What is EFTPOS?
EFTPOS is actually an abbreviation. It stands for Electronic Funds Transfer at Point Of Sale. EFTPOS is used as a method of payment for goods and services. An EFTPOS machine is an electronic device that assists in the transfer of funds from a customers bank account to a merchant(business) bank account. To pay by EFTPOS a customer must acquire an EFTPOS card, Debit Card or a Credit Card.
How does EFTPOS work? and who is involved?
When you first get an eftpos machine it can get a little confusing as to who does what for you. There are four main players and each have a different role in the process.
- The network people: These are the guys who look after the eftpos network that process eftpos and credit card payments to the banks to see if they are declined or accepted. You pay these guys for your use of their network by monthly direct debits - e.g Paymark
Debit Card/Credit Card transactional flow on the Paymark network
- Your Processing Bank: This is the bank which actually processes all of your daily credit card transactions. They are not necessarily the bank where your business accounts are held.
- The finance companies: You can elect to lease your eftpos machines in which case a finance company will buy a machine and lease it back to you for a monthly fee which you will pay by direct debit. (The finance company owns the terminal in this instance).
- The eftpos dealers (thats us): We're the lovely people who supply and look after the servicing of your eftpos machine. If you are leasing, this service is included in your monthly lease fee. However you can buy or rent your terminal and buy eftpos paper and other consumables directly from us (EFTCO).
Contact us firstname.lastname@example.org or 0800 180 180 to speak to someone directly about EFTPOS.
Check out our range of EFTPOS
Standalone EFTPOS with PIN pad