This is the first major redevelopment of the EFTPOS landscape since its inception more than three decades ago. Naturally if you are currently considering using EFTPOS payments commercially, these changes will directly affect you. So let's have a look at them and the EFTPOS payment option in general.
The changes
Aside from the now standard in-store payment system we're all familiar with, the new additions will give consumers and merchants three new, safe, low cost payment methods. Contactless (already underway) and mobile will enhance your in-store options, while if you have an online presence, EFTPOS online payments will soon add commercial value there.
Terminal upgrades
Soft-screen payment terminals are replacing the old hard button variety in a more versatile unit also incorporating the new contactless chip technology. The old CHQ, SAV and CREDIT hard buttons will also be soft screen and there will be minor improvements in the way accounts are displayed.
Online and ongoing
The first major online EFTPOS trial was launched in 2014 through Coles with sufficiently pleasing results that more merchants are now being added. Soon the online service will be rolled out for all EFTPOS merchants with internet shopping capabilities.
Mobile payments
Just about everyone has one, so it makes perfect sense to develop EFTPOS technology for mobile payments. This will soon be available across a range of handsets and trials of digital and mobile payment solutions have been underway in Sydney and Melbourne since December 2013.
The bottom line
In its lifetime EFTPOS has evolved from a clunky and temperamental payment system into a standard part of everyday life. Everyone carries cards. Few carry cash. With the new terminals and major developments in contactless, mobile and online payments, merchants now have three convenient new ways to generate income.