How can I take payments in my business?
Taking payments is crucial to any business, because the quicker you get paid, the healthier your cash flow could be. Here are some of the options for taking payments in your business.
An Electronic Funds Transfer at Point Of Sale (EFTPOS) machine accepts both credit cards and debit cards, including those linked to mobile wallets like Apple Pay and Google Pay.
EFTPOS machines can read a card’s magnetic stripe or its embedded chip. Most new cards feature contactless ‘tap & go’ technology that allows customers to simply hold their card or enabled mobile device close to the EFTPOS machine to make a payment. No signature or PIN is required up to an agreed limit.
There are two main types of EFTPOS machines:
1. A standalone EFTPOS machine – such as Westpac EFTPOS 1
2. An EFTPOS machine that integrates with a compatible Point of Sale (POS) system – such as Westpac Presto Smart, that wirelessly connects to a wide variety of POS systems and EFTPOS 1i, that integrates with over 500 POS systems via Linkly software.
If you’re running a business on the go you can choose a mobile EFTPOS terminal, such as EFTPOS 1, that doesn't need to be connected to power or phone lines.
For portability and convenience these units run off rechargeable battery packs and use mobile data (using your bank's preferred network provider). This enables you to take the sale straight to your customer for instant card payment – at their table or home, your market stall, or wherever your business operates.
At the end of each trading day, you 'settle' the terminal to access that day's takings. Depending on your payments provider, you may receive daily business takings on the same day, or it might take a few days to receive the funds. With Westpac Instant Settlement, you can receive your EFTPOS takings in an instant. Learn more about Westpac Instant Settlement1.
Make sure you are clear about the fees and charges before choosing your payments provider. Look out for monthly plan fees, card transaction fees and one-off establishment fees. Additional fees may be charged for extra machines, stationery and dispute investigations. Read more about EFTPOS machine costs or download our .
If your business issues invoices, a straightforward way to accept electronic payments is to include your bank account and BSB numbers on each invoice. Your customers can enter your bank details into their online banking to transfer funds and pay your invoice.
EFT is a simple and inexpensive way to receive payments. However, the process of reconciling invoices against payments could be time consuming.
BPAY processes payments and delivers the cleared funds direct to your nominated account. It has similar fees to credit and debit cards, but it does provide the advantage that you do not have to give out your bank account details to your customers. Plus, payment reports can be imported into your compatible accounting software for easier admin.
If you hold a Westpac Business One Low or High Plan transaction account or a foreign currency account (other than in Chinese Yuan RMB) you can use our handy Biz Invoice invoicing tool through online banking2. Biz Invoice lets you create an invoice template, then generate, email, and manage invoices from your smartphone, tablet, laptop or PC. It is complimentary with your account, though other fees and charges may apply.
In addition to the default EFT payment option featured on the invoice template, if your Biz Invoice is linked to a transaction account and you’re an eligible sole trader, you can add BPAY as an option, allowing you to accept credit cards – for which fees and charges apply3. Please note, this does not apply to foreign currency accounts.
The online payment solution you choose will depend on the way you sell your products and services on your website. Read our article on taking online payments in your business for some things you may need to consider before taking online payments.
The right payment solution could help speed up your payments, whether they are face to face, online, or in response to an invoice. Our handy selector tool can help you to choose the right payment solution for your business.
2. Westpac’s products are subject to terms, conditions, fees and charges; and certain criteria may apply. Before making a decision, read the disclosure documents for your selected product or service, including the Product Disclosure Statement and T&Cs for Westpac business bank accounts, EFTPOS 1, Presto Smart, foreign currency accounts and online banking; and consider if the product is right for you.
3. BPAY Eligible Account Holders: To be eligible to set up BPAY Payments with Biz Invoice you must be registered for online banking and be a sole trader who is the sole owner of the Westpac Business One Low Plan or Business One High Plan account to which Biz Invoice is linked. Each BPAY transaction will incur a transaction fee. Read the disclosure documents, including the Biz Invoice and , before deciding. Terms, conditions, fees, charges and eligibility apply. Full details are available on application.
The information in this article is general in nature and does not take your objectives, financial situation or needs into account. Consider its appropriateness to these factors; and we recommend you seek independent professional advice about your specific circumstances before making any decisions.