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What EFTPOS stands for and things to consider for your business

EFTPOS stands for Electronic Funds Transfer at Point Of Sale. If you run a business, EFTPOS allows people to use their debit card or credit card to pay you for the goods and services via an EFTPOS machine.
Once you add a payment on your cash register, you’ll need to key the payment amount into your EFTPOS machine, unless you have an integrated payments solution which directly connects your EFTPOS machine to your Point Of Sale (POS) system. The customer’s debit card or credit card is connected to their account, and when they use the EFTPOS machine, their money is transferred as payment into your business bank account.

If you are considering an EFTPOS machine for your business, there are a number of things you need to look out for. Here are our top eight.

1.    What are the fees?

Are the fees per month or per transaction? If per transaction, have an idea of how many transactions you will do per month, so you can choose the right payment tier for your business. Our EFTPOS pricing plan tool makes it easy to figure this out.

2.     Can you integrate it with your point of sale system?

The ideal solution for your EFTPOS machine will link with your point of sale system, so you and your staff only enter the transaction once when a customer is paying.

Tip: Some EFTPOS machines like Presto Smart allow your customers to split bills and print receipts while paying at the table. Make sure to ask if the EFTPOS machine integrates with your point of sale system.

3.    How easy is it to use?

How long does it take to process and accept a customer payment? Are the screens easy to use and intuitive? If so, you’ll save time with every transaction and won’t waste time training staff how to use it.

4.    How long does the battery last?

If you run a mobile business; a market or a café that takes payment from customers at the table, you will need an EFTPOS machine with a good battery life. Our EFTPOS 1 merchant machine can last up to approximately  8 hours with when the power save mode turned on.

5.    When can it be delivered?

Ideally you want your EFTPOS terminal to be delivered straight away, so you only need to wait a few days to get this all set up. Make sure you ask your provider whether they have EFTPOS terminals in stock and how long delivery will take.

6.    Will there be support to set up the EFTPOS machine?

Depending on which provider you choose, your EFTPOS machine may come with instructions for you to set it up yourself, or perhaps you need to book a technician to set this up for you on site.

7.    What if you need to replace it?

Depending on whether you buy or rent the EFTPOS machine, you may need to consider if there is a warranty. All EFTPOS machines from Westpac are rented, so if there is an issue, we will replace the device for you.

8.    Is there GST on merchant fees?

In Australia, the Goods and Services Tax (GST) applies to many items. Merchant fees for our EFTPOS machines include GST, so be sure you claim this correctly at tax time. More details about GST can be found at


With a bit of research, you know the EFTPOS machine you choose will be the right one.


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Things you should know

This information does not take into account your personal circumstances and is general. It is an overview only and should not be considered a comprehensive statement on any matter or relied upon. Consider obtaining personalised advice from a professional financial adviser and your accountant before making any financial decisions in relation to the matters discussed in this article, including when considering tax and finance options for your business.