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New to EFTPOS? Here’s what to look for in an EFTPOS Service Provider

Choosing EFTPOS is a big decision for any small business owner and finding the right provider is essential for good cash flow and taking secure, fast payments. 

In this article, we provide a checklist of questions to consider when looking for an EFTPOS service provider, so that you can make an informed decision about what best suits your business needs.

  • What cards do they accept?
    Contactless technologies and a cashless society is fast becoming the ‘norm’ in Australia, especially post-covid, so one of the first steps in choosing an EFTPOS provider is to examine what cards they accept.

    EFTPOS terminals usually accept Visa and Mastercard as standard however, the terminal you choose should ideally be able to process other popular types of EFTPOS payments including tap-and-go options like Apple pay or Google wallet. Depending on your client base and business offering, you may also want an EFTPOS provider that accepts American Express, Alipay & WeChat Pay.

    By ensuring your business offers a range of payment methods, the customer can choose to pay in a way that is convenient for them, thus increasing your level of reliability and customer service as a business.
  • What is the fee structure and transaction volume?
    For many small-business owners looking at EFTPOS providers or terminals, EFTPOS fees can be the deciding factor in choosing one for their business. 

    In most cases, EFTPOS providers will charge you per transaction based on card type. Premium credit cards usually attract reward points meaning higher costs for most SME merchants, with lower rates charged for domestic cards and higher rates for premium ones. 

    When it comes to fee structures and transaction volumes for EFTPOS service providers, there are a few key elements to look for. At Smartpay, we offer our Zero Cost EFTPOS and Simple Flat Rate solutions, tailored to help SME businesses save on merchant fees and manage their cash flow.

    Whether it’s saving money on your EFTPOS bill or knowing what your bill will be at the end of the month, we aim to help businesses succeed with funds deposited into your business bank account the next business day.
  • How reliable is their service?
    It is important to stay connected and deliver excellent customer service ensuring minimal outages and downtime. To avoid these kinds of issues, you’ll want to prioritise an EFTPOS network with a proven record of excellent connectivity and reliability.

    Look for EFTPOS terminals that are built by offering multiple connection options such as 4G, Wi-Fi, broadband and a physical SIM card to stay connected no matter what the situation. Smartpay offers a free 4G modem with all terminal devices and Wi-Fi ensures portability for both in-store and offsite transactions (e.g. food trucks, table service, pop up stores or markets), taking payments to your customers anywhere, anytime.
  • Is it easy to set up and use?
    Ease of use is a critical metric when considering any kind of payment technology and something to consider when choosing a provider. 

    There are specialist EFTPOS providers such as Smartpay, offering a device that’s setup process is easy. When the terminal arrives, just ‘plug in and pay’, and unlike some banks, there is no wait for a technician to connect you, keeping your business running with minimal downtime.

    Not only is it important to look for something easy to install but also simple to use. This reduces time when training your staff and human error when calculating transaction costs.
  • Does this EFTPOS service provider offer ongoing support?
    As a business owner, you know things can go wrong. When it comes to choosing an EFTPOS service provider, you should consider their customer service and support model. Is this EFTPOS service provider a specialist who’s core focus is EFTPOS only or will I be lumped into a telephone queue with other business queries taking time away from my business? Is the support team locally based and in-house or outsourced offshore and what hours are they available?

    It is key to look for an EFTPOS service provider who offers you customer and technical support 24/7, 365 days per year to help if any problems arise. At Smartpay, we’re just a call away and our in-house support team are here to help from when your business opens to when you close, every day.

With card payments fast becoming the payment option of choice, your business should definitely consider offering an EFTPOS terminal to take your customers’ payments. Make sure you consider the above checklist of questions before selecting the EFTPOS service provider that’s right for your business.

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Want to know more about surcharging?

If you’re keen to learn more about how surcharging on EFTPOS works, or what you could save, find out more about SmartCharge. To talk about how surcharging could work for your business get in touch with the team at Smartpay.