Every sector must embrace changes to remain competitive in this ever-evolving modern era. Among various changes, technological advancement is one aspect businesses must align with. In this category, the increasing popularity of cashless payments with EFTPOS (Electronic Funds Transfer at Point of Sale) is also noteworthy. EFTPOS payments have many advantages and offer great conveniences to customers and businesses. Moreover, it is equally beneficial for both small and big businesses.
This article will discuss several ways EFTPOS payments can benefit a business. However, before moving further, let us start with the basics.
What is EFTPOS?
EFTPOS, also known as Electronic Funds Transfer at Point of Sale, is a hassle-free, digital means of making payments through debit or credit cards, mobile phones, smart watches, or other digital wearables.
A business needs a physical EFTPOS machine to receive payments from customers. On the other hand, customers can make payments digitally through card tapping or QR codes. Further, the payments get debited to the customer’s account and settled to the merchant’s account.
7 Ways EFTPOS Payments Can Benefit Your Business
Offers convenience
Gone are the days of carrying cash. With EFTPOS, businesses can offer multiple ways of paying their customers. Customers get the freedom to choose and pay at their convenience. The best thing is that EFTPOS processes payments in a matter of seconds. Also, flexibility of payment at the checkout enhances customer experience.
Enhanced Safety
EFTPOS helps businesses eliminate the hassle of handling and transporting cash. Moreover, there are always chances of human error in handling cash. Furthermore, Businesses that deal with heavy cash are not only targeted by thieves but also pay more for insurance. Especially in crime-prone areas, EFTPOS could be a lifesaver for businesses.
EFTPOS transactions are highly encrypted and require authentication through PINs and digital signatures. Therefore, it also eliminates the chances of credit card fraud, a major concern in several parts of the world.
Enhanced efficiency
EFTPOS payment enhances the efficiency of processing transactions much faster than manual cash processing Now customers just have to tap or insert their cards enter their PIN and within seconds the transaction gets completed This improved efficiency not only saves time for customers at the point of sale improving their overall shopping experience but also allows businesses to move on to the next customer quickly
Better Accounting
Every business’s major chunk of time and energy goes towards manual accounting. Electronic payments reduce these burdens by keeping track of records of sales. Good accounting is not only beneficial for the business but also helps in complying with federal rules and regulations.
Some sophisticated point of sale systems also offer integration with accounting and inventory management systems. This integration automates the whole task of record keeping by updating the stocks as sales are made. This feature reduces the risk of overstocking or understocking. All of these help in streamlining record-keeping and cost savings.
Reduced Bad Debt
Say bye-bye to chasing “cheques in the post.” With EFTPOS, you get paid in real time through multiple sources. On-time payments increase the cash flow, which, in turn, helps in business expansion.
Further, small businesses can also reduce their dependency on cash and let customers pay electronically. This helps reduce bad debt that comes with excuses of not carrying cash or bounced cheques.
Expand customer base
Big or small, EFTPOS payments are convenient for every business. Whether your customers prefer card payments or do not carry cash, the EFTPOS tool has something for everyone. You can draw a broader customer base when you offer myriad options. This could help your business venture into new spaces and accommodate a wider customer base. Hence giving your business a competitive edge.
Increased Sales
Today, a major portion of retail transactions is digital. As evident, digital modes of payment, such as electronic card payment, offer great convenience to customers. Further, greater outreach and more inflow of potential customers means increased sales. EFTPOS cab be used to buy anything, from LED grow lights, to groceries, to cars. Additionally, satisfied customers are the biggest source of advertisement. When you offer great services, your brand image gets enhanced.
EndNote
The importance of EFTPOS is next to none when it comes to outpacing the competitors in this competitive business landscape. It is a crucial tool to enhance the payment process, improve customer experiences, streamline record keeping, and expand business outreach. The amount of safety and flexibility provided by the EFTPOS tool is unparalleled. In conclusion, EFTPOS is the technology your business needs to flourish and outpace the competition.
