• What is EFTPOS
• How an EFTPOS transaction works
• Why EFTPOS
• Benefits
• How to get EFTPOS for your business
• What options are available?
• Can I afford it?

What is EFTPOS?
Electronic Funds Transfer-Point of Sale, or EFTPOS, is technology that allows retailers to accept card payments, with funds instantly debited from the customer's account at the time of purchase.

How an EFTPOS transaction works

1. The merchant swipes a customer's debit* (bank) card through an EFTPOS terminal
2. The customer enters the card's PIN
3. The EFTPOS terminal encrypts the PIN (so it's secure) and allocates a transaction number
4. The EFTPOS terminal connects to a network to send the transaction details (including merchant number, terminal number, transaction number and encrypted PIN) to the appropriate bank.
5. The bank accepts or declines the transaction, and sends this information back to the EFTPOS terminal.
6. If the transaction is accepted, money is instantly debited from the customer's account - confirmation of the transaction will appear on the receipt, as well as on the customer's bank statement.
7. The EFTPOS network holds all the funds a merchant collects, and deposits them to the merchant's account in a lump sum when the terminal is settled (usually the next business day).

*EFTPOS terminals can also process transactions for all major credit cards, with options available for accepting most other charge cards, like Diners, AMEX, JCB and Maestro international debit cards.

Why EFTPOS?

New Zealanders are some of the world's leading users of direct debit and credit card-based payment systems, with more than 300 million EFTPOS transactions processed in this country every year. Your customers don't just prefer EFTPOS, they expect it.

The bottom line: If you don't have EFTPOS, you're probably losing business.

Benefits

• Increased sales: Your customers can spend more and make more impulse purchases when they're not limited to the amount of cash they have with them.
• Instant payment: Funds are instantly debited from the customer's account when a purchase is made, eliminating non-payment issues from bad cheques, counterfeit bills or declined cards with offline processing.
• Customer security: Card and PIN details are encrypted while the transaction is going through, and EFTPOS eliminates the need to store card details on-site, giving your customers peace of mind.
• Simplified banking: With EFTPOS there's less cash to count each day, saving time and reducing bank fees for cheque and cash handling.
• Business Protection: You'll keep less cash on your premises, minimising potential losses if theft occurs.

How to get EFTPOS for your business

Setting up EFTPOS for your business is easier than you may think, and Livingstone Business Equipment can help you every step of the way.

Here's how it works:

First, you need an EFTPOS terminal to process your transactions. We can supply your EFTPOS terminal, with all the required components.

Next, you'll need an "Acquirer Bank," which is the bank that will handle your EFTPOS and Credit Card transactions. Your "Acquirer Bank," may or may not be the bank you normally use for your business - they will still deposit your EFTPOS funds into your account at your regular bank. We can help you find an Acquirer Bank.

Then, you'll need to get set up with an EFTPOS network. There are two EFTPOS networks for New Zealand. The one you use will depend on your Acquirer Bank: If your Acquirer bank is ASB, BNZ, National or Westpac, you'll use the ETSL/Paymark Network. If your Acquirer Bank is ANZ or National Bank, you'll use the EFTPOS NZ network. We can connect you with the correct EFTPOS network, and assist you with the required paperwork.

That's it! You're ready to start accepting EFTPOS payments.

What options are available?
There are many flexible EFTPOS solutions available, making it simple to find the right one for your business.

Options include:

• Wireless terminals - perfect for mobile businesses, tradespeople, taxis, and delivery services. Your terminal goes where you go, so you can accept instant card payments anywhere.
• Stylish, ergonomic terminals - ideal for salons and boutique shops
• Extra-durable or spill-proof terminals - great for outdoor use, or in garages or workshops
• Added value features, like hospitality tipping, currency conversion, loyalty programs (such as FlyBuys, AA Rewards, Fuel cards)
• And much more...

Bringing EFTPOS into your business has become much more affordable in recent years. We have many flexible options available to help you get an EFTPOS solution that works for your business and financial needs.

Can I afford it?

Flexible payment options include:

• Outright terminal purchases starting from $700
• Standard 36-month lease terms start at $10.99+GST/Week
• Short term rentals - ideal for high-volume sales
• Financing available

If you need EFTPOS for your business (and you almost certainly do), we'll work with you to find a solution that you can afford.