Best EFTPOS terminals for small business - what to look for

Looking for an EFTPOS terminal for your business and not sure what to look out for. We have got your covered.

12 Jan 2023

Whether you're starting a new business or running an existing small business, looking for the best (and cheapest) deals on EFTPOS terminals is a smart move.

There's a huge range of options available these days, so it's important to understand the differences in order to find the right EFTPOS solution for small businesses.

Statistics show that up to 45% of businesses automatically choose their primary bank to supply their EFTPOS terminals, and understandably most people believe this is just the easiest option. However, we're here to tell you why this decision can actually end up being less effective and more costly.

We have detailed the most important features to look out for when comparing EFTPOS payment solutions during your search for the best EFTPOS machine for small business:

1. Reliability - It is crucial that the system you're using is sturdy and reliable - you don't want connectivity issues with your EFTPOS terminals as this will affect your business. Any downtime is potentially money lost, and it's not a good look for your business. Your merchant provider should have reliable systems with 3G/4G backup and dual live data centres, which means that if they have technical issues they can seamlessly change to their backup data centre. This therefore has no effect on your business or ability to take digital payments.

2. Seamless integration - Integrated EFTPOS makes for better business. Ideally the EFTPOS solution you adopt integrates with your existing Point of Sale (POS) or Practice Management Software (PMS) provider so that there are no major changes to your business systems. You need to make sure that the EFTPOS / merchant provider you choose integrates with your POS system for several reasons, mainly:

- To save time - it can help your business with quick and simplified end-of-day reconciliation
- To save money - an integrated EFTPOS solution will avoid any costly keying errors
- Immediate transaction reporting - you receive every transaction in a detailed report
- Consistent inventory management - keep on top of your business with inventory management tools

3. Easy setup - This part should be quick and easy. When your new terminal arrives you want to be able to plug it in and away you go. Make sure that whoever you decide to go with has a simple activation and setup process, and if you have a POS or PMS system, ensure that there is an easy pairing process. It is also beneficial to look out for a provider who has 24/7 customer support. To find out for yourself how easy this this can be, check out our mobile EFTPOS terminals.

4. Price - Pricing structures can vary significantly with different merchant providers. One important consideration is finding a facility with a good transaction rate relative to the size of your business. Contract terms, rental costs and monthly service fees generally apply too, so make sure you find something that suits your level of sales, and whether you prefer lock in contracts, pay-as-you-go or more of an upfront pricing structure. A 'free' terminal might not be the cheapest EFTPOS solution once you take into account the other fees involved.

5. Features - There are many EFTPOS terminal features across the board, but it's advisable to find portable or mobile terminals that support both contactless and chip-insert payments. The other features you will probably want to consider are terminals with multiple communication methods (i.e. Wi-Fi / 4G / Bluetooth), digital wallet payments (i.e. smart phone payment accessibility), POS / PMS integration and functionality, and an acceptance of most credit card brands.

To find out more about the key considerations for your small business EFTPOS needs, reach out to our team here at PayNuts.

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