EFTPOS finance is relatively new in Australia, but Westpac has taken steps to create a better payment process by releasing its next-generation EFTPOS terminal.
Called EFTPOS Now, the smart terminal provides businesses a more straightforward way to accept payments on the go using the Android platform. The new and improved version includes new features like tips, refunds and the ability to email receipts through the device. It also boasts strengthened internet connectivity and security mechanisms.
With the help of Verifone, EFTPOS Now is also designed to help people with vision, hearing and motor impairments with tactile markers around the frame of the screen making it possible to locate and hear where the numbers are to enter the PIN.
Chris de Bruin, chief executive consumer and business banking at Westpac, called EFTPOS Now Westpac’s “smartest device to date.” Almost 100,000 fleets under Westpac will be upgraded accordingly, replacing existing EFTPOS 1 and Presto.
“Our new lightweight and portable EFTPOS Now terminal makes it easier for businesses to take payments and process them instantly at a chosen time of day to help with cashflow,” de Bruin said. “It’s our smartest device to date, offering features such as the ability to e-mail receipts on-the-spot and innovative accessibility options to assist customers with vision impairment.”
In addition, Westpac is also introducing a competitive flat rate option of 1.2% on merchant payments and flagship products — including EFTPOS Now — for both in-store and online purchases, plus monthly terminal rental, to simplify the existing pricing structure with no lock-in contract.
“We know that many businesses want simpler pricing so they can plan for their merchant payment costs,” de Bruin said. “We’re now giving business customers the option to choose a flat rate for debit and credit transactions to help with planning for future expenses.”
Over the next few months, EFTPOS Now will roll out more enhancements, including the addition of features like splitting bills and tailored apps like Verifone’s Lite Point of Sale (POS) to allow merchants to set up a sales menu on the terminal and to process transactions on-the-go without the need for additional hardware.
