For years, thousands of cafés, pubs, salons, and retail stores across Australia have relied on bulky, bank-issued EFTPOS machine terminals to process payments. While they might have got the job done, they didn’t tend to offer much beyond the basics.
However, in recent times, this has changed. Today, many venues have walked away from their legacy EFTPOS providers in favour of more modern, user-friendly alternatives.
So, what’s behind this growing trend?
Effectively, it comes down to a few key factors. The main ones are outdated technology, rising costs, and the increasing demand for seamless, flexible payment experiences.
In addition, as more and more customers choose to make quick and easy tap-and-go transactions, business owners increasingly need tools that will work smarter for them.
This post will explore why more venues are making the switch and, more importantly, what it means for your organisation moving forward.
In This Article:
The Problem with Legacy EFTPOS Providers
Legacy EFTPOS systems may have been standard in the past, but they’re now seen as a source of frustration for many business owners.
One of the biggest complaints is how long it takes for businesses to receive payments because some systems still take two or even three days to settle funds. For many, this can have a serious effect on their cash flow.
Another big gripe is that these older providers tend to come with clunky contracts, hidden fees, and outdated terminals that don’t integrate well with today’s cloud-based business tools. In addition, the reporting side of things is often manual and time-consuming, and support can be hard to reach.
All of this can equate to more admin work, more stress, and less control over how you run your business.
What Modern EFTPOS Providers Offer Instead
Modern EFTPOS providers such as Smartpay have changed the landscape entirely by offering a more streamlined, easy-to-use, plug-and-play solution.
Pretty much all come with no lock-in contracts and transparent pricing, and in the case of Smartpay, you can even opt for zero-cost EFTPOS. This gives you the opportunity to pass the merchant fee onto the customer, if that suits your business model.
The provider’s machines also integrate seamlessly with popular POS systems, access to cloud reporting, integrations with accounting software like Xero or MYOB, and tools that help you manage your business in real time.
Perhaps best of all, most offer same-day or even instant settlement, which means you no longer have to wait days to see your takings.
Why It’s All Happening Now
The EFTPOS shake-up is happening now because business needs and customer expectations are rapidly evolving. People nowadays expect smooth, fast payment options, such as Apple Pay, Google Pay, and tap-and-go. Anything else can be seen as an annoying delay.
At the same time, operating costs have also gone up, which has forced venue owners to take a closer look at every expense, including merchant fees. Legacy EFTPOS providers are often more expensive and less flexible than modern options, so the decision to switch becomes a no-brainer for many.
On top of that, today’s smart business tools are accessible to all sizes of business, from big enterprises to owner-operated start-ups. Therefore, they are being perceived as more of an option than they might once have been.
What to Look for When Choosing a New EFTPOS Provider
If you’re thinking about making the switch, it’s worth doing your research before committing yourself to it. A good way to start is by checking your current contract because some legacy providers charge early termination fees. Therefore, you’ll want to understand the costs before you move.
Once you have done this, check to see if your POS or software tools are compatible with the new terminal. Typically, most modern systems support a wide range of integrations, but it’s always good to confirm for your own peace of mind, at least.
It is also worth enquiring about settlement speeds and customer support. For instance, determine if they provide real-time payouts and if they offer help on weekends or during service hours.
Finally, take a moment to consider the features that matter most to you. Whether that’s zero-cost EFTPOS, mobile functionality, or robust reporting, the goal is to find a provider that matches your workflow and business size. Don’t just settle for the cheapest one.
