EFTPOS Frequently Asked Questions
What Does EFTPOS Stand for?
EFTPOS is short for Electronic Funds Transfer at Point of Sale. It is the Australian and New Zealand electronic processing system for debit cards and charge cards. EFTPOS of cause allows your customers to pay for your goods or services and also withdraw cash at the time of purchasing if offered.
Merchantlink have EFTPOS terminals for all types of business.
Call 1300 360 920 and speak with one of our Merchant Facility Specialist to learn more.
How do I become an EFTPOS merchant?
Being able to accept payments by EFTPOS and credit cards is easy. Simply call us on 1300 360 920 and one of our Merchant Facility Specialist will help you right away. We?ll organise everything, do all the paper work and ensure you get your terminal as soon as possible ? the only thing we require off you is a few autographs and a copy of your bank account details (eg bank statement). Alternatively leave your details through the Contact Us page and a Merchant Facility Specialist will contact you within 24hrs.
How much does it cost to have an EFTPOS terminal?
These fees and charges associated with an EFTPOS terminal vary quite dramatically depending the industry you?re in and the turnover/volume of usage of the terminal. Key fees include:
- Merchant Service Fee (MSF) ? varies from 0.6-1.5% of credit card turnover
- EFTPOS fee ? varies between 5c and 25c for each EFTPOS transaction
- Monthly Terminal Rental - $9.50 - $40 per month per terminal
Who will train me on the EFTPOS terminal?
The Commonwealth Bank will install and provide training on the terminal. Training will include the operation of the terminal and include the procedures for processing transactions. They will also provide you with a Quick Reference Guide that provides information ranging from terminal logon to troubleshooting and settlement. Training usually takes no longer than one hour if the site has been prepared by the merchant beforehand.
Can I accept AMEX and Diner Cards on my EFTPOS terminal?
Yes, you will need to liaise directly with these companies to obtain a merchant account with them. Once they have issued you with a merchant number, you can advise the Commonwealth Bank and your terminal will be updated to accept these card types.
What happens if my terminal breaks down?
There is a 24 hour help desk to quickly solve any issues you may have including organising a replacement terminal if the worst occurs. There is also fall back procedures allowing you to continue to take payments from customers in the interim. All of this will be outlined in your welcome kit you get with the terminal.
When do funds get settled to my account?
Transactions processed through a Commonwealth Bank terminal to a Commonwealth Bank business account are credited within 24 hours. If you bank with another bank, eg ANZ, please allow 48 hours for the funds to clear into your account.
What is MOTO?
MOTO stands for Mail Order/Telephone Order and indicates when a merchant accepts transactions from mail orders or over the phone. This is when you key enter any transaction to your EFTPOS.
You should ways ensure you have done all you can to ensure that if you ever manually enter a credit card number to your EFTPOS terminal you are sure the person giving you the card details is the card holder.
What is a chargeback?
A chargeback occurs when a cardholder disputes a transaction that you have processed. The most common reasons for chargeback are the card being used without the true cardholder?s permission, or the same transaction being processed more than once. The Chargeback Processing Fee may be reversed if sufficient proof can be provided by the merchant as to the validity of the transaction.
Please note that you need to be aware that getting an authorisation only confirms that the card number is valid and in some cases that there are sufficient funds available in the cardholder's account. It does not confirm that the person seeking to perform the transaction is the legitimate cardholder. A transaction can still be charged back even if you obtained an authorisation.
How do I prevent my business bearing the cost of a chargeback?
In the event that you are faced with a chargeback, the following tips will help make the process much easier and may help prevent your business from bearing the cost:
- Ensure you supply the required documentation within the stipulated timeframe
- Ensure all documentation is clear and legible. (If faxing ensure that the copy is clear)
- If sending an original transaction receipt ensure to take a clear and legible copy as you may require this copy in the future
- If the cardholder has been credited, ensure you provide the details relating to the credit as well as the initial debit
- Include any written or verbal information you have supplied to the cardholder