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Best EFTPOS Machines for Small Businesses in Australia

By Sam Bocetta
Last Updated on February 21, 2024
Edited by Adam Turner
Fact checked and reviewed

If you own a business or want to start one, you need the right equipment to accept card payments. People are no longer making purchases with just money; card payments are essential for any business to succeed, especially if you’re a small business.

In 2022, three-quarters of payments in Australia were card payments, so it makes sense that you want the best ‘Electronic Funds Transfer at Point of Sale’ (EFTPOS) machine you can find.

In this article, you’ll learn about EFTPOS machines, and I’ll introduce you to the best ones on the market.

Table of Contents:

What Is an EFTPOS Machine? 🤔️

An EFTPOS machine is an electronic payment terminal that enables businesses to accept credit card, debit card, and digital wallet payments. Depending on how you’d like to receive customer payments, you can purchase different EFTPOS machines for your business.

The different types of EFTPOS machines:

  • Countertop EFTPOS machines: Countertop machines are attached to your point of sale (POS) computer system. Countertop EFTPOS machines are stationary at a fixed point in your shop. Payments are usually processed in less than 2 seconds and the machines are compatible with 3G mobile broadband as well as Ethernet. This type of EFTPOS machine may suit your business best if you run a retail business or a small hospitality service where people tend to pay at the counter.
  • Portable EFTPOS machine: Mobile EFTPOS machines work just like countertop machine, but they’re a mobile card reader, so you can take payments from anywhere. They’re small and can be easily transported. A portable EFTPOS machine benefits businesses offering table services or which work in multiple locations, like markets.
  • Integrated machines: You can get POS systems with EFTPOS machines built in, to simplify sales reporting and manage other aspects of the business from one system. POS systems have the ability to track sales, inventory, menu adjusting, etc. In comparison, an EFTPOS machine is a payment processor. Some vendors will provide an all-in-one POS system, so you get everything you need under one payment plan. These machines are best for businesses such as supermarkets that process payments in a high volume.

Regardless of which type of EFTPOS solutions you choose for your business, they all accept payments and allow your customers to make a card payments. Most EFTPOS machines will look similar, but providers offer different fees.

Pros and Cons of Using EFTPOS Machines ➡️

You may be unsure if using an EFTPOS machine for your business is the right call, so to help you decide, I’ve compiled a list of all the pros and cons.

Pros ✅️

  • Low labour costs: When a customer pays with a credit or debit card, funds are sent to your merchant account and tracked on your payment system, so you (or your staff) don’t have to handle money or record cash receipts manually.
  • Fast transaction speed: Unlike when a customer pays with cash, there is no handling of physical money or counting. Your customer can tap or insert their card into the EFTPOS terminal, and the exact payment will be quickly taken from their bank account.
  • Digital proof of payment: EFTPOS automatically creates a payment record for every transaction it makes, so if there are any disputes, you can provide proof of payment.
  • Accept digital wallets: Some EFTPOS terminals allow you to accept multiple payment methods such as Apple Pay, Google Pay, and Samsung Pay.
  • Safety and reduce theft loss: By using EFTPOS terminals, there is less cash on the premises, so if there were any thefts, funds would be safe, and you save time worrying about cash flow and transportation.

Cons ❌️

  • Fees: When you buy EFTPOS terminals, there are usually monthly fees involved, like monthly rental fees and subscription plans. There might also be fees on each EFTPOS transaction. Other costs may include establishment fees, annual fees and printer costs.
  • Expensive: Depending on how many EFTPOS machines you need, it could be costly to buy the different hardware; different types will vary in price.
  • You need an internet connection: Many EFTPOS terminals and machines require electricity and either a mobile data connection or some other form. If there is a lost connection at some point, the devices may freeze or be unable to work until the connection returns.

Best EFTPOS Machines for Small Businesses: Reviews 🔎️

Here are 7 top EFTPOS machines for small businesses:

1. Tyro: EFTPOS Machines and Fee-Free Bank Account

  • Monthly fee: From $29.
  • EFTPOS device type: Countertop and mobile devices available.
  • Transaction fees: 1.4% transaction fee for each card payment processed across all devices.

When you purchase a Tyro EFTPOS machine, you get a fee-free Tyro bank account for a seamless business banking experience. If you already have a POS system, you can easily integrate the Tyro EFTPOS terminal to work alongside it. You can get an industry-tailored EFTPOS with features designed for your business.

Tyro offers four EFTPOS machines: Tyro Pro, Tyro GO, Mobile, and Countertop EFTPOS. Each comes with unique features:

  • Tyro PRO EFTPOS: This EFTPOS device has a 6-inch HD touchscreen and offers a user-friendly experience. The device is flexible, so you can use it as a portable machine or have it fixed on your countertop. The battery lasts all day and it has built-in surcharging options. When you set up your Tyro Bank account, you will get a same-day settlement of payments. You can get a custom pricing quote for this EFTPOS system.
  • Tyro GO EFTPOS: Tyro Go is a portable payment solution that fits in the palm of your hand, making it easier to take payments on the go. You only need to connect it to your iOS or Android smart device via Bluetooth, and you can start accepting payments. The device also allows you to send branded receipts to your customers via email, eliminating any need for printing. There is a one-time purchase of $59 per device.
  • Mobile card reader: The mobile card machine is for businesses that need flexibility. The device works with a WiFi connection but has built-in 3G and 4G in case your WiFi is down. The reader integrates with more than 330 POS systems. There is a monthly rental fee of $29.
  • CounterTop EFTPOS: This EFTPOS machine is for the healthcare industry, with built-in features for Medicare and Health Fund Claiming. It allows unlimited doctors and accounts, accepts contactless payments and claims and integrates with various health Practice Management System (PMS) solutions. There is a machine monthly rental fee of $29.

There is an additional payment processing option, and it includes using your own iPhone. Tap to Pay works by downloading the Tyro BYO app, allowing you to accept payments from your iPhone. Tyro has plenty of payment solutions to offer for businesses of all sizes. So, if you’re a business on the go or have a single store, you can use one of three of Tyro’s EFTPOS terminals.

2. Zeller: Terminal EFTPOS for Small Businesses

  • Monthly fee: No monthly fee. To purchase a terminal, it’s $259 per device,
  • EFTPOS device type: Countertop terminal.
  • Transaction fees: 1.4% transaction fee.

The EFTPOS terminal by Zeller comes with powerful features such as split payments, adding tips, sending digital receipts and more. You can toggle on surcharging for fee-free EFTPOS when it suits your business. It features a touchscreen display, and it is cable-free, so it can sit at your till point nicely as it can integrate with POS systems.

The device allows you to process refunds on the spot with no additional costs, and you can print receipts or send digital receipts to your customers via email or SMS.

The Zeller terminal can connect to your WiFi or personal mobile hotspot, and you can insert a SIM card for backup connectivity. Zeller offers an optional Unlimited EFTPOS data Zeller SIM card, so your machine is never down due to connectivity issues.

You can save money with a fee-free EFTPOS, which means you can pass your transaction fees to customers. You can turn this feature on and off. There are no lock-in contracts and seven-day nightly settlements, and you can accept all card payments, including American Express.

3. PayNuts: EFTPOS and Payment Solutions

  • Monthly fee: From $29.
  • EFTPOS device type: Portable terminal.
  • Transaction fees: Custom.

You can create custom transaction fees with PayNut’s EFTPOS terminal to have the best rates for your business. The VeriFone t650p is currently the only terminal PayNuts has, and it has a clear touchscreen display with an intuitive 5.5-inch interface that makes accessing and manually entering information as easy as using your smartphone.

The design is portable, sleek and professional, with customer-friendly features such as email receipts, tip taking, enabled surcharging, and a user-friendly navigation menu.

The device allows WiFi, Bluetooth and mobile network connectivity, and you can switch between them seamlessly to suit your location. The devices come with dual built-in data SIM cards at no additional cost for protection against complex connection issues.

There are no setup fees, and you can cancel anytime without worrying about cancellation fees. You can get a tailored quote on the PayNuts website.

4. Westpac: Standalone EFTPOS Machines or Terminals With Integration

  • Monthly fee: From $24.75.
  • EFTPOS device type: Mobile card machine.
  • Transaction fees: From 1.2%.

With Westpac, you can choose a standalone EFTPOS machine or a terminal that integrates perfectly with your current POS system. Westpac solutions come with instant settlement of payments, a flat fee for transactions of 1.2%, and 24/7 access to technical support should you need it.

Westpac offers two devices:

  • EFTPOS Now: EFTPOS Now allows you to take payments in-store and on the go as it’s a standalone EFTPOS machine with 4G and WiFi connectivity. It has bill splitting, tipping requests, refunds and email receipt capabilities. The device has a 5.5-inch touchscreen display with accessibility features. Monthly rental fees start from $24.75.
  • EFTPOS Connect: The Connect machine connects with Linkly POS systems anywhere in the store, accredited with more than 600 Linkly on-premises and cloud POS providers. The device supports services like TruRating and ZipPay. You can use the EFTPOS machine with 4G and WiFi connectivity. Monthly rental is $27.50.

One of the most desirable aspects of the Westpac devices is the instant settlement of payments, so you don’t have to wait around for payments to reach your bank account. If you terminate your agreement early, there are cancellation fees.

5. Smartpay Portable: Portable EFTPOS Machine

  • Monthly fee: From $34.95.
  • EFTPOS device type: Portable EFTPOS.
  • Transaction fees: Free if your annual turnover is over $10,000; otherwise, the transaction fee is tailored by industry.

The Portable EFTPOS machine by Smartpay offers small businesses seamless card payments at the counter, table service or on the move. Each device comes with a portable 4G modem provided by Smartpay, and it can connect to WiFi, Broadband and mobile hotspots so you can continue accepting card payments for your business regardless of where you are.

The EFTPOS machine is easy to carry; it weighs 360 grams and includes a battery and a built-in receipt printer. The machine has a long battery life of 8 hours and comes with a charging dock.

The Smartpay terminal can be integrated with various POS partners, and the terminal comes with enhanced insights into cash flow, credit card payments, and potential inefficiencies to ensure your payments and POS system work together perfectly.

All payments taken with the Smartpay EFTPOS terminal are securely encrypted to protect your business and customers. The terminals are regularly updated with the latest security features to ensure ongoing high-quality protection.

6. Square: Spread the Cost of Equipment

  • Monthly fee: None.
  • EFTPOS device type: Countertop and mobile devices available.
  • Transaction fees: 1.6%.

With Square’s EFTPOS solutions, you can accept and process debit and credit card payments efficiently, quickly, and securely. The EFTPOS accepts Australia’s most popular payment methods, so your customer can make contactless and chip card transactions.

Square offers two EFTPOS machines:

  • Square Reader: The mobile EFTPOS allows you to effortlessly take contactless and chip cards on the go or at a counter. The device has a long battery life, enhanced security and Bluetooth pairing. The device has two versions: 1st generation ($39) and 2nd generation($65). Although these devices are portable, you can buy a dock for both devices at an additional price of $19 and $59 respectively.
  • Square Terminal: This EFTPOS is all-in-one; it can accept payments and issue receipts. You keep the device at the till, with cables to sit nicely in your till area without cluttering the space. You can try the Square terminal risk-free for 30 days; there are no long-term contracts, so if you find it’s not working for your business within the first month, you can return it. The price of the terminal is $329.

Square offers payment plans to make the equipment more affordable, especially for small business owners. For example, if you want to buy the Square terminal, you can spread the cost into 12 separate interest-free payments of $28.

7. Commonwealth Bank: Benefit From Same-Day Payment Settlement

  • Monthly fee: From $29.50.
  • EFTPOS device type: Mobile EFTPOS.
  • Transaction fees: 1.1% or customised fee, depending on your business.

Australian banking institution Commonwealth Bank offers EFTPOS, Payments and eCommerce for businesses of all sizes. CommBank devices allow you to sell from anywhere, and your business can benefit from same-day settlement all year round. Depending on your business needs, there are four flexible EFTPOS terminals to choose from:

  • Smart Mini: The Smart Mini allows you to accept payments on the go, as it is a lightweight, handheld, portable payment solution. The Mini has up to eight hours of battery life and has an optional Smart Mini dock if you wish to keep it stationary. You can receive real-time insights from your Smart Mini transactions via the Smart Mini Hub and send your customers digital receipts. You can buy the device outright for $59, with a 1.1% flat rate transaction fee.
  • Smart: The Smart device is a sleek all-in-one EFTPOS terminal that comes with two SIM cards from different telco providers, so if any connection issues occur, like a network outage, you can switch your terminal to the other network and carry on business as usual. You can personalise the device with access to apps that provide a better experience for you and your customers. You can rent the Smart device for $29.50 monthly or apply for custom pricing with a tailored plan.
  • Smart Integrated: The Smart Integrated device features a PIN pad and touchscreen display, making checking out more accessible for your customers. The device has broadband connectivity supported by a hardwired USB connection. You can integrate the device with your POS system for smooth payment tracking. You can utilise features such as surcharging and tipping, too. You can rent the Smart Integrated system for $29.50 monthly or apply for custom pricing with a tailored plan.
  • Essential Plus: The Essential Plus system supports surcharging, tipping and bill splitting to help manage payments easily. You can use the table service device from your counter or move around in-store. The Essential Plus operates with broadband connectivity with 3G/4G backup. You can offer additional payment methods to your customers, like digital wallets and gift cards. You can rent the Essential Plus system for $29.50 a month or apply for custom pricing with a tailored plan.

Regardless of which EFTPOS you use from CommBank, all of them take all major cards, so your customer can shop comfortably. You can apply for all devices online except the Essential Plus; you must request a callback to order.

Leading EFTPOS Machines for Small Businesses: The Verdict 💡️

With one of our Best EFTPOS machine devices, you can accept card payments more quickly and securely and settle your transaction in good time. Taking card payments is a must for most, if not all, modern businesses. We’re in an age where paying by card is second nature for shoppers. Contactless payments are the future, you can accept them with the best equipment available in Australia.

Frequently Asked Questions 📢️

How Much Does an EFTPOS Transaction Cost a Business?

The transaction fee for EFTPOS will depend on the vendor you choose. Some will offer customised plans for your business. Typically, transaction fees range from 1.1% to 1.4% of the transaction total.

What Are the Different Types of EFTPOS Machines?

The type of EFTPOS machine will depend on the industry your business falls under and the size of your business. EFTPOS machines aren’t a one-size-fits-all solution. There are three different types of EFTPOS machines:

  • Countertop EFTPOS machines: Countertop machines are attached to your point of sale (POS) computer system. Countertop EFTPOS machines are stationary at a fixed point in your shop.
  • Portable EFTPOS machine: Mobile EFTPOS machines work just like countertops, but they’re a mobile card reader, so you can take payments from anywhere.
  • Integrated machines: You can get POS systems with EFTPOS machines built in to simplify sales reporting and manage other aspects of the business from one system.

How Much Does an EFTPOS Machine Cost Per Month?

Some EFTPOS vendors will let you buy the devices outright, so you only have to pay them a transaction fee after the initial purchase, but you can also rent the machines.

The cost of renting a device will depend on the type of machine and the vendor, but typically, you can expect the monthly fee to start from $24.75.

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