What is EFTPOS?
Electronic Funds Transfer at Point Of Sale Adelaide Bank cardholders (Cashcard / Visa) can use more than 348,000 EFTPOS terminals throughout Australia. Businesses that have EFTPOS facilities encourage its use and will generally display the ‘e’ logo. EFTPOS simply transfers the value approved by you from your selected account, into the account held by the Merchant (business). You can use your Cashcard or Visa card to access your cheque, savings or credit card account to pay for goods and services, even withdraw cash at some locations. Your PIN is used to authorise transactions on your cheque and savings account and your signature from your Visa card is used to verify your transactions. Adelaide Bank businesses can benefit from having EFTPOS Merchant facilities as they reduce the cash holdings and attract more sales. To find out more about Adelaide Bank EFTPOS, call our Merchant Services experts.
Why do I want an EFTPOS Terminal? An EFTPOS terminal allows your customers to pay using a credit or debit card. As Australia moves to a cashless society, its more and more imperative for all businesses to take this form of payment. Key benefits include: • Convenience – Money is in your account within 48 hours • Increase in revenue – People tend to spend more on a card than on cash • Reduced bad debts – take payment on the spot rather than at a later date • Increase customer service – Give your customers a different option to make payments • Reduced risk of theft – Having EFTPOS means you carry less cash on your premises What fees are involved in accepting these form of payments? There are several fees involved in accepting payments by card. The first is the merchant service fee (MSF) which is a percentage of all transactions you put through on credit card and usually ranges from 0.7% – 1.5%. Next you’ll have an eftpos fee of usually 20c – 30c per transaction. There is a terminal rental
EFTPOS, Electronic Funds Transfer Point of Sale, refers to the technology that allows a retailer to directly debit a customer’s bank account by using a debit card. The debit card, generally the same as an ATM card, is swiped through a reading device just like a credit card. The customer must enter his or her PIN number, generally requested once the amount of the sale has been entered into the EFTPOS device. There are many advantages to using an EFTPOS for the retailer and customer alike. The retailer is paid ‘instantly’ without having to accept actual cash. Though cash is certainly preferable over credit cards with surcharges, or personal checks that can bounce, there are many security liabilities surrounding the handling of large amounts of cash. Cash must be manually counted by the cashier at the POS, counted again when the register is balanced out, and finally collected by an armed service or personally deposited. With EFTPOS, the money is wired directly into the retailer’s bank acc
Eftpos is the method for paying for goods or services without needing to carry cash. On making a purchase, the eftpos customer gives an eftpos card to the cashier who inserts it into an on-site eftpos machine. When the eftpos customer confirms the purchase, either by signature or security PIN, the eftpos equipment contacts the store’s bank electronically about the transaction. A message is also sent to the customer’s bank. Unless there is reason for the eftpos transaction not to be completed, the funds will then be transferred between the two accounts. The eftpos transaction takes a matter of only a few seconds. Before the eftpos customer has had the goods put into a bag, the eftpos transaction will be complete. Confirmation of the eftpos transaction is sent to the store and passed on to the customer in the form of a printed eftpos transaction record. Eftpos customers have the option of asking the store for cash in addition to the purchases. This has the advantage for the customer of s
