If you run a business in New Zealand, chances are you use EFTPOS every single day. It’s the small tap, swipe, or insert that keeps money flowing from your customers’ wallets into your account. So common it’s almost invisible, EFTPOS underpins millions of transactions around the country each day.
But how much do you really know about it? Where it came from, how it works, and what it costs to use? For something so central to Kiwi commerce, EFTPOS is often taken for granted.
In this guide, we’ll break down the EFTPOS essentials – from the history of EFTPOS in New Zealand to the nuts and bolts of how a transaction is processed. You’ll learn about the key players involved, the different types of EFTPOS machines, the rise of contactless and mobile payments, and what to expect when it comes to fees. Whether you’re setting up your first terminal or simply want a clearer understanding of how payments move through the system, this is your one-stop resource.
Sections
What is EFTPOS?
EFTPOS (Electronic Funds Transfer at Point Of Sale) is a payment system widely used by New Zealand businesses. It allows customers to pay electronically with a bank card or mobile wallet at checkout, transferring funds from the customer’s bank account to the merchant’s account.
EFTPOS stands for Electronic Funds Transfer at Point of Sale. In everyday terms, it refers to the electronic card payment network that lets customers pay by card in-store, instead of using cash. In New Zealand, “EFTPOS” has become shorthand for paying by card – whether that’s with a debit card, credit card, or even a phone tap – at shops and restaurants. Nearly all retailers offer EFTPOS because Kiwis embrace cashless payments: roughly 60% of all retail transactions in NZ are done via EFTPOS or card, and over 85,000 merchants nationwide use EFTPOS terminals to serve their customers. In short, EFTPOS is the backbone of everyday payments in New Zealand, enabling fast, secure electronic transactions for businesses and shoppers alike.
When Did EFTPOS Start in NZ?
New Zealand was an early adopter of EFTPOS technology. The first EFTPOS pilot launched in 1985 – Bank of New Zealand trialed the system at Shell petrol stations to speed up checkout and reduce cash handling. Within a few years, all major banks came on board. In 1989, the big banks jointly formed Electronic Transaction Services Limited (ETSL) – now known as Worldline – to centrally manage the growing EFTPOS network. EFTPOS terminals spread rapidly in the early 1990s as both businesses and consumers saw the benefits of quick, cashless payments. By the mid-1990s, swiping a card and entering a PIN had become a common way to pay, largely replacing cheques and much of the day-to-day cash use. New innovations followed (for example, the first mobile wireless EFTPOS terminal was used in 1995 for payments on the go). Today, EFTPOS is firmly ingrained in Kiwi commerce, it’s often said you can live in NZ with hardly any cash at all.
How Does EFTPOS Work?
EFTPOS enables instant electronic payments by connecting the customer’s bank to the merchant’s bank through a secure network. The whole process happens behind the scenes in a matter of seconds. Here’s how a typical EFTPOS transaction works in 4 simple steps:
- Customer Pays by Card or Device: The purchase amount is entered into the EFTPOS terminal. The customer then swipes, inserts, or taps their card (or smartphone/smartwatch) on the terminal to initiate payment. They may be prompted to enter their PIN for security (except for small contactless payments).
- Transaction Travels via the Network: The EFTPOS terminal encrypts the transaction data and sends a payment request through the secure EFTPOS network. This request goes to the customer’s bank (card issuer) for authorisation.
- Authorisation is Instant: The customer’s bank checks the account and approves the transaction if sufficient funds are available (or declines it if not). An approval message is sent back through the network to the EFTPOS terminal within seconds, and the terminal will display a “approved” message if successful. The sale is now completed from the customer’s point of view.
- Funds Settle to the Business: Behind the scenes, the merchant’s bank (acquirer) will receive the transaction details and settle the funds into the merchant’s account, usually as part of a batch settlement. In New Zealand, settlement typically happens overnight or within 1–2 days. This means the business will see the payment in its bank account by the next day (depending on the arrangement with their bank).
These steps happen seamlessly every time you “pay by EFTPOS.” The result is a fast, secure transfer of money from the customer’s bank account to the merchant’s bank account, all coordinated by the EFTPOS system in real-time.
Who Is Involved in an EFTPOS Transaction?
Key players in an EFTPOS transaction include the customer, the merchant, the payment network, and the banks involved. All these parties work together behind the scenes to move funds from the buyer to the seller in seconds. The main participants and their roles are:
- Customer: The person making the payment, who uses their EFTPOS card, debit card, credit card, or mobile wallet to pay for goods or services.
- Merchant: The business accepting the payment. The merchant has an EFTPOS terminal to process the transaction and will receive the funds for the sale.
- Payment Network: The secure payment network (in NZ, this is typically Worldline or Verifone network) that routes the transaction data from the merchant’s terminal to the banks and back. The network acts like a digital highway connecting all parties and ensuring the transaction is encrypted and authorised quickly.
- Acquirer (Merchant’s Bank): The financial institution that provides the merchant account for the business. The acquirer receives the transaction request via the network and facilitates settlement, depositing the funds into the merchant’s bank account after approval. In many cases this is the business’s own bank.
- Issuer (Customer’s Bank): The bank that issued the customer’s debit or credit card. The issuer is the one that approves or declines the transaction by checking the customer’s account and then deducts the amount from the customer’s account once approved.
Note: If the payment is made with a credit card or contactless (e.g. Visa PayWave or Mastercard Tap), then the card scheme (Visa, Mastercard, etc.) is also involved as part of the network. In those cases, the transaction data goes through the card scheme’s network to reach the issuer. But from a merchant’s perspective, this all still happens via the EFTPOS terminal and their payment provider.
Benefits of EFTPOS for Businesses
Why do virtually all New Zealand businesses use EFTPOS? Here are some of the key benefits of offering EFTPOS payments in your shop or service:
- Speed and Convenience: EFTPOS transactions are processed in seconds, which keeps checkout lines moving quickly. Customers enjoy a fast, hassle-free payment experience - just tap or enter a PIN, and you’re done. This speed improves customer satisfaction and allows businesses to serve more people in less time.
- Increased Sales Opportunities: By accepting cards and digital payments, businesses can attract customers who don’t carry much cash. Given that around 90% of Kiwis prefer to pay without using cash, having EFTPOS means you won’t miss out on sales from card-only customers. You also reduce the chance of a customer abandoning a purchase because they didn’t have enough cash on hand.
- Security and Reduced Risk: Relying less on cash means less money on premises, which lowers the risk of theft and cash-handling errors. Each EFTPOS transaction is electronically authorised by the bank, so you won’t get paid with counterfeit notes or invalid cheques. The funds go straight into your bank account, eliminating the risks of bounced cheques or IOUs. Electronic payments also provide strong fraud protection (cards can require PINs or chip authentication, and the transactions are encrypted).
- Automatic Record-Keeping: Every EFTPOS sale is digitally recorded. This creates an electronic paper trail that makes bookkeeping easier. You can get detailed transaction reports from your EFTPOS provider or bank, which helps with reconciling daily sales and simplifying GST/tax reporting. In short, EFTPOS automates a lot of the record-keeping that cash registers or manual receipts would require, reducing admin work for business owners.
- Cost Efficiency: Accepting EFTPOS can be very cost-effective for NZ businesses. Standard EFTPOS (PIN debit) transactions do not incur a per-transaction fee to the merchant, unlike credit cards which charge a percentage fee on each sale. Merchants pay a flat monthly fee for the EFTPOS service (see the Fees section below), so you can take unlimited EFTPOS payments without increasing transaction costs. This predictability and low marginal cost per transaction (for EFTPOS debit) make it affordable to accept even small payments by card. Additionally, handling less cash can save costs related to banking cash and reduce errors or shrinkage.
By providing speedy, secure, and convenient payments, EFTPOS helps businesses deliver better service and improve their cash flow. It’s an expected feature for most customers in New Zealand, and it offers merchants a reliable way to get paid quickly with minimal hassle.
EFTPOS Machines and Types of Terminals
To accept EFTPOS payments, you’ll need an EFTPOS machine (also called an EFTPOS terminal). These are specialised card reader devices that process the payment by reading the customer’s card (or device) and connecting to the bank networks. EFTPOS terminals come in a few different types to suit various business needs:
- Countertop EFTPOS Terminals: These are stationary devices that sit on your counter by the point-of-sale. They usually plug into a power source and use an internet connection or phone line. Countertop terminals are common in retail stores and cafes where payments are made at a fixed checkout counter. They provide a stable, always-on connection – ideal for high-volume environments – but are not portable.
- Portable (Mobile) EFTPOS Terminals: Portable terminals are wireless and battery-powered, allowing you to bring the machine to the customer. They connect via Wi-Fi, Bluetooth, or a cellular SIM card. Examples include the handheld units used by restaurants for pay-at-table service, or mobile EFTPOS machines used by tradespeople and market stall owners. A portable EFTPOS device gives you flexibility to accept payments anywhere (within your shop or out on the road), as long as it has network coverage.
- Integrated EFTPOS Terminals: An integrated setup means the EFTPOS machine is linked to your point-of-sale (POS) system or cash register. The sales amount can be sent from the POS software straight to the EFTPOS terminal, so you don’t have to manually key in the amount. This speeds up checkout and reduces data entry errors. Integration is popular in settings like supermarkets or any business with an electronic POS system, it ensures the EFTPOS transaction and the sales register are in sync.
- Android EFTPOS Terminals: These are next-generation EFTPOS machines that run on Android. They often combine the features of a payment terminal and a smartphone or tablet. Smart terminals can run apps for instance, to provide digital receipts, loyalty programs, or other business tools in addition to processing payments. They tend to have large color touch displays and an intuitive interface, which can be great for businesses that want more functionality from their payment device.
No matter the type, all EFTPOS machines in NZ are certified to work with the banking network and meet strict security standards (EMV chip, encryption, etc.). When choosing a terminal, you’ll consider factors like whether you need portability, how you want it to connect (broadband, Wi-Fi, mobile network), and if it should integrate with other systems.
Mobile and Contactless Payment Options
Contactless “tap-and-go” payments and mobile wallets are now standard in New Zealand’s payment landscape. Customers can simply tap a contactless card or their smartphone/watch to pay on an EFTPOS terminal, often without needing a PIN for smaller transactions. This method (also known as PayWave or Tap & Go) is extremely convenient and has grown rapidly, especially during the COVID-19 pandemic when contactless payments were encouraged for hygiene. Today, almost all EFTPOS terminals in NZ come with built-in NFC (Near Field Communication) capability, which enables businesses to accept contactless payments from contactless-enabled cards as well as digital wallets like Apple Pay, Google Pay, and Samsung Pay and Advanced Payment Methods like Alipay and WeChat Pay.
How Contactless Works: If a customer has a contactless card or mobile wallet, they can hover or tap it on the terminal. The transaction data is sent wirelessly via NFC. For purchases under a certain limit (e.g. under $200), no PIN is required – the transaction is authorised automatically, making it very fast. For larger amounts, the terminal will ask for the card PIN after tapping. Contactless payments use the global card networks (e.g. Visa or Mastercard) to process the transaction, which is why merchants incur a fee on these transactions (more on fees below). Despite the cost, many businesses enable contactless because customers have come to expect it. It’s a frictionless way to pay that can speed up queues and improve customer experience.
Using Your Phone as a Card Reader: What if you want to accept payments but don’t have a traditional EFTPOS terminal? In recent years, mobile POS solutions have emerged that let a smartphone or tablet act as an EFTPOS machine. For example, some providers offer apps that allow you to accept a card payment using just your phone’s NFC chip (this technology is often called “Tap on Phone” or SoftPOS). With these, a merchant can download an app, get it approved for their merchant account, and then customers can literally tap their credit or debit card on the merchant’s phone to pay. This can be a great option for sole traders, market stall owners, or any business that wants to use a phone as a portable EFTPOS terminal without extra hardware.
However, there are a few caveats to phone-based EFTPOS solutions: - They typically can only accept contactless taps (since there’s obviously no slot to insert a card or a PIN pad for the customer to type into). That means transactions above the contactless PIN limit might not be possible unless the app supports PIN-on-glass input. Most current solutions are aimed at small transactions. You still need to set up a merchant service with a provider. The app will connect you to the payment network and handle the money movement to your account. While the app itself might be free, the provider will charge a transaction fee (usually a small percentage) on each payment as their service fee. Not all phones are supported, you need a relatively modern smartphone with an NFC chip and meeting certain security standards. Also, your phone’s battery life and connectivity become factors (whereas a purpose-built EFTPOS terminal might have built-in SIM and long battery life for all-day use).
In summary, contactless and mobile payment options have greatly expanded how businesses can accept payments. New Zealand has been quick to adopt these technologies, from ubiquitous tap-and-go card usage to emerging solutions that turn phones into payment devices. As a business owner, you can mix and match: e.g. have a traditional EFTPOS terminal for most transactions, and perhaps use a phone-based solution as a backup or for offsite events. The key is to ensure you meet customer expectations for convenience (many people now prefer tapping their card or phone) while balancing the costs and logistics for your business.
EFTPOS Fees and Costs for Businesses
One of the common questions from business owners is: “What will EFTPOS cost me?” While EFTPOS brings many benefits, it’s important to understand the fees involved in running an EFTPOS solution. Below is a breakdown of typical EFTPOS-related costs for New Zealand businesses:
- Terminal Rental or Purchase: Most businesses choose to rent/lease an EFTPOS terminal from an EFTPOS provider or bank. Rental costs can range roughly from ~$35 to $100+ per month per device, depending on the model and the term length. Renting usually includes maintenance, upgrades, and support. Buying a terminal outright is less common for small businesses, but is an option. Many providers offer free or discounted terminal rental for an initial period as part of a sign-up promotion.
- Network Service Fee: This is a monthly fee to connect your terminal to the EFTPOS payment network (either Worldline or Verifone network in NZ). The network fee is typically charged per terminal. For example, the Verifone network fee is $15 + GST per month per terminal, and the Worldline network fee is $18.90 + GST per month. This fee covers the cost of routing transactions securely through the network infrastructure. (Sometimes this network fee might be bundled into your overall service plan or terminal fee, but in many cases it’s an itemised cost.)
- Merchant Service Fees (MSF): If you accept credit cards or contactless debit cards, you will incur merchant service fees on those transactions. An MSF is a percentage cut of each transaction that the acquiring bank charges to process Visa, Mastercard, Amex, etc. The exact rate varies depending on your agreement and transaction volumes, but for small businesses it might be on the order of ~1% to 3% of the transaction value for credit/contactless transactions. Important: Pure EFTPOS PIN transactions (where a customer inserts or swipes their NZ EFTPOS debit card and enters a PIN) do not incur any per-transaction fee to the merchant. They are covered by your flat network fee. This is a key distinction: EFTPOS (CHQ/SAV) is effectively free per swipe for the business, whereas Visa/Mastercard/Paywave transactions will cost a percentage fee. Many businesses choose to enable credit/contactless for customer convenience and then add a surcharge on those transactions to offset the MSF. For example, a shop might add a 2% surcharge when customers pay by credit card – passing on the bank’s fee – but have no surcharge for EFTPOS debit card payments (since those cost the merchant nothing extra).
- Bank Merchant Account Fees: When setting up a merchant facility with your bank, there might be a one-time setup fee (sometimes ~$50–$100) to establish your merchant account and get your merchant ID and terminal ID issued. Some banks waive this fee to win your business. Additionally, your bank might charge a small monthly maintenance fee for the merchant account or for providing online access to transaction data, etc. These charges vary by bank. It’s worth discussing and negotiating these when you shop around.
- Other Potential Costs: Think about receipt paper rolls (a minor ongoing cost if your terminal prints receipts), mobile SIM data costs if you use a GPRS/SIM-based terminal (often included in the service plan), and any early termination fees if you break a contract early. If you occasionally need additional short-term EFTPOS terminals (for a festival or peak season), there are short-term hire fees (e.g. renting a machine for a weekend event). Generally, maintenance or replacement of faulty terminals is covered by the provider as part of your rental agreement - one advantage of renting.
Overall, for a typical small business, the cost of having EFTPOS might look like: a flat ~$50-$100 per month (combining terminal rent + network fee) plus merchant service fees on credit/tap transactions. EFTPOS itself is “free” of per-transaction fees, you just pay the fixed monthly service costs. By contrast, accepting credit cards will add variable costs (the percentage fees). The good news is that these fees in NZ are becoming more manageable: in 2022 the government introduced the Retail Payment System Act to cap interchange rates on credit and contactless debit transactions, aiming to reduce merchant fees over time.
Choosing the Right EFTPOS Solution
Not all payment solutions are one-size-fits-all. Choosing the right EFTPOS setup for your business depends on your specific needs and circumstances. Here are some tips and factors to consider when evaluating EFTPOS providers and solutions:
- Business Type & Environment: Consider how you operate and where you take payments. If you run a fixed retail shop or café with a counter, a countertop terminal might suffice. For a restaurant, you may need portable/wireless terminals to take to the tables. If you do deliveries or pop-up markets, a mobile EFTPOS (battery/SIM-powered) is important. Match the device to your setting, e.g. a tradesperson or food truck will want a robust portable device, whereas a boutique store might prioritise a sleek countertop model with a small footprint.
- Payment Methods to Accept: Decide which payment types you want to accept now and in the near future. All EFTPOS machines in NZ will accept domestic EFTPOS debit and standard credit cards with chip/PIN. But if you want to accept contactless taps, ensure your provider activates that feature (it may require a separate agreement for the credit card processing). If you have a lot of international customers, you might want to accept UnionPay, Alipay, WeChat Pay or other payment methods – some EFTPOS providers can enable these on your terminal as extras. Also, think about whether you need to take payments over the phone or online as well, an EFTPOS terminal won’t do online payments, but your provider might offer complementary solutions like a virtual terminal or a payment gateway.
- Integration with POS Systems: Do you use a point-of-sale software or a cash register that you’d like to connect with the EFTPOS machine? If so, look for an integrated EFTPOS solution. Integration can streamline your operations by sending the sale amount to the terminal automatically and logging the payment in your system. Check if the EFTPOS provider supports your specific POS brand or software (many providers list the POS systems they integrate with). If you don’t use a POS, a standalone terminal is fine.
- Costs and Contract Terms: Compare the costs across different providers, but look at the whole picture. Some may offer lower terminal rent but higher transaction fees, or vice versa. Estimate your card sales volume: if you process a lot of credit card transactions, a slightly higher monthly fee might be worth it for a lower % fee. Also consider the contract length. Do you need flexibility or are you comfortable with a 12-36 month contract in exchange for a better rate? Don’t hesitate to ask for a breakdown of all fees (terminal, network, transaction fees, setup fees) so you can do an apples-to-apples comparison.
- Provider Support and Reliability: Your EFTPOS system is mission-critical – if it goes down, you can’t take payments easily. So evaluate the support on offer. Is there a 24/7 helpdesk you can call? Do they have technicians in NZ who can quickly swap out equipment if something fails? Read reviews or ask other businesses about their experiences. A slightly higher fee might be worth it for a provider with excellent uptime and support, rather than a cheaper one with frequent outages. Also consider the reputation and security track record of the provider. Providers that are well-established (and certified by banks) will ensure your EFTPOS terminal is secure and PCI compliant.
- Features and Future Needs: Think about any extra features that could benefit your business. For example, do you need to enable surcharging (adding a fee for credit card use), tip entry (useful in hospitality), cash-out (allowing customers to withdraw cash with a purchase), or multi-merchant capability (if you share a terminal among several sub-businesses)? Also, consider scalability: if you plan to expand, choose a solution that can grow with you (e.g. easily add more terminals, or support e-commerce payments down the line). Newer Android-based terminals might offer apps for loyalty or inventory in the future – that could be a plus if you want more from your payment device.
By weighing these factors, you can select an EFTPOS solution that aligns with your business operations and goals. It often helps to talk to a payments advisor or get quotes from a couple of providers. They can explain the options (bank-provided terminals vs independent providers, etc.) and you can judge which combination of cost, convenience, and service is the best fit. Remember, the “right” EFTPOS solution is the one that makes it easy to get paid by your customers while being reliable and cost-effective for you.
Frequently Asked Questions
Can I use my phone as an EFTPOS machine?
Yes, in some cases you can. There are now “tap to pay” mobile apps that let a smartphone work as a card reader for contactless payments. For example, certain providers offer apps (approved by the banks/card schemes) which use your phone’s NFC chip to accept a tap from a customer’s card or phone. This essentially turns your phone into a basic EFTPOS terminal. No extra hardware is required, which is great for mobile businesses or sole traders. However, there are a few important caveats:
- Phone-based payments currently can only process contactless transactions (tap only). There isn’t a way to swipe a card or insert a chip and PIN on a regular phone. So it’s mainly for payWave/payWave transactions. That means transactions above the contactless limit might not work unless the system supports PIN entry on the phone (which most don’t yet). A customer couldn’t key their PIN into your personal phone for a high-value sale.
- You still need a merchant account or payment service behind the app. You sign up with them, and they handle moving the money to your bank (similar to how a normal EFTPOS provider would). These services usually charge a small fee per transaction, often a percentage of each sale (e.g. ~2.5% for credit card payments in some apps). There's typically no monthly fee and the app may be free, but you pay via the per-transaction fee.
- Device requirements: You’ll need a modern smartphone with NFC capability. Not all phones are supported. Also, relying on your phone means you should have a reliable battery and internet connection during business hours for it to work smoothly.
In short, yes you can use a phone as an EFTPOS machine with supported apps, and it can be a convenient solution for low-volume or mobile operations. Just be mindful of the limitations (contactless only, fees, etc.) and ensure you go through an approved provider/app so that everything is secure and compliant. This technology is relatively new but evolving quickly, so it’s an exciting option for businesses that need maximum portability.
Is EFTPOS free?
For consumers, using EFTPOS to pay is essentially free, there is no fee charged to the customer for EFTPOS debit transactions in New Zealand, and banks don’t deduct a fee from your account for using your EFTPOS card.
For businesses, offering EFTPOS is not free, but it can be quite cost-effective. You will have to pay for the EFTPOS equipment and service (as detailed in the Fees section above – typically a monthly terminal rental and network fee). The good news is that EFTPOS (PIN debit) transactions themselves have no per-transaction charge from the network. In other words, if a customer pays $5 with an EFTPOS card, you get the full $5, there’s no percentage taken out. However if they pay with a credit card, a per transaction fee is charged.
So, the costs to a business are the fixed fees of having the service (plus any credit card fees if you accept those). Some smaller businesses might opt not to offer EFTPOS due to those fixed monthly costs, but these days the fees are relatively low and a lack of EFTPOS acceptance can significantly reduce sales opportunities. Also, there are often affordable plans (and even short-term free trial periods) to help new businesses get started with EFTPOS.
In summary, for customers EFTPOS is free and convenient to use (no extra charges when paying by EFTPOS card), but it’s not “free” to the business. Accepting EFTPOS payments is however a predictable expense and usually considered a necessary cost of doing business in NZ.
What does EFTPOS stand for?
EFTPOS is an acronym for “Electronic Funds Transfer at Point Of Sale. Each part of the term breaks down as follows: it’s an electronic transfer of funds (money is moved digitally between accounts), and it happens at the point of sale (the place and moment where a purchase is made). Essentially, it’s a technical way to describe the process that allows a card to transfer money to a merchant during a transaction.
New Zealand and Australia commonly use the term EFTPOS to refer to their debit card payment systems. You might also hear people say “eftpos” to mean a payment terminal or a card-based payment in a shop. But at its core, EFTPOS = Electronic Funds Transfer at Point of Sale – a handy acronym for modern card payments.
When did EFTPOS start in New Zealand?
EFTPOS has been around in NZ since the mid-1980s. The very first trial of EFTPOS here took place in 1984–85 – with the Bank of New Zealand piloting an EFTPOS transaction at a Shell petrol station in 1985. After that successful pilot, other banks and retailers quickly came on board. By 1989, NZ’s major banks had collectively set up a dedicated company to run the EFTPOS network (what became Paymark).
Throughout the 1990s, EFTPOS usage spread rapidly across New Zealand, to the point that it became ubiquitous in retail by the late 90s. So, to answer the question directly: EFTPOS was introduced in New Zealand in 1985, and it began gaining widespread adoption in the late 1980s and early 1990s. New Zealand was one of the early adopters globally and that head start is part of why Kiwi consumers got so comfortable using EFTPOS for everyday payments relatively quickly.
How can I get an EFTPOS machine for my business?
Getting an EFTPOS solution set up is a straightforward process. Here’s how to go about it:
- Choose an EFTPOS Provider and Plan: Select who will supply your EFTPOS terminal and services. New Zealand has many accredited EFTPOS providers who handle terminal rental, installation and support. Compare plans to decide whether you want to rent or buy the terminal, and what model fits your needs.
- Set Up a Merchant Account: Next, you’ll need a merchant account with a bank – this is a special bank account that allows you to receive card payments. You can start by contacting your business bank to apply for a merchant facility, or your EFTPOS provider may contact them on your behalf. The bank will ask for some business details (like your expected transaction volumes, the nature of your business, etc.) as part of the application. Once approved, you’ll receive a Merchant ID (and Terminal ID) which are used to configure any EFTPOS terminal for your business.
- Installation and Training: Once you’ve signed up, the EFTPOS provider will install or send you the terminal. Depending on your provider and chosen EFTPOS terminal, a technician might come on-site to install it and test it with you. The terminal will be programmed with your Merchant ID/Terminal ID to tie it to your bank account. You’ll get a quick run-through on how to use it – such as how to initiate a transaction, how to settle at end of day, print reports, etc. Modern EFTPOS machines are pretty user-friendly, so many providers simply courier the device with instructions for plug-and-play setup.
- Go Live and Support: After installation, you can begin accepting card payments. Make sure to display any required signage (some providers send stickers like “EFTPOS accepted here” or you might want to show card logos for Visa/Mastercard if you accept them). You’ll have a support number to call if anything goes wrong. From then on, it’s business as usual – just with more payment options.
In summary, to get an EFTPOS machine you should contact a EFTPOS service company and apply for their service. They will guide you through the steps, help set up the merchant account, and provide the equipment. The process can be relatively quick – in some cases you can be up and running in a week or two after approval. Once installed, you’ll pay the ongoing fees as agreed and have support for any issues. It’s a well-trodden path, so don’t hesitate to reach out to an EFTPOS provider who will be happy to explain their packages and get you equipped with the right solution.
Remember, having EFTPOS can greatly enhance your customers’ experience and open your business to more sales – in today’s market, it’s almost a must-have for all but the smallest cash-only ventures.
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