EFTPOS is a part of almost every New Zealander’s day-to-day living. Every Kiwi owns at least 1.5 EFPTOS cards or credit cards. EFTPOS is used for at least 60% of all NZ retail transactions, and EFTPOS transactions increase in monetary value every year. We even have our section on the EFTPOS Wikipedia page, so it’s therefore safe to say that New Zealand loves EFTPOS more than any other country in the world.
But why do we Kiwis love using EFTPOS so much? Below we’ve outlined the many advantages of using EFTPOS over any other payment method.
It’s no secret that flipping your wallet open and swiping your card is faster than paying with a note and then waiting for the cashier to give you the right change. Furthermore, many EFTPOS terminals now include contactless payment method technologies such as payWave or even mobile payment (Apple Pay, Android Pay, etc.), further speeding up the process with “tap and go.”
Let’s be honest – we Kiwis are all about making things as convenient as possible. If there’s an easier way to do things, we’ll find that way and probably stick to it. Carrying one tiny card is much more convenient than carrying notes and coins. On top of that, recent technology has also blessed us with mobile banking applications. These make it fast and convenient for us to track our EFTPOS transactions. Furthermore, with mobile banking we can transfer funds, set weekly payments, and even do admin-related actions such as lock, cancel, or replace cards.
EFTPOS cards are secure because they require a secure PIN code before any payments go through. No more dropping cash or losing coins – everything is in your hands and in your card. EFTPOS transactions are also made safer by your bank of choice. If you lose your card, cancelling a lost/stolen EFTPOS/credit card and getting a new card is a relatively easy and fast process.
This one applies to the retailers/businesses themselves. In other countries such as the UK, businesses set a minimum amount you have to spend that allows you to use your EFTPOS card. And this is because the companies that provide the EFTPOS technology set a minimum fee for using this technology. Paying for smaller transactions with an EFTPOS card, e.g. anything under $20, might be frowned upon overseas. Here in NZ, you might see similar rules, but only for credit card purchases. The fact that there’s no minimum spend limit on EFTPOS transactions encourages the use of EFTPOS cards on both ends – for the customer and for the business.
EFTPOS is popular in New Zealand because it’s fast, convenient, secure, and low-cost for business, so it’s not going away any time soon. EFTPOS use in New Zealand frequently experiences annual upward trends. In fact, Paymark revealed that EFTPOS transaction values were up 6.5% for Boxing Day 2017, compared to 2016 EFTPOS spend.
What are you waiting for? If your business needs an EFTPOS machine, you’ve come to the right place. POS Technology is one of the best EFTPOS providers NZ wide, delivering only the best in point of sale and EFTPOS service and support.
Simply get in touch at 0508 2 POS TECH for the best POS solutions available in the country!