10 EFTPOS Benefits Every Business Owner Should Know
In Australia, contactless payment is the norm, and if you are a business owner, you know that customer is king and they now prefer to pay with their debit cards or credit cards. That’s why if you have an EFTPOS facility, you decrease any friction in accepting payments as you will be able to accept payments in a number of ways.
Remember that easy payments make customers happy. However, for business owners, the payments market is evolving quickly – between credit cards, mobile, and Apple watch payments, business owners are always on their toes.
So, in order to meet customers’ shifting expectations, modern EFTPOS machines offer contactless payment technology that will help your business reap these benefits.
1. Efficiency and lowered labor costs
The payments you collect through your EFTPOS facility goes directly to your account. People don’t have to handle money or record cash receipts, which means less staff hiring for you.
2. Lower risk of theft
When you have EFTPOS, you receive money electronically. The less cash there is in the register, the lower the risk of theft.
3. Lightning fast transactions
EFTPOS payments take seconds to process. This is probably the main benefit of contactless payments. The speed they bring to each transaction is what allows hospitality businesses to make the majority of their revenue during rush hours. It’s what allows restaurants and cafes to take advantage of the morning craziness and the lunch hustle.
4. Take all varieties of payments
Most modern EFTPOS allow you to take most types of payments – credit cards, debit cards, Apply pay, and others.
5. Improve cash flow
With EFTPOS, you’ll be able to have access to your funds sooner. You don’t need to wait days for cheques to clear. With this benefit, you’ll be able to grow your faster. For example, if you’re a coffee shop and you’re low on supplies, you can instantly withdraw cash from your most recent profits to buy whatever you need to maintain smooth operations.
6. Mobilise your business
You can take your business to your customer while you’re on the road. With EFTPOS, you can receive and process payments wherever you are.
7. Instantly approved payments
No more wasting valuable time paying in cheques and wads of cash. Who likes frequent trips to the bank anyway?
8. Encourage impulse buying and upselling
One of the hidden advantages of having an EFTPOS facility is that it pushes customers to purchase unplanned items. Impulse buying can inflate your income when you have an EFTPOS because cardholders tend to spend more than those who use cash.
9. Take payments over the phone and internet
E-commerce is growing rapidly and if you plan to take your business online, an EFTPOS facility is a necessity you need to invest in. The more sales channels you can offer, the higher the chances of winning and retaining customers.
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10. Guaranteed payment
As a business owner, bad checks and non-payments are major hassles. Aside from that, EFTPOS can help you settle your past due accounts faster because it gives you better cash flow.
So, should you get an EFTPOS for your business? The obvious answer is yes. But, looking for the best EFTPOS provider could be tricky because of the many options available nowadays. Don’t worry, you can take advantage of this free service that helps you compare EFTPOS providers.