How It Works

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 terminal (also referred to as 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 at an EFTPOS terminal your customers must acquire an EFTPOS card, Debit Card or a Credit Card.

How does EFTPOS work?  Who is involved?

When you first get an EFTPOS machine it can be a little confusing as to who does what for you. There are four main players and each have a different role in the process. Let’s look at each role below.

Your EFTPOS Payments Expert.  Your first point of call for anything payments related

The Network
This is the company that facilitates the safe and secure transfer of funds from your customer’s bank account to your bank account. E.g Paymark/Verifone

Your Processing Bank
This is the bank that provides you with a merchant number and also provides you with your credit card facilities.

You're in good company

Need EFTPOS for your business?

Your EFTPOS terminal is just one input to the true cost of providing EFTPOS and it’s the smallest. Don’t make the mistake of not taking into account your fees. Some providers provide lower monthly hire costs but end up charging a lot more for fee processing. Some businesses end up paying hundreds if not thousands more than they need to each month.
Are you paying too much? Get a FREE FEE ASSESSMENT to find out.