What is the difference between a cash sale and an eftpos sale

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But are all those notes and coins really worth the hassle? Okay, having a cash-only operation may seem simple, but only taking payments this way could be holding your business back. Why should I take card payments as well as — or instead of — cash? If you take a lot of cash payments from customers, there could be a risk of it getting lost or stolen, including being pilfered by staff. As a cash business, you also need to think about how to keep your cash float secure when you close the store each day.

Businesses that take cash will always have these security challenges, which is one reason why some enterprises are choosing to accept electronic payments only — by card and enabled mobile phones and watches.

For more reasons, read on. And have you thought about how much of the working capital for the business is tied up in your cash float? Managing physical money, checking the amount offered and giving change — the time it takes all adds up, payment after payment, and time is money. Either you or someone in your business needs to do it and this means time away from your business. With EFTPOS and technology such as contactless payment, you could save time at the counter and at the table — and will be giving customers an efficient and easy way of paying.

Review the different payment methods 2. Consider your customers 3. Check the costs 5. Evaluate the risks. Review the different payment methods. Credit card and debit card payments. Direct debit payments. Online payments such as Paypal. Money order payments. Gift cards and vouchers. Bitcoin and digital currencies. Consider your customers. When choosing payment methods, you need to think about your customers: Customer preferences — choosing a payment method that your customers prefer will make them more likely to pay on time.

The most common payment method is through electronic credit and debit cards. Use of Paywave and other tap-and-go accounts has grown quickly. Most in-store credit card transactions are now contactless. Privacy of payments — some payment methods are more private than others. For example, credit cards automatically keep a record of the transactions. Some customers might prefer to pay cash for certain goods and services, such as medication, for privacy reasons. Check the costs.

Transaction costs — the bank may charge a cost for each transaction. Consider the risks associated with digital currencies. Learn about electronic payment systems. But it is up to the retailer whether or not they want to do this. Always double-check the amount on the EFTPOS terminal before entering your PIN — it can be easy to be charged the wrong amount, especially in stores like dairies where the retailer enters the amount manually. Always keep your receipts or invoices, especially if you have paid cash, as this may be the only proof of your payment.

Banks do not cover losses if the card owner has been dishonest or negligent. On this page.