Whether you are in the initial planning stages of starting a business, or are considering the implementation of some tech upgrades to bring your operations and customer interaction experiences into the digital world, an EFTPOS machine is crucial.
While a few cash-only businesses remain, EFTPOS has rapidly grown to become the standard in fund transfers and payment methods. The appropriate implementation of EFTPOS allows for everything from improved customer experience, to superior reporting and unique insight into a business audience. Ultimately, knowing how to decide on the best EFTPOS machine for your business is crucial in remaining competitive, understanding your market, and improving internal processes.
What is an EFTPOS Machine?
Firstly, it is important to outline what an EFTPOS (electronic funds transfer at point of sale) machine is. Essentially, the term refers to a network system that has multiple features – primarily, it facilitates funds transfer from customers to businesses through the use of credit or debit cards.
In addition to this primary function, EFTPOS then allows for the recording and holding of funds, which subsequently allows for data analysis and reporting, where insights can be made and changes to operations can be made.
Furthermore, EFTPOS systems will allow for the integration of separate managerial and operational systems – these can include examples such as staff rostering systems and appointment booking software.
Choosing the Right EFTPOS System
Choosing the right EFTPOS system requires consideration of a number of factors – these will include the payment terminal, the integration requirements you have, and whether you are prioritising an area such as customer experience, operational efficiency or the minimisation of costs.
First and foremost, you’ll need to decide on the right EFTPOS terminal, which is the card reader your customers will be using. This decision alone is crucial, as the choice you make will determine how much you are paying, how easily customers and employees are able to make and receive payments, and how well it can be integrated into the overall POS system – in choosing the right terminal, you can find more info here.
Following this, shift your attention towards integration – a well-integrated EFTPOS system will ensure that operation efficiency is maximized, and potential problems and risks are minimized. This consideration should take into account the additional tools that a given EFTPOS machine will include – whether these are invoicing, e-commerce, or even just ease of use features. Additionally, external integrations need to be considered. With the example of a restaurant, the EFTPOS system should have the ability to be tightly integrated with booking systems, staff rostering and reporting. Finally, an integrated system will ensure that your inventory and stock levels are linked to the payment system, meaning that payments can happen in a more streamlined and efficient manner.
Now, consider the layout of your point of sale areas. This will determine whether you are more suited to a countertop EFTPOS system, or one that is mobile. If your business moves around, or you value flexibility (even just within your store), a mobile option often provides greater functionality and will allow your operations to adapt to customer needs. In making this decision, you should think about internet connectivity and whether you have the connection necessary to facilitate use of a mobile machine.
Finally, think about your budget – this is a significant factor when choosing an EFTPOS machine for your business, as the prices of EFTPOS devices can vary significantly. Naturally, more functional and integrated systems will come with a higher price tag, however this cost can often be justified by the benefits gained in terms of efficiency, superior customer experience, and general integration advantages. The price will also depend on how much additional software and hardware is required – be sure to have an understanding of the total number of purchases you will need to make for a functional system, as the cost of additional devices can quickly accumulate. Finally, expect to be paying a regular fee on a payment plan, as this is the pricing model associated with most EFTPOS systems.
The Benefits of a Well Implemented EFTPOS Machine
In choosing the right EFTPOS machine for your business, you’ll be able to take advantage of a number of benefits. These can be categorised into operational, customer experience, and product quality benefits.
Operational benefits can include any advantages that come as a result of EFTPOS integrations, such as a superior staff rostering system, better reporting and analysis functions, and better management of sales and customers.
In terms of benefits surrounding customer experience, the right EFTPOS choice will ensure that customers have flexibility regarding their preferred payment method, that the purchasing process is simple, straightforward and efficient, and that the job of employees is easier, thus allowing them to focus on the customer.
Finally, the right EFTPOS system will ensure that your business can benefit from improvements in product quality – firstly, insights gained from EFTPOS reporting and analysis will mean that businesses can adjust offerings and operations to more effectively meet customer needs. Furthermore, integrations such as booking systems can improve the quality of the overall service offered by relevant businesses, which can in turn increase customer loyalty and positive word of mouth.
Guest post courtesy of Rebecca Lee