Small Business Glossary


EFTPOS (Electronic Funds Transfer at Point of Sale) is a widely used electronic payment system allowing customers to pay for purchases directly at your business using their debit, credit, or prepaid cards (availability depends on your provider).

It offers a secure, swift, and convenient alternative to cash transactions, streamlining the process for you and your customers.

Key Points for Australian Small Businesses:


  • Faster transactions: Reduce checkout times significantly compared to cash.
  • Enhanced security: With money flowing into your bank accounts you minimise the risk of cash handling and potential theft.
  • Improved cash flow: Funds are transferred electronically, simplifying record-keeping and reconciliation.
  • Broader customer reach: Cater to a wider customer base who prefer card payments.
  • Equipment:
    • EFTPOS terminal: A secure device that connects to your bank and processes card payments.
    • Merchant service provider (MSP): The company that supplies your EFTPOS terminal, manages your account and handles transaction settlements.


  • Terminal rental fees: Monthly or fixed cost for using the EFTPOS terminal.
  • Transaction fees: Charged per EFTPOS transaction, may vary depending on the MSP, card type, and transaction amount.
  • Optional monthly fees: Some MSPs may have additional account maintenance fees.
  • Important Considerations:
    • Compare plans and fees: Research different MSPs to find the most cost-effective and feature-rich option that aligns with your business volume and needs.
    • Terminal functionality: Ensure your EFTPOS terminal offers the required features, such as contactless payments or integration with your point-of-sale system.
    • Internet connectivity: Consider if your terminal requires a stable internet connection for all functionalities.

Note: The availability of EFTPOS functionality for prepaid cards and savings accounts may vary depending on the financial institution and EFTPOS network.

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