Australian Businesses Switching Away from Traditional EFTPOS Service Providers in Large Numbers This Year
In today's fast-paced business landscape, traditional EFTPOS providers are being left behind as modern alternatives take centre stage. The shift is driven by a variety of factors, making it an exciting time for businesses of all sizes to reconsider their payment solutions.
Ease of Use and Quick Setup
Modern EFTPOS systems, such as Square and POSApt, offer straightforward, quick-to-install solutions that enable businesses, particularly small startups, market stalls, cafés, and sole traders, to start accepting payments immediately without technical hassle.
Cost Transparency and Lower Fees
Many legacy providers have complex cost structures with monthly fees and contracts, whereas new entrants like Square and Zeller provide no monthly fees, simple transaction rates, and no lock-in contracts, making them more affordable and attractive for smaller or growing businesses.
Better Customer Support
Companies like POSApt offer local support with responsive phone assistance in Australia, in contrast to overseas call centers often linked with legacy vendors, improving service reliability and user satisfaction.
Integration with Modern POS Features
Modern POS systems unify payment processing with inventory management, sales trends, employee time tracking, and multi-channel sales (including online ordering and BPAY). This integration streamlines business operations and financial reconciliation, which older EFTPOS providers typically lack.
Shift Away from Outdated Payment Methods
The phasing out of cheques by 2028 in Australia, combined with the closing of bank branches, is forcing businesses to adopt more efficient electronic payments solutions integrated within modern POS systems to handle diverse payment types and reduce manual processes.
Technological Innovation & Mobile Payments
Emerging technologies like SoftPOS allow payments via commercial-off-the-shelf devices (e.g., smartphones, tablets) and contactless transactions, which 41% of small businesses are considering to embrace the growing consumer demand for flexible payment options, rendering legacy terminals less relevant.
Enhanced Flexibility and Business Growth
Modern EFTPOS solutions offer scalability with features like multi-store setups, kitchen displays, and advanced stock tracking, accommodating growing businesses better than many legacy providers.
In summary, Australian businesses are gravitating to modern EFTPOS alternatives due to greater ease of use, cost-effectiveness, superior customer support, integration with advanced POS systems, adaptation to evolving payment methods, and overall flexibility to support growth and changing consumer expectations. As the EFTPOS shake-up continues, it's an opportune moment for businesses to reassess their payment solutions and embrace the benefits of modern EFTPOS providers.
Businesses are moving towards modern EFTPOS providers such as Square and POSApt, appreciating their ease of use and quick setup, which are particularly beneficial for small startups, market stalls, cafés, and sole traders.
In contrast to traditional providers, modern EFTPOS alternatives like Square and Zeller offer cost transparency and lower fees, with no monthly fees, simple transaction rates, and no lock-in contracts, making them an affordable choice for businesses of all sizes.
