How to choose the right EFTPOS terminal for your small business

Why EFTPOS matters for small businesses 

For many small businesses, offering EFTPOS is key to meeting customer expectations and payment preferences. It’s fast, easy and an integral part of keeping operations running smoothly, whether you’re running a busy café, gym or retail store. 

Using EFTPOS also reduces the need for cash handling, lowering the risk of human error and theft. It simplifies record-keeping and reconciliation, helping you stay on top of your finances with less manual effort.

What to consider when choosing an EFTPOS terminal for a small business

Business type and environment

Consider your industry and how your business operates. A busy retail store taking large volumes of transactions may benefit from a wired terminal to process payments efficiently during peak periods. 

A café or restaurant might need a portable device for tableside payments that is linked to a Point of Sale (POS) system, such as Doshii's Smart Hospitality built by CommBank, for easy reconciliation at the end of the trading day.

Mobile businesses, like market stalls or tradies, can benefit from a terminal that’s reliable and easy to travel with.

If you’re in healthcare, consider a customised industry solution that could integrate with your PMS and allow you to accept Medicare or Private health claims.

Think about your business and how customers flow through the physical space. Ask yourself these questions:

• How many terminals do you need to keep customers flowing in and out smoothly?
• Is there enough room for customers to line up in front a hardwired EFTPOS terminal and POS system without crowding?
• Will customers pay for their goods or services before or after they receive it?
• Does the terminal support offline processing when the power or phone lines are down?
• Do you need a back-up terminal for emergency situations?

Payment features

The best EFTPOS machine for your small business will support the way your customers want to pay. 

Customers are more likely to complete a purchase when they can pay their preferred way, and that usually includes via a credit or debit card (like Visa or Mastercard) or mobile wallet (Apple Pay or Google Pay).

Look for convenient features like split payments, tipping and surcharging if they’re relevant to your hospitality business. 

Integration with POS systems

If you use a point-of-sale (POS) system, integrating your EFTPOS terminal streamlines transactions, reduces the likelihood of errors and improves sales reporting and analysis. 

Not all EFTPOS machines integrate with all POS systems, so it’s worth checking before you choose one. 

Connectivity

Reliable connectivity is essential, whether that’s using Wi-Fi, Bluetooth, 4G/5G or Ethernet. 

Consider your location (some regional areas in Australia might not have access to 5G yet) or whether you’ve encountered any ‘dead spots’ in your building. 

Also, check if the terminal offers automatic offline mode or backup connectivity in case of internet issues, like the Smart terminal, which has 4G & Wi-Fi connections, as well as dual SIM cards to maximise network coverage.

Costs & fees

EFTPOS machines vary in price and can involve upfront costs, recurring fees and transaction charges. Compare each EFTPOS terminal to check which one suits your budget. Explore this guide for more information on how much a CommBank EFTPOS machine costs.

Settlement speed

Settlement speed is the amount of time it takes for funds from a customer’s payment to reach your business account after a transaction. 

Fast settlement means quicker access to your funds, which can improve cash flow and help you efficiently manage your business expenses.

With CommBank, you can enjoy same-day settlement¹ when your payments are linked to a Business Transaction Account.² This means that the funds from eligible transactions are deposited into your account on the same day, rather than waiting one or more business days for the money to clear.

EFTPOS terminal support

When comparing EFTPOS providers, it’s important to consider the quality and reliability of their customer support.

Good support resolves issues quickly, minimises disruption and helps your business continue to operate smoothly.

With CommBank’s 24/7 technical assistance, online support and replacement terminals sent within 4 hours,3 you can have confidence that help is available when you need it.