![]() Investing in payment technologies that support your business can help give you a competitive edge. Efficient payment solutions such as EFTPOS can also help improve the customer experience you provide, helping to encourage repeat business. When you adopt EFTPOS as a payment solution, you’re able to offer your customers the secure, accessible, and contactless payment methods they’re looking for. ![]() So, to meet your customers’ needs, it’s important to accommodate preferred payment methods when deciding how you’ll accept payments. These customers will likely expect to able to pay by EFTPOS when they engage your business. And due to the simplicity of paying using EFTPOS, more and more people are opting not to carry cash on their person at all. How EFTPOS meets customers’ needsĪccording to Tyro and as reported by the RBA, paying by EFTPOS is now the preferred way to pay in Australia. This process uses encrypted data, which helps both businesses and customers transact with peace of mind. ![]() The EFTPOS provider sends a request to the bank account of the person making a payment to make sure the funds are available. With EFTPOS, funds are transferred from a customer’s account directly into your business account. What is EFTPOS?ĮFTPOS stands for Electronic Funds Transfer at Point of Sale.įirst introduced to the Australian market in 1980s, EFTPOS is now the most common type of payment method used when paying for goods and services in Australia. Here, we’ll explain how EFTPOS transactions work and how to use the technology to help increase your revenue and meet customer expectations. In Australia, one of the most common payment methods is EFTPOS. As a business, your payment methods are an important part of managing your cash flow and meeting your customer's needs.
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