Scanning a barcode with an EFTPOS machine in the background

Though you’ll see EFTPOS machines in almost every storefront these days, not every business understands the benefits that EFTPOS is bringing them, or knows when it’s time for them to upgrade their EFTPOS terminal to a newer model. In this blog post we’ll take a look at some of the ways in which an EFTPOS machine can help a business save money in a variety of areas, and ready them for the future of retail.

Faster sales flow

One of the main reasons the world has adopted EFTPOS instead of sticking with cash payments is that it helps retail businesses to process payments at the point of sale much faster, meaning that they can serve more people – which in turn creates happier customers, as they’re not held up while trying to pay for their goods.

It even makes it easier to serve customers from overseas – such as tourists or business travellers – who would otherwise take up time trying to use local currency, but can instead make a quick EFTPOS payment and move on to let others through!

Better-trained staff and reduced fraud

One of the major worries for any cash business is that unhappy or untrustworthy staff members will take the opportunity to commit fraud by taking cash from a cash register – but with a high-quality POS system supported by EFTPOS, that won’t be a worry for any business. Furthermore, you’ll be able to thoroughly train staff on how to use EFTPOS, meaning that they’ll be more competent across the board, and you can add additional topics into any training sessions to make sure that your staff are on the same page when it comes to their responsibilities and your expectations.

It’s also possible that with EFTPOS machines, you’ll be able to reduce your staffing costs, as taking cash handling out of the equation frees up more time around the store.

Moving your business toward the future

As we move toward a future dominated by electronic or digital payments, EFTPOS is a crucial step in preparing your business for ongoing success and expansion. Kiosk-only stores, different payWave style-methods, and digital wallets are all set to only become a bigger part of retail in the next few years, and having an up-to-date and modern EFTPOS machine in use will keep your business one step ahead of competitors. This will also save money when it comes to installing and adopting these necessary future technologies.

Upgrade your EFTPOS machine today!

If you’re looking for an expert to help you upgrade your EFTPOS machine or any other POS equipment, POS Technology is one of the foremost experts on EFTPOS NZ has to offer. Take a look around our online shop today to find what you’re looking for, or get in touch to talk to an expert!

A hand holding out a phone and two dollar notes

As we rush deeper into the second half of 2018, we’re seeing more and more businesses adopt new POS technologies that are revolutionising point-of-sale transactions. However, in this ever-changing technological landscape, there’s always more disruption around the corner: for our latest blog, we’ll take a look at five emerging tech trends that will play a part in the POS systems of the future.

Mobile wallets

Apple Pay, Samsung Pay – paying with mobile phones rather than cash or card has become a hot topic in recent times even though still a low proportion of the population is doing it. In the next few years, it’s certain that many more people will adopt this technology into their daily lives simply due to the convenience that it provides: more mobile providers will offer the option, and more POS systems will accept mobile payments to give their customers greater payment flexibility.

Online ordering pickups

Already, many food businesses offer store-specific payment apps that let customers order and pay for their purchase online, so that when they arrive in store, their food or product is ready to go. This dramatically decreases the time that customers spend in store, and saves them time overall, while staff can spend less time attending to customer service and more time preparing the food or product. In the future, this is bound to continue and expand to areas outside of food, as mobile payments get easier and easier.

Unmanned kiosks

The ability to scan and pay for items without help from a retail assistant, as well as updated security systems and self-use POS technology, are allowing many businesses to employ unmanned kiosks at the point-of-sale. This helps reduce staff costs and increase the efficiency of their stores, while customers can breeze through – helpful for those in a rush. In the future, it’s likely that, with advancing technology, the amount of unmanned kiosks will increase, and the types of businesses using them will broaden.

Data and analytics

POS systems are sure to increase both the amount and types of data retailers are able to collect from customers in the years to come. Some businesses already collect customer data – this will only continue to increase, especially with the massive role that data plays for the vast majority of businesses in 2018 and beyond. POS data collection will give businesses access to the type of information that lets them compare and take a deeper look at trends and patterns – analytics that can be the fuel for improving processes and making decisions for the future.

Mobile POS units

Fully mobile POS units are already commonplace, but haven’t been adopted by as many businesses as could be making use of them. Mobile POS units can increase the speed and efficiency of payments wherever you are, meaning they’re not just handy for retail but also at events, on the street, or almost anywhere else that you could think of! It’s hard to see these handy units not continuing to increase in popularity in the years to come.

You can get mobile EFTPOS terminals from POS Technology today, as well as all the other point-of-sale technology that you’d ever need: if you’re looking for a POS solutions provider who can help you to choose the right POS system for your business – POS Technology is right for you! As a one-stop shop for all things POS, we guarantee that you won’t have to go anywhere else to find yourself a completely up-to-date and modern POS system!

paywave-paypass-new-zealand

Pros and Cons of payWave and PayPass fees in New Zealand

With Retail New Zealand last week saying to media that banks and credit card companies are charging Kiwi retailers too much for contactless transactions, a debate has sparked over whether moving to a contactless payment system is right for a business in this day and age. Fast-food giant Burger King is the latest company to ditch payWave due to the “significantly higher” fees the company feels they are facing for using the system, especially compared to contactless fees oversees.

As a veteran of the point-of-sale industry with 19 years of experience – and one of the most trusted experts on EFTPOS NZ has to offer – POS Technology are well-placed to weigh up both sides of the payWave/PayPass argument and judge whether going contactless is worth it for businesses in New Zealand.

What are the fees for contactless payments?

Fees depend on banks and providers, but research found that New Zealand retailers are paying on average 1.2 per cent for every contactless payment they process, with some retailers paying up to 3.5 per cent according to Retail New Zealand. Some businesses have started to move these costs onto the customer by introducing surcharges on contactless transactions, effectively discouraging them to pay via payWave/PayPass, while other companies such as Burger King have ditched it altogether.

Why are businesses moving to contactless payments despite the fees?

Regardless of the fees that are charged on contactless payments, their use in New Zealand has increased to an average of 25 million transactions per month, almost doubling since this time last year. While swiping used to be more common at POS terminals, it now seems that we are heeding the advice of Dora the Explorer: “Swiper, no swiping!”

More New Zealanders than ever are going contactless, and the advent of apps such as Apple Pay has allowed cardless transactions that still attract the same contactless fees for retailers.

Furthermore, research undertaken by Paymark and TRA showed that retailers who have chosen to use payWave and PayPass in their stores have enjoyed double the sales growth of those who haven’t, and double the overall number of transactions. This perhaps is due to the size of the companies choosing to use contactless payments as opposed to those not as, on the whole, most large retailers allow for payWave and PayPass

Is allowing for payWave and PayPass worth it?

At the end of the day, the question of whether allowing contactless payments is worth it at this stage depends entirely on your business’s individual characteristics and needs. For larger retailers where payWave will increase your customer base by allowing more transactions to take place, there’s an obvious benefit, however it will still have to be weighed up against the costs of fees. On the other hand, for smaller retailers with little potential for growth in their customer base, payWave is unlikely to bring economic benefits to your business.

However, two factors loom large for the future of NZ retailers when it comes to payWave. Firstly, as indicated by former commerce minister Jacqui Dean, regulation may be on the way for contactless payment fees. Secondly, and more importantly, the rate at which New Zealanders are moving toward contactless is increasing rapidly, and there is little doubt this is the way of the future, regardless of the current rate of fees.

If your business is looking to make a step toward the future by purchasing payWave/PayPass-enabled POS terminals, or want to upgrade your POS system in any way, the team at POS Technology are experts in all things POS-related and able to deliver state-of-the-art POS products all across the Wellington region! Contact us now to upgrade today!