As a business, one of the biggest talking points when it comes to payments is whether or not your business should be investing in EFTPOS machines or whether traditional payment systems work fine. With the development of technology, these machines can now provide businesses with a range of benefits, such as faster and more secure transactions, the ability to accept debit and credit cards, access to real-time sales data, and much more.
With this in mind, let’s explore your options!
Traditional Payments
Traditional payment systems, such as cash and cheque, are generally simple and straightforward to use. Cash payments do not require a third-party processor, can be used for smaller purchases, and offer more flexibility since the customer is able to choose their preferred currency. However, cash payments also come with some risks such as theft or robbery of funds, or counterfeit money.
In terms of cheque payments, these can be convenient for customers since they do not require immediate payment. However, it also comes with its own risks such as the possibility of dishonoured cheques. Additionally, you would need to manually track and reconcile all checks received.
As time goes on, some early iterations of card machines can also be considered traditional methods, as they are becoming outdated and surpassed by newer technologies. These older machines may lack features such as contactless payments, which have become increasingly popular in recent years.
Ultimately, with the advancement of technology and consumer preferences changing, traditional payment methods are becoming less popular as businesses are now implementing more modern solutions such as EFTPOS machines. This allows businesses to offer customers a wider range of payment options and makes online transactions easier, faster, and safer.
EFTPOS Machines
On the other hand, EFTPOS machines are becoming more popular for businesses as they provide a secure and reliable payment method. In addition to contactless and mobile payments, these machines can also accept more traditional forms of payment such as credit and debit cards, allowing customers to pay in the form that best suits them.
As time goes on, solutions such as https://www.myzeller.com/eftpos-terminal-machines include more features too, such as loyalty payments and analytics for businesses to monitor their customer’s spending habits. For example, here are some leading features to seek in an EFTPOS machine:
Built-In Tipping Options – With this feature, customers can quickly and easily provide a tip at the end of their transaction using their debit or credit card.
Email, SMS, and Print Receipts – Customers can easily receive an email or SMS receipt for their transaction, as well as print a physical copy if desired.
Integrated Loyalty Programs – Through loyalty programs, customers can earn rewards points or discounts on future purchases.
Comprehensive Analytics and Reporting – Businesses can take advantage of comprehensive analytics and reporting features to monitor transactions and understand customer spending trends.
Solution Integration – Whether it’s bookkeeping or accounting, EFTPOS machines can be connected to various other solutions to ensure an efficient workflow.
Security – EFTPOS machines offer enhanced security features to ensure the safety and privacy of customer data.
Convenience – With the right solution, you’ll also have plenty of other convenient features such as WiFi connectivity, wireless operation, touchscreen display, and even branding.
With all these features available with an EFTPOS machine, it is no wonder why they are becoming increasingly popular in the retail space. When compared to traditional payment methods, EFTPOS machines offer a much faster and reliable payment experience for customers.