Switching Away from Traditional EFTPOS Systems is Becoming Popular Among Australian Businesses This Year
In the fast-paced world of commerce, businesses in Australia are increasingly ditching traditional EFTPOS providers in favour of modern, user-friendly alternatives. This shift is driven by factors such as outdated technology, rising costs, and the demand for seamless, flexible payment experiences.
One of the key advantages of modern EFTPOS systems is their integration with popular Point of Sale (POS) systems, cloud reporting, and accounting software like Xero or MYOB. This streamlined approach reduces complexity and costs for businesses, offering a unified solution that combines ERP, inventory management, accounting, and payment processing. Systems like Odoo and Tyro Payments are leading the way, providing businesses with a more efficient and cost-effective way to manage their operations.
The rise of contactless and mobile payments is another significant factor driving the shift. Over 90% of in-store card transactions in Australia are now contactless, and businesses are adopting mobile POS (mPOS) systems to support NFC payments, QR code scanning, and digital wallets like Apple Pay and Google Pay. mPOS systems provide businesses with the flexibility to complete transactions anywhere, enhancing customer satisfaction through faster service.
The digital payment revolution is also transforming the landscape, with the widespread adoption of QR codes tied to real-time payment systems like the New Payments Platform (NPP). This shift towards cashless transactions is driving the demand for modern payment solutions that are integrated with digital tools.
The SaaS POS market in Australia is projected to grow significantly due to SMEs seeking unified solutions, further driving the adoption of modern payment systems. The growth of prepaid cards and digital wallets is also contributing to the shift, enhancing convenience and accessibility.
Operating costs have become a critical concern for many venue owners, prompting them to take a closer look at every expense, including merchant fees. Traditional EFTPOS providers are often more expensive and less flexible than modern options, making the decision to switch a no-brainer for many.
However, it's important to note that when choosing a new EFTPOS provider, it's worth checking current contracts for early termination fees and confirming compatibility with existing POS or software tools. Support from traditional EFTPOS providers can be hard to reach, while modern EFTPOS providers like Smartpay offer a plug-and-play solution with no lock-in contracts and transparent pricing, including zero-cost EFTPOS options.
The switch to modern EFTPOS solutions can result in less administrative work, less stress, and more control over business operations. Modern alternatives offer quicker payment settlement times, user-friendly interfaces, and integration with cloud-based business tools. The increasing preference for tap-and-go transactions necessitates tools that work smarter for businesses, and modern EFTPOS providers are delivering just that.
[1] Odoo, (2021). EFTPOS and Payment Gateway Integration. [online] Available at: https://www.odoo.com/app/payment-gateway
[2] Tyro Payments, (2021). Tyro mPOS. [online] Available at: https://www.tyro.com/au/products/mpos/
[3] Prepaid Financial Services, (2021). Prepaid Cards in Australia. [online] Available at: https://www.prepaidfinancialservices.com/prepaid-cards-australia/
[4] Reserve Bank of Australia, (2020). Contactless Payments. [online] Available at: https://www.rba.gov.au/payments-and-infrastructure/payments/payments-systems/contactless-payments.html
[5] New Payments Platform Australia, (2021). About the NPP. [online] Available at: https://www.nppa.com.au/about-the-npp/
- As businesses in Australia seek efficient and cost-effective solutions for their operations, they are increasingly integrating their EFTPOS systems with technology-driven Point of Sale systems, cloud reporting, and accounting software like Xero or MYOB, such as those offered by Odoo.
- With the widespread use of digitized payment methods, the adoption of QR codes tied to real-time payment systems like the New Payments Platform (NPP) and mobile wallets like Apple Pay and Google Pay, businesses are turning to modern EFTPOS providers like Tyro Payments to support contactless and mobile transactions, providing them with the flexibility to complete transactions seamlessly anywhere.
