Modern businesses need modern solutions to remain competitive. If you own a business, you already know how important it is to provide reliable, convenient, and hassle-free payment options for your customers. One of the most popular payment vehicles is an EFTPOS terminal, which processes debit and credit card transactions in seconds. In this blog post, we explore the essentials of hiring an EFTPOS terminal for your business.
Who should I speak to?
There are several providers of EFTPOS machines in New Zealand, and each supplier offers different rental agreements, finance options, EFTPOS terminals and service agreements. You can choose to rent or purchase an EFTPOS terminal, but you will find that rental is the most popular option as it carries with it ongoing support and compliance oversight. The rental charges vary depending on the length of the agreement, the number of machines, the sophistication of the hardware or age of the terminal, and the reseller themselves.
Eftpos Now is a reputable accredited reseller of Verifone and Ingenico EFTPOS Terminals. As you would expect, we also sell and rent many complementary peripherals, accessories, hardware, and software solutions and can offer guidance where you have existing components that may need to interface with our trusted brands. We are a one stop shop when it comes to all things POS!
Just read our Google Reviews to see that Eftpos Now is renowned for delivering outstanding service that extends beyond the initial introduction, consultation, and installation process. Rather than combing the internet to determine what best suits your business, give us a call and we can offer the simplest and most impactful solutions, explained in layman’s terms.
What length of time should I rent for?
If you choose to rent rather than purchase, we have several rental periods to suit your circumstances and sales goals. Our short-term rentals range from 1 day to 6 months and suit clients whose businesses are seasonal or infrequent, or established businesses looking for additional resources when business gets busy, such as over the festive season.
To enjoy sharp monthly pricing, entering into a long-term rental agreement for 12 months or more will provide cost effective rates which get better the longer you commit. As with all rental agreements you will encounter in business, there are penalties for exiting the agreement, so it pays to determine the appropriate duration that works for you and your business.
Renting a terminal has many benefits including a replacement unit in the unlikely event of a fault, compliance and SIM card management, licensing maintenance and hardware upgrades (when the sunset date is approaching). The cost itself is tax deductible and possession is immediate without the need for a lump sum outlay.
You can see how full-service rentals are very attractive options and why our long-term clients simply renew their rental agreements at the conclusion of their rental term.
Is purchasing better?
Purchasing an EFTPOS terminal requires one lump sum payment, so you are not faced with monthly charges. Some of our clients prefer this option as they do not want to pay a monthly charge and they enjoy the freedom of not being held to a fixed term agreement. They also have the ability to sell the terminal if they were to cease operating because this option guarantees ownership of the EFTPOS terminal.
Remember that when you opt to buy and own your EFTPOS terminal, repairs and service calls are chargeable, which is a similar scenario to buying a car versus leasing one. It is also advisable to insure the EFTPOS terminal to protect your assets in the event of loss or damage.
What type of EFTPOS terminal should I get?
Once you’ve determined the appropriate means of acquiring an EFTPOS terminal (short-term rental, long-term rental, or purchase), your sales consultant will help you determine what type of EFTPOS terminal best suits your needs.
You will be asked where the EFTPOS terminal will be located (will it be fixed in one position like a countertop, or will it be portable?), if power will be available, what connectivity you prefer (such as Wi-Fi, ethernet cable or SIM card), the purpose of the terminal, what it will interface with and how it will be utilised in the business. This information will determine the EFTPOS model that would best suit your business, and this will dictate the payment network and merchant number that is required.
How do the funds land in my bank account?
Your merchant number is one of the most important facets of EFTPOS use – without it, you will not be able to operate an EFTPOS terminal (although short-term rentals are sometimes possible without a merchant number). If you plan on operating more than 1 EFTPOS terminal in your business, there should be a terminal ID (which branches off the merchant number) for each of the proposed terminals. For more information, please see our merchant number blog. Settlement of the day’s takings takes place in the settlement window each evening.
What transactions will my EFTPOS terminal process?
You will also need to consider the features and functions available to the cardholder. All our EFTPOS terminals offer contactless payments, which have become increasingly popular due to the Covid-19 pandemic and it’s habitual for a cardholder to wave their card effortlessly over a terminal. If this is something you wish to offer, this must be set up through your merchant number so be sure to request this from your bank when applying for merchant services.
You could also request MANPAN (card not present) transactions. Banks are scrutinising this service so be mindful that this may not be available through some banks and if it is, it will be capped. You should also request a refund card if you feel that this is worthwhile.
When the bank furnishes you with a schedule of merchant services fees, you should give some thought to whether a surcharge is necessary to offset the PayWave and credit card fees. If you do settle on a surcharge percentage, we can program this into the EFTPOS terminal for you. If you already have the EFTPOS terminal in your possession, you can phone us, and we can help you program the surcharge into the terminal over the phone. The surcharge is automatically added to the relevant transaction and does not require any calculations on your part.
In New Zealand, under the Fair Trading Act, cardholders must be informed of the surcharge so ensure you place a sticker on the EFTPOS terminal when you have added a surcharge to certain transactions.
What will my EFTPOS terminal integrate with?
Many EFTPOS terminals integrate with POS or cash registers which greatly improves the accuracy and speed of transactions as well as cash security. These peripherals can integrate with printers, scales, and cash drawers so the EFTPOS terminal becomes an integral part of the point-of-sale configuration. Eftpos Now will provide expertise around hardware and software compatibility and help you get the most out of the technology and optimise return on investment.
What happens if I have questions?
If you are unfamiliar with EFTPOS terminals, you’ll be pleasantly surprised at the ease with which you will become a proficient user. If you encounter any issues with your device, you can rely on our team of experts to help you resolve the matter quickly. Often, this is as simple as a phone call, troubleshooting and easy step by step instructions to get you back on track. Sometimes the fault originates from the bank, or the internet service provider and we can provide guidance around next steps when this is the case. Eftpos Now offers 24/7 customer support via our freephone number so if you’re open late into the evening, we are too!
EFTPOS in NZ: Conclusion
It is apparent that hiring or purchasing an EFTPOS in NZ is simple and quick process when you work with Eftpos Now. With solutions tailored to your needs and your budget, we can furnish you with an EFTPOS terminal as soon as the relevant paperwork is completed. Call us now for an obligation free quotation and to sample our no-nonsense, friendly customer service.
Unlock the power of seamless payments with EFTPOS Now. Tap into the convenience of contactless ‘Tap & Go’ technology for businesses in NZ. With 24/7 support and affordable rates, we’ve got your payment needs covered. Buy or rent your EFTPOS machine today and visit our EFTPOS terminals page for more information.