EFTPOS has quickly become the preferred method of payment for businesses and their customers alike. Creative Business Builders can assist you to find the EFTPOS solution that best suits the requirements of your business – whether it be a fixed line or the innovative Mobile EFTPOS.

By offering your customers cash free convenience, your EFTPOS facility can help to grow your sales… and your business.

Paying by plastic dominates our buying habits so it makes sense for our major banking institutions to offer small businesses EFTPOS terminals that accept credit and debit card payments. Here’s what you need to know about getting and using them.

What’s an EFTPOS/credit card facility?

The fixed Line EFTPOS facility is a counter-top unit of similar size to a modern fixed line telephone handset. It contains sophisticated software that facilitates the processing of Credit card or Eftpos plastic card transactions. The terminal requires a fixed telephone line to connect the terminal to the issuing bank for card authorisation. The latest and innovative Mobile EFTPOS does not require a telephone line to operate, as it works using a mobile telephone network and can be used anywhere there is a signal. This all happens in seconds, helping banks better protect vendors and consumers against card fraud. The terminal displaying whether or not the transaction is authorised or not.

How do you do it?

Most new terminals are “plug and play” units. This means you simply connect them to telephone and power lines. If a spare telephone line (eg: A fax line) isn’t available it is advisable to have your phone company install a dedicated line. Vendors will then either swipe a customer’s credit, debit or EFTPOS card or take the card details over the phone and punch them into the machine. Security-conscious customers will be pleased to note the terminals don’t store their card details or other data. The merchant’s transaction print-out, which the terminals will print, do not include the customer’s name or card number. What it does record is the name and card number of the merchant, the terminal ID, an authorisation number and the transaction amount, for the customer’s and merchants records.

Why do it?

An EFTPOS terminal is not only a convenient, efficient and relatively safe cash management system, it can help build customer traffic and profits. These machines are very popular with all sorts of businesses who want to improve the way customers to pay them. Such as convenience stores, retail, manufacturers, Internet Marketers, Network markers, Tradesmen, Man in a Van businesses, Service stations, hotels and clubs and entertainment venues, the list goes on.

The benefits to your customers

• the ability to pay electronically using the card of choice reduces the need for your customers to carry cash, making it a safer alternative

• is a safe and secure way for your customers to pay – the transaction is confirmed by a receipt and on bank account statements

• the payment can be authorised quickly via the EFTPOS network saving time for your customer

The benefits to your business

• potential to increase sales by offering your customers a more convenient and secure way to pay

• Promotes impulse buying because there is less need for your customers to carry cash

• Improves cash flow by eliminating the need to provide lay-by, store credit or accept personal cheques

• Reduces the need to keep cash on the premises thereby reducing security risks, particularly beneficial to businesses operating late at night or on the weekend.

• Saves time, money and effort by reducing paperwork and the manual processing of payments

• Gives you more time to concentrate on running your business

The machines can also help those business models with next to no customer contact. Russell and Verena Cunningham, owners of the Australian Institute of Self-Development, based in Australia. Russell’s business supplies high-quality Training, Coaching, Emotional Freedom Technique and NLP services to assist their Client to achieve your personal and business, success goals.

Russell says “Our business is conducted primarily with Personal Consultations face to face or by telephone (Adults, Teens & Children) dealing with, Relationships, Stress & Anxiety Release, Weight Management, Success Coaching for Study & Work, Sales & Communication Training & Coaching, Goal Setting for Success, Trouble Shooting Consultations & Conflict Resolution.”

“I decided to get advice from Ian regarding an Eftpos terminal because we were using a ‘click-clack’ machine at the time, I thought we were on a good rate. I was amazed at the rates he was able to offer us! We are a progressive business, and could see the value of allowing people to pay by credit card, as it allows us to up-sell our products and other services giving our clients extra time to finance a purchase.”

Russell added fast payment is another plus. “With cheques, you wait for it to arrive by mail, time to go to the bank and wait in line and there’s the clearance period. With Visa or MasterCard transactions are processed overnight, plus we know that the purchase or payment has been approved.”

“The systems and services that Creative Business Builders provided has saved us time, effort and lots of money. In fact, the credit card facilities he organised for us have saved us over $3000 over the past two years. If you are in Business and you haven’t contacted Ian yet, then it’s costing you money.”

“Now we recommend all our graduates, trainers and coaches to give Ian a call when they have finished their training, so they too can have their businesses running at peak performance.”

Russell Cunningham
Australian Institute of Self-Development
www.selfdevelopment.com.au

The pitfalls

Running out of paper in the middle of a busy period, or power blackouts can throw a spanner into the processing works. There are manual paper vouchers businesses can use as well as 24/7 card authorisation lines, which merchants can ring to seek approval to process a transaction over their floor limit.

Russell says the merchant service fee (MSF) for processing and administration can be a nuisance, however it is like your mobile phone contract, you get your first $20.00 of transactions for free. “However, I only lose less than one percent of sales in fees to the credit card company, I can live with that.”

Set-up costs

Most terminals can be rented for $10 to less than $40 a month. Some banks charge an establishment fee, covering delivery of the machine plus some training, set-up servicing and maintenance. The banks might waive this fee to attract your business or encourage you to switch from their competition. Check with Ian at justaskian.com for the best deals. All banks have an ongoing monthly service fee. However, this is re-imbursed by offsetting it against your transaction fees as explained earlier. Again similar to mobile telephone contracts, you pay a set fee and get same amount back in free transactions.

To enjoy more income, more time and more life to do the things they are passionate about

We are living in a time where there are opportunities everywhere we choose to look. The ‘stuff’ that sells newspapers is doom and gloom, and with the current financial down turn the journalists are having a field day.

As Business Owners we have to recognize that in times like these the prepared ones will see the opportunities that are everywhere and flourish.

What do I mean? Well, we need to take a look at what I call the ‘Old’ model of business and start to consider a ‘New’ model of doing business. First let’s take a look at the reasons why businesses may struggle and fail in the current climate and compare it to the New Model:

1. Most business owners don’t have a business! They are self-employed which often is another term for a Job – The new model is about building a system to run the business without you being there.

2. Most Business Owners don’t understand what their business does! They are in to make money (or simply to survive) focusing on profit. The New Model focuses on the dignity of a customer service centered business and giving value. Believe me do this and the profit will take care of itself.

3. Old Model businesses have no Vision & Mission statement that is instilled n everything they do. No vision or mission and your business will have no purpose – simply making money is not a vision! The New Model business takes time to clarify it’s Vision and Mission, everybody connected with the business takes ownership of this.

4.The New business model statement becomes the culture of the business. Clarify your mission or purpose in your business
Articulate your mission statement – who are you going to serve (your ideal client) & who you are not (the 80%). What problems and frustrations are you solving for your (ideal) customer?
What frustrations does your customer have?
What can your customers expect EVERY time they deal with you.

5. Old model businesses are constantly looking for the next customer after the sale is completed. New model businesses have defined their Ideal Customer, the 20% that will give them 80% of their revenue. They build relationships and their customers become advocates for their business.

6. Old model businesses are the same as their competitors. They often compete on price or offer the service that their customers expect from everyone. New model businesses Identify their competitive advantage, their USP, Unique Selling Proposition – Not price or service, something that the customer wants but doesn’t expect.
Does your marketing tell them & does it align with your Mission. Can you deliver it in the world of the customer.

7. Old model businesses treat customers like a commodity – New model nurture & love them .. they go “Beyond the Cash register”
Systemize your customer experience. Turn them from a suspect to an evangelist for your business.
Ask them and listen to them “What are your frustrations about {Your} Industry” Most dissatisfied people just walk out without saying why they are not happy with your service – New
Tell them about your guarantee, New model businesses will call their customers and let them know that they have two weeks of the guarantee left to return their goods if they are not completely satisfied!

8. Old model businesses are all about themselves, self promotion and looking good. New Model businesses concentrate on treating others how they would like to be treated. They get interested in others, they love their people and customers. They are interested in no.1 their Staff & no.2 their customers.
They have a system to build relationships with people not things (products and services, etc) They know people want to be understood, heard, recognized, acknowledged & loved. Yes, you read it correctly, we want to be loved! So do you people and customers.
Ever had a letter from your bank signed Customer Relationship Manager – Try talking or calling the relationship manager and see if you can get through to them?

New model businesses will make sure someone answers the phone and their communication is in the callers world and aligned with the USP, Vision and Mission statements and always reminds the caller about the guarantee. Communicate rather than speak to them, for example:
How are you? – Listen to the answer
Any frustrations? – Listen to the answer
Don’t forget your guarantee
Is there anything else we can do for you- Listen to the answer and make notes
Did you know…. (New products that are aligned to this customers profile)

9. The old business model is in its death throws. The new model is to manage themselves better, they know daily how the business is performing/serving/delivering/what the customers feedback is. They Know & manage their KPI’s and Metrics – love their customers but do not extend credit to them, beyond the agreed terms.
They always have a minimum of 3 months worth of creditor funds in hand

Conclusion: This blog is all about the New Model of doing business now, today.

In years to come these will be the good old days. Prepare now, start to let go of the old model and implement the ideas we will be sharing with you & your opportunities will appear.

We Guarantee It!