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How can I take payments in my business?

3-minute read

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 accepting payments in your business.

Key take-outs
  • To accept card payments, you can use a standalone machine, one that integrates with your point of sale (POS) system, or you can accept payments on certain eligible phones using the embedded NFC reader. There's also online and virtual payment solutions for web and phone orders.
  • The right payment solution can help speed up payments - so look for the option that suits your business
  • Make sure you are clear about the fees and charges before choosing your payments provider.

1. How can I take in-store payments in my business? 

What is an EFTPOS machine?

An Electronic Funds Transfer at Point of Sale (EFTPOS) machine allows you to accept both credit and debit card payments from your customers, including those linked to digital wallets like Apple Pay and Google PayTM.

What are the different types of EFTPOS machines?

Most cards feature contactless ‘tap & go’® technology that allows customers to simply hold their card or payment-enabled mobile device close to the EFTPOS machine to make a payment. No signature or PIN is required up to an agreed limit. EFTPOS machines can read a card’s magnetic stripe or its embedded chip.


There are two main types of EFTPOS machine:


1. A standalone EFTPOS machine – such as EFTPOS Now

2. An EFTPOS machine that integrates with a compatible point of sale (POS) system – such as EFTPOS Now with Presto, that wirelessly connects to a wide variety of POS systems and EFTPOS Connect or EFTPOS Flex, that integrate with over 500 POS systems via Linkly software.

What about portable EFTPOS machines?

If you’re running a business on the go you can choose a mobile EFTPOS terminal, such as EFTPOS Now, that doesn't need to be permanently connected to power.


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 – for example, at their table, or wherever your business operates.


Or, for ultimate portability, you could consider taking payments with a mobile app such as Westpac EFTPOS Air. When downloaded to a compatible phone or tablet, the EFTPOS Air app can take ‘tap to pay’ card and mobile wallet payments using just the device.

What else do I need to consider before choosing an EFTPOS machine?

Fast settlement

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 receive your EFTPOS takings instantly on daily settlement. Learn more about Westpac Instant Settlement1.


Fees and charges

Make sure you are clear about the fees and charges before choosing your payments provider. Look out for monthly fees, merchant service fees and one-off establishment or hardware fees. Additional fees may be charged for extra machines, stationery, dispute investigations and to process American Express/UnionPay cards. Read more about EFTPOS machine costs or download our guide to merchant fees and charges (PDF 210KB).


Recovering your costs

A key way to recover the costs of processing card payments is through the use of surcharging. If you plan to do this in your business, check the solution you are looking for has the ability to surcharge for contactless payments before you decide. With a flat transaction rate, you can offset the full transaction cost through surcharging, to help keep costs in control for your business.

2. How can I take electronic payments in my business?

Electronic funds transfer (EFT)

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.


To receive payments in less than a minute from customers paying by PayID, Westpac business customers can register their ABN as their unique PayID2. It works in the same way that mobile numbers can be the PayID for payments into personal accounts.

Give customers the option of paying by PayID instead of using your bank account details, and it could save them time while helping you get paid fast. Learn how to get a PayID


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 and check-digit routines make sure all payments can be reconciled.

3. How can I take online payments in my business?

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.

A new, easier way to take payments

Get paid the easy way, with our EFTPOS app on your compatible phone. T&Cs, eligibility and fees apply.

Discover EFTPOS Air

Read more

How to accept payments when you're a mobile business

If your business takes place outside a store, you’ll need a way to accept payments on the go. Here's what you need to consider.  

8 questions when shopping for an EFTPOS machine

Looking for an EFTPOS machine? Make sure you do your research to get the most suitable one for your business.

How can my business take payments online?

Taking your business online? Here are some things you may need to consider before taking online payments in your business.

Things you should know

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 and Online Banking; and consider if the product is right for you.

1. Westpac instant settlement functionality is not available between 9:30 pm and 11:59 pm (Presto Smart terminals) and between 9:30 pm and 11:00 pm (EFTPOS Now, EFTPOS Now with Presto, EFTPOS Flex and EFTPOS Connect terminals) - Sydney time. You can only perform a settlement once a day, before 9:30 pm (Sydney time). A settlement done after 11:00 pm for EFTPOS Now, EFTPOS Now with Presto, EFTPOS Flex and EFTPOS Connect terminals and after 11:59 pm for Presto Smart terminals, will be processed as a settlement for the next day. Subject to system availability, settlement can take place 7 days a week. Settlement must be to an eligible Westpac transaction account. Instant Settlement functionality is not available on Corporate Online. Instant Settlement is only available for Mastercard®, Visa® and eftpos transactions (plus UnionPay if using EFTPOS Connect).

2. Fast or near real-time payments are sent and received using Osko ® by BPAY ® and can be addressed to either a PayID or a BSB and account number. Near real-time payments require both the payer and payee to have Osko® enabled accounts. Payments may take longer in some instances, such as where there is a technical interruption to the service, there is a payment to a first time payee or when the payment is caught for additional security screening. 
The PayID types available to you may vary depending on your customer profile. If you register your mobile as a PayID, it needs to be the same as your SMS Protect Code TM. If you register your ABN, it needs to be the same as the ABN on your Westpac profile. When your PayID is registered, your details (including your Business name) will be available to people who use the service and enter your ABN PayID. 
Westpac Online Banking is only available for use by Westpac Australia customers. Internet connection is needed to access Westpac Online and Mobile Banking. Normal mobile data charges apply. 


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.

Apple Pay is a trademark of Apple Inc., registered in the U.S. and other countries.

Google Pay is a trademark of Google LLC.

BPAY® and Osko® are registered trademarks of BPAY Pty Ltd ABN 69 079 137 518.

'tap & go'® is a trademark of Mastercard International Incorporated.