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Eftpos

POS SOFTWARE

 

A customer pays for a sale with their EFTPOS card. Something goes wrong and the operation is refused. The EFTPOS terminal beeps. Sometimes the customer thinks the transaction has gone through. They pick up the items and go. It happens quite a bit. 

If you do not have an integrated EFTPOS solution, you will never know what has happened.

You need an integrated EFTPOS solution.

 

 

 

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POS SOFTWARE

As always, as we approach Christmas, this is when the EFTPOS suppliers come up with some fantastic bargains. They know this is their last chance to get your business for quite some time. Plus they know that now your business EFTPOS is more valuable as both your turnover and basket size is higher.

That's why we can offer our customers sweet deals now.

Please let me know if you are interested as we can give you a few more options.

You do need to move quickly as the 1/ Dec /2021 is the cutoff date. Nothing we can do about that, bank policy.

 

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POS SOFTWARE

Here is yesterday's graph of the NBN internet reliability, today I bet it will not look much prettier. Not good if you consider that an internet connection is essential today. Yet, the reality today is that despite so many internet claims, outages are a regular occurrence.

Facing this unlike so many other POS systems, we do offer a local mode.

- This means that you can accept EFTPOS payments while the internet is down.

- You can operate your POS system almost as usual until the internet is back up.

What happens is that your data will be stored locally, then it will be automatically synced when the internet is back on without any user interaction.

So with our POS System, unlike so many others, you don't have to worry about losing your internet connection.

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POS SOFTWARE

 

From April 2021, Afterpay had a card that is a contactless Mastercard so you need no integration into your point of sale.

Note your EFTPOS machine will need to accept Paywave Mastercard and I know Paywave is an extra expense. 

To process, you will need to get Afterpay permission to become an Afterpay approved merchant. 

If you are interested, you need to go here and provide details like your EFTPOS terminal details. 

Once accepted which does not take long, then when you get an Afterpay transaction, your funds are settled like any other card payment.

Clients of ours doing this have reported that it is easy and straightforward to use and it is fulfilling a need for many consumers.

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POS SOFTWARE

 

Local mode EFTPOS means if your internet line or telephone goes down, the EFTPOS can still work. Today's problem can be in various systems, e.g. Telstra, NBN, the bank, etc. and any one of them can cause the EFTPOS to stop. Then there is nothing anyone can do to help till it's fixed. The problem here is that every minute of downtime means to you much of that minute of lost revenue.

Make sure your EFTPOS has local mode.

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POS SOFTWARE

I have now clients that are doing much of their business with a Buy Now, Pay Later  (BNPL) service. They have little choice as most users of BNPL have stopped using their credit card to spend goods. It makes sense if you hold a BNPL account and say you buy $20 in a shop on EFTPOS, they get surcharged 50 cents, so it costs him $20.50, and they have to pay now. If they buy the same product with a BNPL card, they get it for $20 and gets up to eight weeks to settle. 

The retailer's problem is that the current business model of the BNPL is to charge the retailers the fees. Then demand that the retailer does not pass on these costs. So to the retailer, the immediate problem with BNPL is that they are losing between 3 to 7 percent.  Many products my clients handle cannot afford these fees. 

For some items like Lay-by, most retailers, I see, will accept this loss. This is cheaper than monitoring the Lay-by, plus it avoids the current legal minefield of Lay-bys.

This is about to change with the Big Banks coming in. What the banks will be offering is a much bigger mass distribution of BNPL. According to the CBA bank, they will do a check on someone. If that person is seen as a reasonable risk, which seems to be everyone with an income source, they will offer them a BNPL option. If your customer uses this option, which I believe will work on your existing EFTPOS system, you have no added fees to you, the retailer. I am not sure whether you will know your customer is using BNPL.

If so, the retailer is looking at the BNPL market doubling in size and the fees coming down massively.

It is going to be big!

I did bring up with the CBA but did not answer is many products are not allowed with BNPL, e.g. live animals. We had to change our systems to make BNPL work because of this. Will they be permitted with commbank BNPL? Who knows? If the retailer does not know BNPL is used, how do they enforce this ban?

 

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POS SOFTWARE

 

One result of this COVID disaster is that usage of card-only transactions has increased. Many of my clients have seen a significant reduction in their cash transactions. According to some figures, I have seen about 30% of Australians now no longer use cash. Some are saying that within three years in Australia, we will ditch notes and coins. Here is an interesting video on some of the issues.

I doubt it. Many of our clients have tried card-only transactions. They quickly reverted to accepting cash. The Reserve Bank of Australia in December reported that, while cash has fallen, it was not plummeting. I remember similar statements said about cheques a few years ago, well cheques are still used today. Still, there are many signs that Australia is moving into a more cashless society which does not mean cashless.

I expect that with lockdown ending, cash will go up. Conversely, cashless will go up as our Social Security will be offering large numbers of Australians a free debit card CDC. I have been told that only our clients are using CDC in our market space now, but I expect this to change soon.

BNPL, e.g. Afterpay, is growing and now makes up about 10% of cashless transactions. The worry here is the high added cost to retailers as they pay with BNPL much of the fees. 

These cashless transaction fees are a long-term problem for retailers. Particularly smaller retailers, as their fees are proportionally bigger.

The question here is, what are you going to do about it?

Many of my clients have introduced EFTPOS fees, then claiming it did not affect their trade. I doubt it; when I look at their sales using big data, I can often see an impact. It is small but its there.  

I have noticed that many of my clients when asking me, have not done much research. So I have been able to get them significantly reduced fees on cashless transactions.  

Note: I am not saying that fees are the only criteria. For example, the quality of service is also important, as recent events with outages have shown. 

The other issue is that large organisations enjoy card payments analysis with detailed reports on their customers that smaller retailers cannot get unless they have a DTI system installed.

 

 

 

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POS SOFTWARE

For months now, we have been rolling out DTI, you can have it in minutes. This is the latest form of EFTPOS and Credit card receipting, reporting, and tracking.

It sends receipts by SMS and/or email free. 

Soon you will be able to send the receipt directly into your customer banking app making it, what we call a smart receipt. The advantages of smart receipts are that they speed up the check out as receipts can be sent directly to the customer's banking app.

-Conventual receipt requires an operator to tear off and present to the customer. Besides labour costs, we also have the cost of printing. 

-Digital receipt by SMS requires from you 
a) An outlay of about $1,000 for extra equipment, including a new printer and dongle to do this for each register, or you have to pay for an SMS provider and then a customer's phone number. 
b) You require access to your customers' email account, something people are sometimes reluctant to give. 

Plus, also on offer is a free integrated business intelligence report. This gives you an analysis of your customers' payments. It contains details, some of which only the big retailers get now.

It is a good deal.

Try DTI now free, it will take a minute to set up!

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POS SOFTWARE

Tyro compare

When your terminals arrive, please call us immediately to reintegrate them.  We need the new terminals or the fixed old ones to reconnect.

When this started, we went through our list new we have finally worked our way through almost all of them. <weary> If you have not heard from Tyro, it may be that they do not know about your unit's problems so you need to contact them on 1300 966 639. 

Although almost all Tyro sites were unaffected, a few were and badly. So what happens now, someone did something wrong, and I doubt it will be pretty. It is unbelievable as Tyro has had a brilliant record up to now. I know as POS Solutions was with them from the start, we are their first customer.  

What I can say is that our priority has always been to get our affected clients ASAP back online. So to minimise the disruption.

 

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POS SOFTWARE

Is Tyro coming to replace one of your terminals? 

Check the address on the email they sent you!

It appears on some that their trading address in the Tyro system is incorrect. 

Also, as some with problems have told us, they have not received a collection email. 

If there are any such problems, please contact Tyro support on 1300 966 639.

Plus

1) Do not remove any of the Ethernet or power cables attached to the unit. You are going to need them for the new unit.

2) Keep track of all the expenses that this has cost you.

Status updates are available here.

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