The pandemic has accelerated the shift in how we pay for goods – and the key takeaway is digital payments continue to grow as consumers’ preferred way to pay. A simple, reliable and secure EFTPOS terminal is therefore a critical priority for businesses both big and small.

Growth in digital payments has encouraged new solutions to enter the market, giving consumers choice over how they make purchases. This has led to a further spike in debit card and digital wallet usage, with recent data from the Australian Banking Association unveiling 71 per cent of smartphone users now use their digital wallets weekly.

Businesses need to adapt to their customers’ behaviours by adopting EFTPOS payment terminals which facilitate fast, secure, contactless transactions and that have been developed to evolve with payments in the future. We’re already seeing businesses make this shift. As the Australian Payments Network reports, one in four businesses have now gone cashless – a big jump from only a year ago when that figure sat at one in 12.

But as any business owner knows, change rarely comes without challenges. Mandy Rutherford, Managing Director of Cash & Transactional Banking at Westpac, says there are several common pain points experienced across retail, hospitality and professional services which are calling out (or at the very least, politely murmuring) that it’s time to update your EFTPOS terminal.

#1: Your terminal keeps timing out

If you’ve ever worked with an electronic payment terminal, you know the singular stress of trying to take a payment, only for it to time out, or for the terminal to crash entirely (often during peak times, no less). Given consumers tend to move on if their needs aren’t quickly met, crashing connectivity can mean lost sales.

“Businesses need their payment terminals to be reliable. Connection issues and downtime often lead to lost revenue and a poor customer experience, which can be hugely detrimental to a small business,” Mandy says.

To this end, she says Westpac has worked hard to improve the payment experience and give more peace of mind to businesses with their new EFTPOS Now terminals. “The new terminals are designed to enhance connectivity and backed up by the 4G network, to ensure businesses never miss out on a sale,” she says.

#2 You only offer old tech payment options

Customers now expect to able to use their phones or smart watches to pay at the terminal, as seamlessly as they can with a card.

Electronic payments on Apple Pay, Samsung Pay and Google Pay continue to be on the rise, and with one eye on the future, businesses need to have terminals in place that can evolve with new consumer trends.

“Our new terminals have been built on the latest Android technology to ensure businesses can keep pace with new payment offerings today – and in the future,” Mandy says.

Making the payments process simple, reliable and secure is crucial for businesses in the retail and hospitality sectors. Image: Supplied.

#3 It’s taking too long to get the days’ takings into your account

Being able to forecast sales and expenses is critical to running a successful business. Business owners crave simplicity and appreciate the value of having their money in their own hands – but not all terminals will settle your daily takings on the same day.

“A healthy cash flow is fundamental to the running of any business,” Mandy advises. “We’re focused on helping our customers achieve this by allowing our customers to receive instant or same day settlements on purchases so that they can manage their business effectively.”

#4 Your fees are hard to predict

The cost of receiving payments via a debit card has become increasingly critical to small businesses. Debit cards have replaced cash as the most common way to pay in Australia – representing nearly 9 billion and almost 70 per cent of total electronic retail transactions annually.

To meet these needs, Westpac’s EFTPOS Now terminal offers a new single blended flat rate, which is a 1.2 per cent flat rate to cover merchant payment transaction fees, without a lock-in contract.

Like having a clear forecast over takings, businesses also want simplicity when it comes to expenses. Flat rate pricing allows you to know what fees to expect, meaning you can better plan your budget. This pricing strategy also helps to cut back on time spent scrutinising your merchant statement to ensure you’re getting a good deal on every transaction. It nails the easy-to-understand brief.

While every business faces its own unique challenges – especially through these interesting times – getting the best out of your electronic payment terminals doesn’t have to be one them.

Find out more about the new Westpac EFTPOS Now terminal here.

This article is brought to you by Kochie’s Business Builders in partnership with Westpac.

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Feature image: AdobeStock