How To Choose a Payment Processing System: 7 Tips for a New Business  

Starting a new business means you have to make a lot of decisions, but one that you simply cannot overlook is choosing the right payment processing system. Your payment system will affect how customers interact with your business, how smoothly transactions occur, and even your bottom line. 

If you’re setting up a café, restaurant/bar, or any kind of local retail shop, the right payment solution can enhance customer satisfaction, protect your revenue streams, and streamline your operations. 

Our guide will walk you through 7 key things to remember when choosing the ideal payment processing system for your needs – whether you’re looking at setting up a POS system or an EFTPOS terminal.

Tip 1: Learn the Basics of Payment Processing Systems

Before you think about features or prices, it’s handy to understand what a payment processing system is used for. A payment system allows seamless financial transactions between your customers and your business. Two of the most well-known payment processing systems to look into are:

• POS (Point-of-Sale): These are perfect for businesses that require all-in-one solutions. They often include inventory tracking, customer data storage, and advanced reporting features.
• EFTPOS (Electronic Funds Transfer at Point of Sale): These specialised terminals are created to efficiently handle card payments. They suit those businesses that want a quick and secure payment solution.

Knowing these options and what they’re capable of will help you match them with your business. For example, a food truck might require a mobile EFTPOS terminal, while a retail store might better use a POS system with advanced inventory management.

Tip 2: Contrast Costs and Charges

Budgeting for a payment processing system involves more than just the upfront setup and hardware cost. There are a few important costs to take into account, including:

• Initial setup fees and hardware purchase.  
• Monthly subscription fees.
• Your unique Merchant ID.
• Transactional costs, such as percentages deducted per sale. 

For growing businesses, EFTPOS payment systems are usually subject to service fees or rental costs but offer great value through reliable performance. POS systems can have a larger upfront investment because of their hardware and other features like reporting capabilities.

Take your time to examine pricing models to avoid unforeseen expenses later.

Tip 3: Prioritise Security Features

When dealing with customers’ private information, it’s essential to have a secure and stable payment processing system to protect your business and customers from fraud. Search for these critical security features:

• Encryption and tokenisation: Ensure payment details are encrypted to prevent unauthorised access.
• PCI DSS compliance: Verifies stringent security regulations for processing payments.

Modern EFTPOS systems, like the ones at Eftpos Now, offer advanced encryption, keeping every transaction secure and giving customers peace of mind.

Tip 4: Choose Hardware That Fits Your Requirements

Every business operates differently, and your payment processing system’s hardware should be tailored to cater to your unique workflow and specific needs. Consider options like:

• Portable EFTPOS machines: Perfect for food trucks, festivals, or any company that needs to be mobile and flexible to accept payments on the go.
• Countertop systems: Ideal for retail stores that have fixed checkout counters. They offer a stable and secure payment solution for daily transactions.
• Integrated POS systems: A comprehensive solution that combines payment processing, inventory management, and customer data tracking in one simple-to-use system.

For example, Eftpos Now’s Verifone Android terminal is a portable but powerful EFTPOS terminal perfect for on-the-go businesses.

Tip 5: Offer Multi-Payment Method Support

Consumers today expect payment flexibility and convenience. It’s essential to choose a payment system that supports a wide range of payment methods, such as:

• Credit and debit cards.
• Contactless payments (e.g., Apple Pay, Google Pay).
• QR codes or buy-now-pay-later platforms.

POS systems are great at handling options, while EFTPOS terminals such as Eftpos Now’s countertop products provide seamless transactions via card and contactless payments.

Tip 6: Check Integration Capabilities

Your payment processing system should be able to integrate well with other essential applications and software your business uses, such as:

• Accounting software, like Xero.
• Inventory management systems.
• E-commerce stores for selling products online. 

Systems that work well together save time, reduce manual errors, and ensure everything is running smoothly. Eftpos Now simplifies business management by offering payment processing systems that sync with Xero and similar tools.

Tip 7: Make Things Easier for Customers and Workers

Customer satisfaction typically begins with an easy and stress-free checkout process. Choose payment systems that are:

• Easy to use: A simple interface makes the checkout process faster and reduces training requirements for your staff. 
• Efficient: Quick payment processing systems minimise queue waiting times and amplify customer satisfaction. 

Both POS and EFTPOS systems focus on efficiency, but EFTPOS terminals, in particular, are known for their quick card processing, making them ideal for high-traffic businesses like cafés and retail shops. 

Don’t Forget Scalability

When choosing a payment processing system for your business needs, look at how it can support your growing business. Systems that can handle additional registers, new payment technology, or increased transaction volumes will save you from upgrading prematurely. 

Cloud-based POS and EFTPOS systems are ideal for businesses planning to expand or adapt as new trends emerge. 

Why choose Eftpos Now?

The Eftpos Now team are experts in supplying New Zealand businesses with high-quality payment processing systems and tools. Whether you’re just starting, or revisiting your current payment system, we can help you. Here’s what makes us stand out:

• Market-leading Security: We protect customer data by using strong encryption and following all PCI DSS guidelines.
• Custom Hardware Options: We carry hardware for every use, from mobile EFTPOS terminals for food trucks to integrated countertop systems for retail stores.
• Flawless Integration: Sync your EFTPOS device with tools like Xero for complete visibility and control across your business.
• Transparent Pricing: Our affordable plans have no hidden fees, so budgeting is easy.
• Unmatched Support: Experience 24/7 dedicated support throughout New Zealand, so help is never too far away.

Get Your Perfect Solution Today

Choosing the right payment processing system is easy. By thinking about what your business needs, reviewing fees, and keeping customers satisfied, you’re already set for smooth transactions.

With Eftpos Now, you will enhance how your business operates with payment solutions designed specifically for you by experts. Call us on 0800 33 33 04 or contact us via our website today to find the perfect system for your business.