operates in a neighbourhood known for its high rates of thefts and robberies.

4. You can do more with EFTPOS payments

Surcharging

As a business owner, it is important to prioritise offering a seamless payment experience to your customers. However, it's worth considering that some payment options come with associated costs, such as credit cards and contactless cards.

Fortunately, surcharging offers a solution that allows you to provide these convenient payment options to your customers while offsetting the costs to your business.

Your EFTPOS terminal will automatically identify transactions that contribute to your Merchant Service Fees and pass on the cost to your customer through a surcharge. This way, you can ensure that your business remains profitable while still providing the payment options your customers prefer.

Refunds

From time-to-time, you might need to issue a customer with a refund. Using EFTPOS can make refunds more secure and traceable in your business.

Our Android EFTPOS solutions make processing a refund super easy. Your customer can simply tap the card they used to make the original purchase to bring up a list of all transactions processed using their card from the last 3 months. From there you can view the transaction details, reprint/resend the receipt, or start the refund.

For extra security, a passcode is required to process a refund. You can even set different refunds limits for managers and cashiers, so that higher value refunds need to be approved by a manager.

Pre-authorisations 

Pre-authorisations reduce the risk of fraud and theft significantly for businesses that offer service before payment.

Not only this, but you can also process a delayed charge against a completed pre-authorisation. This will ensure that your customers pay for all the service they receive - even after they have left. 

The best part is, they only need to present their card once. If additional costs are incurred after the initial pre-authorisation, there's no need to present the card again.