Whether you are starting a new business or running an existing business, looking for good deals on merchant facilities 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 business.
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 are 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:
- Reliability – it is crucial that the system you are using is sturdy and reliable; you do not want connectivity issues with your EFTPOS terminals as this will affect your business. Any downtime is potentially money lost, and it is also not a good look for business. Your merchant provider should have reliable systems with 3G/4G backup and dual live data centres, which means if for any reason 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
- 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 – receive every transaction in a detailed report
• Consistent inventory management – keep on top of your business with inventory management tools
- 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 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 can be check out our mobile EFTPOS terminal.
- Price – Pricing structures can really vary with different merchant providers. One important consideration is finding a facility with a good transaction rate that is specifically relevant to the size of your business. Contract terms, rental costs and monthly service fees generally apply too so ensure 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.
- Features – There are many EFTPOS terminal features across the board but mainly it’s advisable to find portable or countertop terminals that support contactless AND chip insert payments. The other features you will probably want to consider are terminals with multiple communication methods (i.e. WiFi/4G/Bluetooth), digital wallet payments (ie smart phone payment accessibility), POS/PMS integration and functionality, and an acceptance of most credit card brands.