Welcome to our All About Eftpos page and FAQs. If you know nothing about Eftpos, hopefully after browsing this page you will have all of your questions answered and you will understand enough to be up to speed and get Eftpos in your Business. We have tried to keep explanations written in a plain English (and not to much Eftpos speak) where possible so as not confuse you.
The 3 Steps to get EFTPOS in your business…
The Terminal Provider – An Eftpos Company like ours supplying you a terminal
The “Acquirer” Bank – This is the Bank that you have a Merchant Relationship with. They handle your Eftpos and Credit Card Transactions. The Merchant Bank bills the Merchant for Credit card / Visa fees etc each month. The Acquirer Bank doesn’t always have to be the Bank you normally Bank with, money still goes into the bank account at the bank you bank with.
The Eftpos Network – Is the processing centre that handles every transaction from your terminal to your Bank Account. Different banks use different Eftpos Networks
Paymark = ASB, BNZ, Westpac and sometimemes national
EftposNZ = ANZ or National Bank
SEE ATTACHED PDF – that explains more.
How the EFTPOS System works…
Simply put, when a merchant swipes a card through their Eftpos terminal the Pin pad encrypts the customer’s PIN and allocates a transaction number. The terminal dials the network and sends information of the transaction – which includes the merchant number, terminal number, transaction number and the encrypted PIN. The network relays the information to the appropriate bank, which in turn accepts or declines the transaction and returns this message to the Eftpos terminal.
At the time the transaction takes place the money is automatically debited from the customer’s account. The merchant however gets all their funds deposited in one lump sum each day (during the settlement window). The eftpos network “hold” these funds until the terminal is settled. On a weekend this could mean that the merchant might not receive any funds until the Tuesday.
ETSL/Paymark operates a 24/7 Help Desk to assist in financial problems for every merchant on their network. Phone 0800 800 996 – Have your terminal number (from any eftpos receipt) handy to enter in the phone, and then follow instructions.
Added Value Features of Some Terminals…
Some terminals can do added features – you can increase the value of EFTPOS payments technology to your business by adding extra functions:
2nd Acquirers – Some, but not all, Eftpos Terminal can also process 2 party Acquirers such as these listed below -
FlyBuys, AA Rewards, Greenworld, Placemakers, Amcal, Bartercard, Holiday Rewards and Fuel Cards – such as Fleet Card, Dualcard, Shell, Mobil etc.
Currency Conversion Terminals – Merchants can earn a percentage of the Transaction back – the customer is asked if they want to make the purchase in their own currency at an agreed exchange rate. At present Currency Conversion is for Westpac Merchants – ASK today how you can join this programme.
Customised Logo on receipts – Placing your logo on your EFTPOS receipt helps strengthen your brand image. It delivers a consistent, unified message right in the palm of your customer’s hand.
Hospitality Tipping – This feature addresses a specific need in restaurants, making it easy for diners to tip for service on either their EFTPOS debit or credit card. They simply key in the amount of the tip or add it to their receipt before signing. By making tipping easy, customers are more likely to reward service. You can opt to allocate tips to specific staff members or for it to be pooled. A simple automated report gives you a breakdown of tip allocation.
Bar Tabs – With this function, you can open and close a bar tab using your EFTPOS terminal. It offers increased security and peace of mind, as you don’t have to retain customer’s cards, worry about the wrong card being returned to a customer or have customers leave without their cards. Authorisation and validity is checked automatically and the details are stored in the terminal.
Front Desk Accounts software – This allows hotel and motel management to open, top up or close an account. You can capture and store a guest’s credit card details using the EFTPOS terminal. That way, the validity of the card is checked. You can also choose an amount of the guest’s funds to hold on to to ensure payment.
EziPay prepay mobile top-up – With EziPay, your customers can top up their mobile account in your store. A mobile prepay voucher which contains the top-up PIN and instructions is electronically delivered to your EFTPOS terminal and printer. This function allows you to earn revenue, as you get a commission from EziPay, as well as increase foot traffic in your store. And you don’t have to invest in any inventory.
Loyalty Cards – Some EFTPOS terminal can accept a range of loyalty cards, including AA Rewards, Fly Buys, Farmers, Q Cards, Shell and Mobil. The loyalty points are electronically transferred to the loyalty card proprietor in a separate transaction from the payment itself.
Lease vs Buying…
When considering getting Eftpos in your business, the decision to make is to lease or to buy.
Benefits of Leasing
Conserve your capital
Fully tax deductable payments
Known fixed payment amounts
Benefits of Buying
No monthly payments – less overheads
Claim Depreciation – 40%
Kiwi EFTPOS Leasing…
When you lease an Eftpos Terminal from Kiwi EFTPOS you lease direct with us, no third party Finance / Leasing companies, This means you only have one point of contact – US. This means we look after you for all your Eftpos requirements, No confusion, no hassles, and a friendly helping hand when you need us.
Call us Today to discuss your options
Eftpos Upgrade Dates – Terminal and Equipment Dates
Software Cut Off – Deadline Dates for Terminals – On the PAYMARK Eftpos Network
5.1 1 June 2011 – Is this the last date that that version Software can connect to Paymark
5.2 June 2014
6.0 No Date Announced – (as at January 2011)
PCI – PED Dates / Deadlines – For Pin Pad compliance as per the NZ Bankers Assn on ETSL
PCI – PED Dates / Deadlines – For Pin Pad compliance as per the NZ Bankers Assn on ETSL
New Installs – 2012
Existing Equipment – 2014
All EFTPOS users in New Zealand must comply with these standards, which are updated from time to time by the banking institutions and Eftpos Network
Why Use Eftpos…
EFTPOS offers you increased revenue, extra security and simpler banking.
New Zealanders are the world’s leading users of EFTPOS and many will only deal with businesses that accept EFTPOS payments.
Increased revenue – potential to increase sales by offering your customers a more convenient and secure way to pay promotes impulse buying because there is less need for your customers to carry cash
Better security – reduces the need to keep cash on the premises thereby reducing the risk of theft. This is particularly beneficial to businesses operating late at night or on the weekend. EFTPOS transactions don’t bounce, unlike cheques.
Greater business efficiencies – improves cashflow by eliminating the need to provide lay-by, store credit or accept personal cheques, saves you time, money and effort by reducing paperwork and the manual processing of payments.
Easier banking – simplifies end-of-day banking, as there is less cash to count. Reduces bank costs such as cheque and cash handling fees. Money goes into your account overnight rather than over 5-7 days. Electronic transactions reduce credit card transaction fees (less than ‘zip-zap’ fees).
Improved customer service - EFTPOS is convenient – it provides the ability to pay electronically using a card of choice. Reduces the need for your customers to carry cash, making it a safer alternative. Is a safe and secure way for your customers to pay – the transaction is confirmed by a receipt and on bank account statements. Many customers expect you to have EFTPOS. The payment can be authorised quickly via the EFTPOS network saving time for your customer. You can offer your customers cash out facilities.
Added value – some EFTPOS Terminals can provide solutions that give you the option for further added value through loyalty programmes, hospitality tipping, bar tabbing, printing your logo on receipts and more.