How do EFTPOS and eftpos Australia differ?

In the realm of electronic payment transactions, the terms EFTPOS and eftpos Australia are often used interchangeably, but did you know they are different things?

What is EFTPOS?

Electronic Funds Transfer at Point of Sale (EFTPOS) is a widely used system globally, encompassing various electronic payment methods where transactions are initiated at the point of sale, most commonly using an EFTPOS terminal or similar hardware.

The term itself is broad and doesn't pertain to any specific country or region. It encompasses the seamless integration of debit and credit card transactions, providing customers with a convenient and efficient way to make purchases in store and online (via eftpos digital).

What is eftpos Australia?

Contrary to an EFTPOS terminal, eftpos Australia refers to a specific organisation in Australia that provides an alternative to processing payments via well-known global schemes, including Visa, Mastercard and AMEX. Choosing to tap-and-go instead of "insert and PIN" results in different costs for the retailers, because it means the payment goes through a different "set of pipes" such as the credit card networks mentioned above.

If you decide to tap, most of the time this transaction will be a credit card transaction and go through Visa, Mastercard or AMEX.

If you decide to insert and select savings (SAV) or Cheque (CHQ) this is a debit card transaction, and the payment goes via the domestic route – eftpos Australia. This can be a far more cost-effective way to process the payment as the fees eftpos Australia charge for a debit card transaction are a lot less than a Visa, Mastercard or AMEX credit card transaction.

Given the low fee arrangements for merchants, eftpos Australia plays a crucial role in facilitating cost effective electronic transactions and ensuring the smooth operation of point-of-sale payments across the country.

How can I start accepting EFTPOS payments for my business?

PayNuts offer simple and customized EFTPOS plans and e-commerce payment solutions to businesses across Australia and NZ. You can choose the latest EFTPOS terminals, including portable EFTPOS machines, depending on your business needs. Learn more about the best EFTPOS terminals for small business.

Start your journey towards streamlined, secure, and personalised electronic payment solutions tailored to your business and industry by contacting our friendly team here, calling us on 1800 338 767 or email to sales@paynuts.au