EFTPOS Overview

EFTPOS stands for Electronic Funds Transfer Point Of Sale

In Australia, the major Australian banks started issuing debit or EFTPOS cards (each under a different brand name) starting in 1986 and merchants started installing EFTPOS terminals at the same time.

Times have now changed and in Australia, debit and credit cards are the most common non-cash payment methods at “points of sale” (POS) or via ATMs. Not all merchants provide EFTPOS facilities, but those who wish to accept EFTPOS payments must enter an agreement with one of the seven merchant service providers, which lease an EFTPOS terminal to the merchant – Smartpay is one of these providers.

How EFTPOS works

The Australian EFTPOS system is managed by EFTPOS Payments Australia Ltd, which also sets the EFTPOS interchange fee. For credit cards to be accepted by a merchant a separate agreement must be entered into with each credit card company, each of which has its own flexible merchant fee rate.

Those merchants that enter the EFTPOS payment system must accept debit cards issued by any Australian bank, and some also accept various credit cards and other cards. Some merchants impose a surcharge on the use of EFTPOS. These can vary between merchants and on the type of card being used, and generally are not imposed on debit card transactions.

Businesses love EFTPOS because it’s convenient, increases productivity, and businesses make more money from each transaction by not having to pay fees.

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