7 ways your EFTPOS machine can help with costs in your business
Xero Small Business Insights reveal that in January 2018 only 38.6% of New Zealand small businesses were cash-flow positive. According to Xero, January, March and May are the toughest months for small businesses in terms of cash flow.
Maintaining a close relationship with your accountant and looking for cost savings can help with cash flow, but have you thought about making your overheads work harder for you? Even your humble EFTPOS machine can save (or even make!) your business money. That’s right! Your payment solution may just be part of your cash flow solution. Read on for some quick tips on using your payment solution to save money.
Accept Credit Cards without increasing your costs
Accepting credit cards is a necessity for some businesses, but enabling credit cards on your EFTPOS terminal does incur monthly processing fees from your bank. What if we told you that you can accept credit cards without increasing your costs? Eftpos New Zealand’s surcharge solution automatically detects credit cards and applies a surcharge according to rules and limits you can configure.
Advertise to Chinese consumers for FREE
Looking for some free advertising? Grow your customer base and get your business in front of some of the 420,000 Chinese visitors that come to our shores each year, as well as Chinese residents and students for FREE. When you accept payments from the Alipay app you get a free webpage on the app where you can upload a description of your business and products, a video, images, and coupons. Alipay users receive geo-targeted push notifications from the app when they are near your store.
Offer currency conversion and earn a rebate
Give international Visa, MasterCard, and Maestro cardholders the option of making purchases in their card billing currency, rather than in New Zealand dollars, and earn a rebate on your merchant service fees for every currency conversion transaction you process. Currency conversion is a win-win for your business – you get to offer your customer a great payment experience while saving on your merchant fees.
Sell pre-paid cards and gift cards
epay Gift Station helps you sell more product, improve your customer acquisition, and increase foot traffic to your stores, plus you earn commission for every epay gift card you sell. An epay terminal solution allows you to offer your customers pre-paid cards for music, gaming, prepaid power, mobile top-up for Vodafone, Telecom, 2 degrees and Skinny, plus top retailer gift cards.
Let your customers reward your staff for great service
Want to reward your staff for their hard work, but have limited funds for entertainment and incentives? For some businesses, a tipping solution is a great way to make sure staff are rewarded for their hard work. If your business gets a lot of international customers or is in the hospitality, health and beauty, or tourism industry then a tipping solution might be right for your business. Our tipping function is free to enable and allows your customers to tip your staff quickly and easily, without fumbling around with cash. Your customers choose whether they want to add a tip or not and simply enter the amount they would like to tip during the transaction. Keep track of how much each staff member has earned in tips on your tipping report, accessible from any of your terminals.
Split the cost of your payment solution
With freelancing on the rise, more and more merchants are splitting the cost of rent and opting to set up shop in a shared working space. If you’re splitting the cost of rent and utilities, it makes sense to split the cost of your EFTPOS machine too. With multi-merchant you can! Each merchant has their own Merchant ID loaded onto the terminal so the purchase amount settles into the correct merchant’s bank account. This option is free to enable and perfect for doctors offices, hair stylists and sole traders sharing the same office space.
Purchasing or leasing your EFTPOS terminal
This is not strictly a feature or function of your EFTPOS terminal, but it’s worth mentioning because the way you choose to pay for your payment solution will have an impact on cash flow. Both options have their advantages, but the right option for you will depend on the unique circumstances of your business. Try taking our quiz to see which option would be most beneficial for your business.
See? Your EFTPOS terminal can do so much more than just take payment. If you want to make sure you’re using your terminal to it’s full potential you can get in touch with our friendly customer services team on 0800 EFTPOS (option 4) or check out our full range of value-added EFTPOS apps here.