In today’s market, where cash transactions are decreasing and digital payments are on the rise, having a reliable and efficient EFTPOS partner can directly impact aspects such as cash flow, revenue and customer experience.
As a business owner, nothing is more important to your business than getting paid and the last thing you need during peak times is your EFTPOS failing. This could mean lost sales and customers walking out the door empty handed. That’s why, when choosing a payment provider, you need an expert whose core focus is EFTPOS—one that fits your business like a glove and is ‘hands on’ when you need them to be.
While a point of sale (POS) system plays a significant role in managing other aspects of your business, your EFTPOS solution directly impacts the monetary transactions that keep your business running. Here’s why choosing the right EFTPOS partner first—over bundling as an afterthought from a POS provider—could make or break your business.
What Is EFTPOS?
First things first, what exactly is EFTPOS? EFTPOS stands for Electronic Funds Transfer at Point Of Sale. This is the electronic payment system that lets a customer make a purchase using cashless methods such as a credit or debit card, a mobile wallet (on a phone) or a wearable device such as a watch. A payment device, known as the EFTPOS machine or terminal, helps take the payment and move the funds from the customer to the business owner’s chosen business bank account when making a purchase.
Why Is Choosing The Right EFTPOS Partner So Important?
Given how most consumers prefer to pay in the digital age, a business can’t survive without EFTPOS or card payments. The right EFTPOS partner provides stability, efficiency and customer satisfaction—critical factors in a small business’s success. A poor choice can result in lost revenue, frustrated customers at checkout and operational headaches, all of which create a negative impact.
When your business has an issue, you need speedy support to get you back on track. POS outages don’t necessarily grind your business to a halt, but a dropout in EFTPOS can be costly. That’s why you want support provided directly by your EFTPOS provider—one who offers 24/7, 365-day assistance.
Some other advantages of choosing EFTPOS experts for your payment solution include:
What Is POS? Is It Critical When Running A Business?
So, what is a POS (Point of Sale) system, and how is it different from EFTPOS? Let’s break it down. A POS system manages your business’s inventory, sales data and customer records. It then links the transaction data to the EFTPOS terminal so the two systems ‘speak’ to each other, or integrate, when you take a sale.
Is it essential to running a business? The short answer is no; however, it can benefit a business in its own way. Many businesses assume they need to focus primarily on the POS system, but choosing a payment partner that can integrate with various POS systems provides more flexibility in the long run.
A POS system without a reliable payment processing partner may still operate, but a payment system is ultimately essential to business sales and revenue growth. It is important to remember that a POS provider should never strongarm you into choosing their integrated payment solution, as you do have the option to keep these separate. What matters most is choosing the right providers that fit your business.
EFTPOS can be used independently from a POS system when taking a transaction, something business owners should keep in mind when setting up or running their business. Therefore, you should partner with a reliable, secure and supportive EFTPOS provider that aligns with your business needs to ensure your payments run smoothly.
Looking for an EFTPOS partner who provides best-in-class payment solutions? Speak to us about Smartpay Zero Cost™ EFTPOS today.
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