EFTPOS is an abbreviation which stands for Electronic Funds Transfer at Point of Sale. It is nowadays used as a payment for services and goods. It is a machine and an electronic device that assists in transferring funds. The funds are being transferred from the customer’s bank account to the merchant’s bank account.
Contactless payments have now become a norm in this day and age. It has spread all across the globe. This is because there is a wide range of benefits of using EFTPOS. Here are some of the benefits listed:
Efficiency is clearly the most important reason why you would want to use it. Carrying cash always is sometimes inconvenient. You would have to count the cash on a daily basis and then deposit it into the bank. This can be a great hassle most of the time. That is a whole additional task for you to fulfill. If you are relying on EFTPOS, the amount of cash your business will be dealing with is reduced. The amount of time your staff spends will be reduced.
- Lower the theft risk
It is an undisputed fact that cash is a high maintenance thing. Cash is much easier to misplace. It is much easier to get stolen as well. Therefore, a lot of people would recommend you not to carry cash all the time. Businesses that have a lot of cash stored are targeted easily. This is why EFTPOS payments are preferred these days. You can get to know more about it through EFTPOS Support Brisbane.
- Faster transactions
One of the main benefits of contactless payments is the speed. This is a prominent benefit that most of us are aware about. The transactions are lighting fast. Most of the businesses that are based on hospitality make the bulk of their profit during the rush hours. You can lose a great deal of customers if you compromise on speed. Therefore, it is recommendable to go for contactless payments and rely on less cash payments.
- Take all variety of payments
This is another major benefit that you can get out of EFTPOS payments. This allows you to take all varieties of payments. Whoever runs a business are well aware that customers are the king. It is important to make them not carry cash. This will allow them to get the transaction done fast. It is further assisted by the different varieties of payments available.
It is important to note that EFTPOS doesn’t only come with benefits but there are certain drawbacks as well. Merchant fee is one of the things that you will have to bear while using this facility. This might increase the amount of money that you will have to pay compared to the cash based payments. Moreover, each of the transactions is logged and there is more and more reliance on the networked infrastructure. Therefore, you need to consider the drawbacks and benefits together to make the right choice.