Last week, many businesses across Australia were impacted by connectivity issues with their EFTPOS terminals resulting in customers abandoning sales. In a COVID world where cash sales are declining rapidly, not having a digital alternative to allow customers to pay for goods and services is now a huge business risk.

Taking aside the issues that impacted many Tyro customers last week, EFTPOS connectivity, in general, is very hit and miss. Think about how many times you have been at a cash register and the sales attendant says “Sorry, we’re having issues with our EFTPOS machine could we try the payment again?” or “Our machine is not working right now, do you have cash?”. The inability to quickly and easily pay for goods and services damages the customer experience and can force a customer to a competitor business.  

For any business, payment processing issues, especially EFTPOS connectivity, can have a devastating effect. Imagine not being able to take payments for days. How many customers would you be turning away, and what would it cost your business?

Establishing contingency plans to counteract payment outages is one way your business can safeguard against lost revenue. We’ve put together some tips on how your business could avoid payment issues:

• Installing virtual terminals – many payment providers offer virtual terminals, with built-in card-reading functionality. With a virtual terminal, payments can be taken directly on a tablet or iPad, removing the need for an EFTPOS machine. Having mobile check-outs readily available is handy, particularly in an emergency.
• Ensuring your system allows remote access – with a user-friendly app or a web portal so you can take payments manually anywhere and anytime.