Did you know that EFTPOS terminals can help businesses grow in Australia? In this guide, we will discuss not only the benefits of using EFTPOS terminals but also how they can help your business to thrive in a competitive environment. So, if you are looking for a way to improve your sales and growth, keep reading!
The Basics of EFTPOS Terminals
If you’ve spent the last few months and years avoiding this long acronym, allow us to ease your nerves somewhat. EFTPOS stands for ‘electronic funds transfer at point of sale’ – in short, it’s the electronic process of transferring money from a customer’s bank account to a merchant’s account. In other words, an EFTPOS terminal is a machine that lets customers pay for something without using cash or a cheque, and they allow businesses to take payments quickly and efficiently.
Whenever a customer purchases something from your business, you’ll need some way of processing that payment. An EFTPOS terminal is one option, and they’re becoming increasingly popular in Australia as more and more businesses adopt them. The snowball effect has seen more businesses using the terminals, more customers paying with a debit or credit card, and the trend continue to grow.
All you need to do is enter the amount owed and the customer can then pay with their chosen card; the machine will process the payment and print out a receipt for the customer. As technology continually evolves, it couldn’t be easier for both the business and customer.
How EFTPOS Terminals Aid Growth
So, you’ve seen how these terminals operate, but how do they encourage growth for businesses? There are a few key ways:
They provide an easy and efficient way to take payments, meaning customers are more likely to make a purchase. These days, people don’t tend to carry cash. Instead, they want to tap their cards and walk away within seconds. Thankfully, this is now possible.
Ultimately, these systems streamline the payment process so that businesses can serve more customers in a shorter space of time. This is great news for businesses that want to encourage growth and improve their bottom line. Imagine a long queue of people by the checkout – with an EFTPOS system, transactions can be processed quickly so that the line moves faster. You get through more customers per hour; in turn, this means more revenue per hour and an ability to put smiles on more faces.
Not only does this improve customer satisfaction, but it also helps to increase your average order value. When customers don’t have to wait around for ages to pay, they’re more likely to add a few extra items to their basket.
Once installed, you can accept debit cards, credit cards, Apple Pay, Visa, American Express, MasterCard, and more. Therefore, you’re also accommodating more customers – by offering their preferred payment type, they’re more likely to buy items rather than putting them back on the shelf.
Even after this, choose the right provider and you will also enjoy:
- Sturdy construction
- Low fees
- Touchscreen capabilities
- Long-lasting battery
- Mobile payments
- Simple refunds
As far as taking payments goes, it doesn’t get easier. With a more reliable payment system in place, you can focus on other areas of your business and leave transactions to the EFTPOS terminal. Gone are the days of waiting for a bank to process payments – now, you can get your money in real-time. So long as you have a speedy internet connection, you’re good to go.
There are many reasons why businesses should switch to using EFTPOS terminals, and you’ve hopefully explored some of them here today!