How to Select the Correct EFTPOS Terminal
The operational processes and points of customer contact within a business are vital in success – with developments in technology, these aspects of day to day business operations are now more connected than ever before.
More specifically, EFTPOS has evolved to become a key component of any merchant or business – it offers flexibility, convenience and works as an insightful business decision making tool – recent years have seen it overtake cash as the preferred method of funds transfer.
When it comes to choosing the correct EFTPOS terminal for your business, you’ll need to consider the context in which your business operates, the nature of your business and how customers interact with it, and the way internal processes are carried out. In choosing the right EFTPOS terminal (and effectively integrating it within a broader POS system), you’ll be able to maximise operational efficiency and offer a superior customer experience.
Understanding the Components of a POS System
Before deciding on the right EFTPOS terminal, it is crucial that you have an understanding of how a POS system works as a whole – knowing this will mean that you know how each component works and what your business would most benefit from.
The most obvious (and arguably the most important) component of a POS system is the terminal itself – this is the device that customers will use to transfer funds from their debit and credit cards, and it is what a business will use to receive these funds. As explained earlier, the choice you make in regard to EFTPOS terminal will largely come down to the broader POS system, however an overview of some initial considerations you might make can be found here.
Another important aspect of a POS system is the software that will be used to record transactions, make reports, and integrate various aspects of the system. Reporting and analysis features are immensely important as they can provide businesses with valuable insight regarding their customer base, the efficiency and effectiveness of internal operations, and the popularity of certain products and services.
Following from this, integration means that components of a POS system can be expanded to include a number of beneficial additions. These often include things such as a staff rostering system, service booking systems, and more. Ultimately, having these integration capabilities means that the system is easy to implement and use, and that more insightful information can be obtained from reporting.
How EFTPOS Terminals Differ
Shifting focus back to EFTPOS terminals and card readers, there are a number of features that will differentiate the options available to you. Deciding on the correct EFTPOS terminal will come down to the features that are likely to suit your business in a number of ways.
Firstly, consider the type of business in question. This will include things like the type of product or service you are offering, whether or not you require flexibility in location, the demographics and purchasing habits of your customers, and more. In thinking about these factors, you’ll firstly be able to decide between a mobile terminal and a counter terminal. With this being said, choosing between the two will also depend on your access to the internet and other things regarding the physical space in which you are setting up your POS system. The way in which your customers shop is also important as faster, smaller transactions might mean that you benefit from multiple smaller terminals, whereas larger one off purchases on a less frequent basis might mean that you are better suited to one high end terminal with high functionality built in.
In addition to the nature of your business more generally, another obvious factor will be the price you pay. Most EFTPOS terminals will include costs on a plan basis, alongside initial fees for the hardware you purchase. These costs might be on a regular basis, or you might be charged whenever you make a sale. In choosing an EFTPOS terminal, the right balance between features, quality and cost will mean that you are making a beneficial business decision that works for the long term.
More recently, advancements in features are being made regarding things like loyalty programs, improved third party app support, faster employee profile additions, loyal customer profiles, and the ability to focus on EFTPOS benefits that are multi-location, focused in one area, or on the go.
Furthermore, it is also important to note that whilst many EFTPOS terminals will boast benefits such as wide card support and secure transaction processing, these should be guaranteed benefits that any reputable EFTPOS terminal provider will have. In choosing the correct EFTPOS terminal for your business, it is important to ensure that these features are present.
The Popular EFTPOS Terminals in 2021
Looking at the most popular EFTPOS machines today, there are a few that stand out. Firstly, an EFTPOS company that has rapidly climbed to be one of the largest in the world is Square. This company has EFTPOS tech that is used by over 2 million businesses worldwide, and is particularly popular as a result of their pricing model.
Another popular example is Tyro – this company provides a significant benefit in a lack of initial setup costs. This is due to their chosen business model, where Tyro hardware is rented out to businesses – as a result, their products will be more suitable for some businesses than others.
Finally, Mint Payments are popular as they charge fees that are capped after a certain monthly amount – if the business in question is making money above this threshold, it may be financially wise to consider this option.