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New to EFTPOS & In-store Payments? Let Us Be Your Handy Sidekick When It Comes To Payments For Your Business.

Smart Tips for Choosing the Right EFTPOS & In-store Payment Solution

When evaluating your options for a payments partner, you want to choose a provider that fits your business like a glove. Should you go with your bank or POS provider? Or, a local payments expert like Smartpay?

Learn the who, what and how behind in-store payments in our handy guide below. Get ready to accept seamless payments today. 

The Services You Need to Process
an EFTPOS Transaction

Traditionally, in-store payments in New Zealand are made up of three types: debit card payments using the “eftpos” network, credit card payments and contactless payments (which can be with a debit card, credit card or smart device payment via a service like Apple Pay). We’ll look at how this has worked to date in New Zealand, and share a way that this can be further simplified—with built-in savings for your business.

When it comes to EFTPOS transactions for these three payment types, there are three main services you need to lock in to get up and running:

Banks (or Acquirers): Your Merchant Rate

When it comes to EFTPOS, one of your first questions will likely be: what’s the cost for my business to accept EFTPOS payments? 

The biggest chunk of this cost is from who helps facilitate transactions for your business, which is a bank or an acquirer (like Smartpay!). They will assign your business a percentage rate to accept payments, called a Merchant Service Fee (MSF), which covers the facilities they provide. MSF varies by industry, card type and transaction volumes. 

While accepting EFTPOS and debit cards is included in the payment network fee, an additional MSF per transaction is charged for accepting credit cards and contactless transactions. 

They’ll also help you by providing a Merchant ID (also referred to as a Merchant Number), which you need if you sign up to the payment network (read on to learn more about this!). The bank or acquirer also ensures that your transactions are settled into your business bank account. 

 

How to Get a Merchant Number NZ

In New Zealand, merchant numbers are usually issued by 'acquirers'. An acquirer is an organisation that collects funds on behalf of merchants, such as banks.

You will need to fill out an application form and pay a fee in order to get a merchant number in NZ.

Payment Network

Simply put, a payment network manages the electronic funds transfers to your bank account. They authorise transactions and make sure you're getting the correct amount of money.

Payment networks help:

  • Ensure accurate fund transfers
  • Safely encrypt sensitive payment data
  • Gives you access to transaction data
  • Protects you from the risk of non-payment by declining cards without sufficient funds

Traditionally in New Zealand, this is a separate service that you need to sign up to, with Worldline being the largest payment network provider. You would need to get a Worldline ID and provide this to your EFTPOS machine provider and your acquirer to get your payments up and running. But more on this later—and how Smartpay can help your business simplify!

EFTPOS Machine Provider

As a final key piece of the puzzle, you’ll want to get your hands on a physical EFTPOS machine that allows you to accept electronic payments in a flash. This is where an EFTPOS provider comes in!

On top of the EFTPOS machine itself, a quality provider also offers ongoing security compliance and support. Providing reliable expertise that's up-to-date with the latest advancements, so you can keep those payments rolling in.

An EFTPOS provider can help:

  • Choose the best EFTPOS machine for your unique business needs
  • Walk you through the EFTPOS set-up process
  • Ensure your EFTPOS stays compliant
  • Offer 24/7 localised support
  • Provide customisable payment features, value add-ons and transaction reporting

Smartpay has operated as an EFTPOS machine provider in the New Zealand market for decades, offering a best-in-class experience for our Long Term and Short Term rental customers. We help our customers navigate the full payments setup process, including walking through how to engage with the other providers that make up their solution.

Simplify & Save: Switch to Smartpay Low Cost Tap & Pay

If researching and signing up for all these different providers sounds cumbersome and time-consuming, it can be! But thanks to Smartpay, that hassle can be wiped away: With Smartpay Low Cost Tap & Pay, we can help your business roll out a more streamlined payment experience and get up and running quickly. 

For Smartpay Low Cost Tap & Pay customers, enjoy one low rate across Visa and Mastercard contactless and credit transactions, with even more savings via free EFTPOS machine rental and no network fee. (Minimum monthly turnover and T&Cs apply)
All you need is your business bank of choice and to contact us to get set up with the rest—we can have your payment solution up and running in as little as one business week!!
Let us handle the nitty-gritty for payments, while you enjoy seven-day settlement and simple flat merchant fees for every contactless and credit transaction.

Switching to Smartpay Low Cost Tap & Pay Means You

Get a merchant number for your business ASAP – so you can get paid faster. 

Streamline your payment backend – enjoy fuss-free, speedy operations and focus on what you do best, running your business! 

Get a tailored rate for every Visa and Mastercard contactless and credit transaction; you’ll pay the same low percentage rate across these payments.

Enjoy the backing of a 24/7, local customer support team – ready to lend a hand anytime, anywhere.

Pin Down the Right EFTPOS Provider for Your Business

Ultimately, your in-store payments solution is a critical part of business operations, and you want to make sure the partner(s) you choose have your back. 

According to Smartpay SME research (2023), the top 3 drivers of customer satisfaction are customer support/ease of doing business, fees and intuitive EFTPOS terminal.


Keep this in mind when searching for a reliable EFTPOS provider! Things you want to look out for include:

Flexibility: You can accept the types of payments your business needs 

Cost savings and reduced admin: low fees, ideally from as few parties as possible

Reliable EFTPOS machines: Your terminal has  multiple connectivity options (i.e. Wi-Fi and SIM card)

Backed by the best: When you have any issues, your solution comes with 24/7 support, including an in-house technical support team

Value adds: Offer additional features and add-ons, such as POS integration and a portal to view your transactions

Drivers of Customer Satisfaction

Tap Into a Future Proof EFTPOS Machine

When it comes to how payments happen in your store, you want to make sure you’re getting the best from your EFTPOS machine provider. Your EFTPOS machine should keep pace with you and your growing business, no matter what the future throws at you. Keep an eye out for EFTPOS features that help you adapt easily to any sea change!

Ask your EFTPOS Terminal provider:
  • How simple is your EFTPOS solution to set up?
  • How easy is it for my staff to use?
  • Who maintains the security software?
  • How can I connect to the network? Fixed line, Wi-Fi or mobile?
  • How do settlements work?
  • How easy is it to upgrade EFTPOS machines?
  • Can we integrate with a POS system?
  • What payments can you accept?

A quality EFTPOS provider should be able to answer these questions at ease, so you know that you're in safe hands for the long run.

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