You’ve probably heard of EFTPOS and seen terminals at your favourite stores, but what is it exactly?
EFTPOS stands for Electronic Funds Transfer at Point-Of-Sale. It’s a retail payment technology that reads debit and credit cards, and communicates with issuing banks to validate and process individual transactions. Since
EFTPOS technology was introduced in Australia in 1984, it’s revolutionised how people shop. Along with making it easier and more secure, EFTPOS systems have changed the way that retailers and businesses in general handle financial transactions.
These are the 4 major benefits of EFTPOS technology, and EFTPOS cards especially.
- They’re more secure than cash
When compared to cash, EFTPOS systems (like cards) offer far greater security. If a cardholder loses their wallet or has their bag stolen, all they need to do is call the card issuer’s emergency number and it will be cancelled immediately.
EFTPOS cards have an extra layer of protection, too: PIN numbers. That means thieves will have to overcome another obstacle when they’re trying to access the funds in a stolen card.
- The cash balance can be used straight away
While bank transfers can be instant, in most cases it takes 2-3 days for the funds to clear. To compare, EFTPOS prepaid cards give the recipient instant access to their cash balance as soon as they activate the card.
For this reason, prepaid cards are popular among Australian companies with employee reward programs. Some companies even use them to distribute salaries every week, fortnight or month.
- They’re great for gifts and corporate reward schemes
Presenting employees with cash when they win an award isn’t the most memorable choice, and it can pose a security risk to your company and the employees in question. Also, cash makes it harder for the recipient to treat their prize as a personal gift to be spent on whatever they wish.
On the other hand, prepaid EFTPOS cards are perfect for employee gifts and rewards. The money they win will remain separate from their regular earnings as it’s not transferred into their bank account. Plus, neither they or your accounts team will have to worry about your employees walking around with large sums of cash.
The best bit? The recipient is free to spend their prize money at most stores in Australia. They’re not limited in their choices, as they would be with a traditional gift card issued by a local retailer.
- All purchases are processed quickly
EFTPOS technology processes payments in a matter of seconds. It authorises transactions on the spot, giving debit and credit cards the same convenience as cash. It’s extremely rare for an EFTPOS payment to be delayed, which means your recipients can shop with confidence.
Manage your expenses with prepaid gift cards
If you would like to find out more about what prepaid EFTPOS cards have to offer companies in Australia, Corporate Prepaid Cards are here to help!
Call us on 1800 131 032 or email us on [email protected] to find out more about how EFTPOS prepaid cards can help your business.