When it comes to choosing the right solution for your business, a little planning now can make a big difference later.
Once you’ve decided EFTPOS is right for your business, you’ll need a payment solution, so which one’s the best? The simple answer is: The solution that makes life easiest for you and your customers.
Choosing a payment solution at a glance
- Where you do business will help determine your payment solution
- The freedom of a portable connection provides freedom vs the budget friendly fixed option
- Every transaction is a chance to win-over customers, so think about your customers ease of use
- Decide what payments types you’ll accept, and if you’ll absorb any costs or pass them on
- If you have a POS system, choose an EFTPOS system that’s easy to integrate.
Think about where you do business
Where you do business will answer a lot of questions when it comes to choosing a payment solution.
If you’re a plumber, a fully mobile terminal that allows you to take payment on the spot (or under the sink) is definitely worth thinking about. If you run a café, you might want to take payment at the counter or tableside, in which case, a portable option that connects by WiFi might suit you best.
For online shops, there are options too like Smartgate, Smartpay’s online payment gateway solution.
If you know where you and your customer are when you want to be paid, you can work out your next question: how do I want to connect my terminal?
Connect the way you want
You have two basic options for connecting to an EFTPOS network: mobile or an existing internet connection.
Mobile options use their own SIM card and the data is included in the rental. Terminals like the S90 or S900 can be a great option in lots of situations, like:
- Your office is your work-truck
- You don’t have a phone line in your shop, café or bar
- You’re working at an event
You can still have portability when using an existing internet connection by using a Wi-Fi terminal.
Fixed options like the S80 or S800 connect by using an ethernet (broadband) cable, phone line or both. These systems can be robust and can be set up with dial-up as a reliable back-up if your primary connection fails. However, dial up is much slower and you’ll pay more to connect to the Paymark network.
Make sure your terminal is easy to use
The simpler you can make a transaction for customers, the more likely they are to return or recommend you to others.
If you serve people at a counter, would a PIN pad like the S300 make things faster and easier? Or if they’re sitting at a table could you take the terminal to them? It’s easily done if you have a WiFi connected terminal.
Decide what type of payments you want to accept
Do you want to accept:
- Bank cards/Debit cards (so customers can pay from their bank accounts)
- Credit cards
- Contactless payments
- Union Pay (the card company with the biggest base in the world)
- QR payments via Alipay and WeChat Pay
How about offering other payment services, like:
- Tips or hospitality
- Currency conversion
- Taking phone or mail order payments
With Smartpay, these options are all available and easy to set up. Just be aware that some services are not available for contactless payments.
What costs are you happy to absorb?
While there’s no cost for each EFTPOS transaction, if you accept credit card payments payments, you’ll be charged a fee by your bank for every credit card transaction. You can set up your terminal to automatically absorb these costs or pass them on to your customers with a surcharge.
Contactless payments, even on a debit card, will attract a fee. If you decide you don’t want to accept these payments, just talk to your bank.
Before you make a decision about costs, look at what’s the standard practice in your industry. The same goes for adding a public holiday surcharge.
What about your Point of Sale system?
If you have a Point of Sale system, check if your EFTPOS terminal will integrate with it. With an integrated solution, the purchase amount is sent directly from your POS to your terminal. This makes for faster transactions, better accuracy, and eliminates manual reconciliation at the end of the day.
If you don’t have a POS system, check out Till2Go. It’s a simple (and free) cash register app for business on the go and it integrates with almost all Smartpay terminals.