How EFTPOS works

EFTPOS allows customers to pay you on the spot with a card and moves the money from your customer’s bank to your bank automatically.

Accept card payments is easy, find below how are the steps involved in setup EFTPOS for yours business.

Starting an EFTPOS transaction

With everything set up to go, you can start a transaction by entering the purchase details into the terminal. Your customer then uses their card to make payment, either by swiping, inserting or (if you have contactless enabled) tapping.

One final step – settlement

For the money to hit your account, your terminal needs to ‘settle’. This is like cashing up and depositing the earnings at the bank. Your terminal does this automatically once a day during your “settlement window”. Once you settle, your EFTPOS network will ensure all the money held for you by the acquiring bank moves to your merchant bank, who normally deposit it in your bank account the next business day.

And that’s it. That’s how a card payment works.

Next Steps