A Business Guide to EFTPOS Payments in Australia

For Australian businesses, that means one thing: having a reliable EFTPOS payment setup isn’t optional anymore. It’s essential to stay competitive, streamline cash flow, and provide the quick, easy checkout experience customers expect.

In Australia, cash is becoming more of a rarity. Most people tap or swipe without thinking twice. According to the Reserve Bank’s latest figures, card transactions now make up well over 90% of all in-person payments — and contactless “tap-and-go” dominates.

Whether you’re running a café, a clothing store, a tradie business, or a market stall, understanding how EFTPOS works — and choosing the right system — can save you money and frustration. This guide breaks down what EFTPOS is, how it’s evolved, the options available in 2026, and how to pick the right provider for your business.

What Is EFTPOS Australia?

EFTPOS stands for Electronic Funds Transfer at Point of Sale. In plain English, it’s the system that lets customers pay you directly from their debit or credit card — either by inserting, swiping, or tapping.

When a customer taps their card, phone, or smartwatch at your terminal:

1. The transaction request goes through a secure network to the customer’s bank.
2. The bank checks the funds and approves or declines the payment.
3. You receive confirmation within seconds, and the funds settle into your business account (typically within 1–2 business days).

EFTPOS is the digital middleman between your customer’s bank and yours. It ensures money moves instantly and securely, without the need for cash handling or cheque chasing.

A Quick History of EFTPOS in Australia

Australia was one of the early adopters of EFTPOS technology, rolling it out in the 1980s. Back then, it was a slow, clunky process — wired machines, paper receipts, and long settlement delays.

Fast-forward to today, and things look very different. We’ve moved from those desk-bound terminals to wireless, mobile, and even app-based systems. The days of “cash only” are nearly gone, especially since COVID-19 accelerated the move toward contactless transactions and hygienic payment methods.

As of 2026, Australia’s EFTPOS landscape is ultra-competitive, with banks, fintech startups, and independent providers all offering new payment solutions. There are integrated EFTPOS that come with POS systems, eCommerce platforms, and digital wallets like Apple Pay and Google Pay.

Types of EFTPOS in Australia

Not all EFTPOS solutions are created equal. Depending on your business size, location, and customer base, one type might suit you better than another. Here’s a breakdown of what’s on offer in Australia right now.

1. Countertop Terminals

These are the classic EFTPOS payment machines you’ve seen on shop counters for decades. They connect to your internet (wired or Wi-Fi) and are great for fixed business locations — retail shops, beauty salons, and cafés.

• Pros: Reliable, fast transactions, secure.
• Cons: Not mobile — can’t easily move around the venue.

2. Mobile or Wireless Terminals

Perfect for cafés, events, food trucks, or tradies, these portable devices connect via Wi-Fi or 4G. You can take them anywhere — from tableside service to pop-up stalls.

• Pros: Flexibility and convenience.
• Cons: Slightly higher fees or connectivity dropouts in remote areas.

3. App-Based EFTPOS (SoftPOS)

One of the newest trends in 2026 — you can now turn your smartphone or tablet into a payment terminal. Known as “SoftPOS” or “Tap to Phone,” it lets you accept contactless payments without extra hardware.

• Pros: No bulky terminals, cost-effective for small operators.
• Cons: Limited functionality for larger businesses or high transaction volumes.

4. Integrated POS Systems

Modern retailers are moving toward integrated POS and EFTPOS solutions. This means your sales, payments, and inventory sync automatically. When a customer pays, your system logs the sale, updates stock, and handles the receipt — hands-free.

• Pros: Seamless workflow, accurate records, faster checkouts.
• Cons: Higher startup cost and setup time.

Bonus content: Advantages and Disadvantages of EFTPOS

Key Players in the Australian EFTPOS Market

In 2026, the Australian EFTPOS payment space is a mix of big banks, flashy fintechs, and quieter “behind-the-scenes” platforms that power a lot of the smart terminals you see on counters. MX51 and Windcave sit in that last group, but they’re becoming just as important as the brands you recognise.

Major bank and fintech brands

Square 

Very popular with small businesses, cafés, pop-ups, and market traders thanks to its simple pricing, no lock-in contracts, and easy app-based terminals.

Zeller 

A newer Australian player offering all‑in‑one terminals, flat‑rate fees, and a strong focus on design and simplicity, aimed squarely at small and growing businesses.

Tyro 

Common in hospitality, retail, and healthcare, it is known for deep POS integrations and quick settlement, which makes it attractive for venues with higher transaction volumes.

Big four banks (Westpac, CommBank, NAB, ANZ) 

Still major providers of traditional and “smart” EFTPOS terminals, with options for countertop, wireless, mobile, and Android-based devices that bundle in extras like tipping, surcharging, and basic reporting.

MX51: the engine under bank-branded terminals

MX51 isn’t a name most shop owners see on their counter, but it quietly powers a lot of bank-branded EFTPOS payment terminals in Australia. Instead of selling directly to small businesses, MX51 provides the tech platform that banks plug into.

• It sits behind many of the newer “smart” Android terminals offered by major banks, handling things like terminal apps, connectivity, and merchant portals.
• The platform focuses heavily on POS integration, so when a business uses a compatible POS, the sale amount flows straight to the terminal and back again without anyone re‑keying numbers.
• MX51 also supports near real‑time reporting and online dashboards, giving merchants clearer insight into transactions across multiple terminals and locations.

In practice, if you’re using a modern smart terminal from a big bank, there’s a fair chance MX51 is the technology making it all work smoothly in the background.

Windcave: integrated EFTPOS and online payments

Windcave is a global payments provider that offers both in‑store EFTPOS and online payment solutions, which makes it appealing for businesses that trade across multiple channels.

• Its integrated EFTPOS connects directly with a large number of POS systems like POSApt, so staff don’t have to manually type amounts into the terminal. That speeds up service and reduces keying mistakes.
• Windcave also provides standalone terminals, online payment gateways, and options like QR or link‑based payments, letting a business run in‑store and online payments through the same provider.
• Because it supports a wide range of card schemes and wallets, it suits venues that see a mix of local and international customers, such as tourism operators, hotels, retail chains, and busy hospitality venues.

EFTPOS Australia Fees and Costs Explained

EFTPOS isn’t free to use, but understanding the fees helps you manage costs effectively. The cost of EFTPOS machines in Australia may vary. Here is a quick general overview that you can expect:

1. Transaction fees: Usually 1.4%–1.9% for standard credit cards, and as low as 0.6% for debit. Some providers charge per-transaction flat rates (e.g. 1.6% per sale), while others offer custom pricing for high-volume merchants.
2. Monthly terminal rental: Some providers (like banks) charge a flat monthly fee for hardware — anywhere from $20 to $70.
3. Settlement fees: Most modern providers now offer free next-day settlement, though some still charge for same-day transfers.
4. Chargeback fees: Applied when a customer disputes a transaction.
5. Additional fees: Extras like mobile data usage, surcharges, or international card processing.

Tip: Many smaller businesses forget they can negotiate these rates, especially if you process good volume. Always compare offers and ask for tailored pricing rather than accepting the default.

Bonus content: Cheapest EFTPOS Machines for Small Business

Benefits of Modern EFTPOS for Businesses

Choosing the right EFTPOS payment setup isn’t just about collecting payments — it can actually improve how your business runs day-to-day. Here’s what a modern EFTPOS system brings to the table.

1. Speed and Convenience

Customers like quick checkouts — and integrated EFTPOS terminals deliver that. With contactless tap-and-go, most payments finalise in under three seconds. That saves time for both staff and customers, especially during busy hours.

2. Improved Cash Flow

Digital payments mean no more end-of-day cash counting, banking trips, or lost notes. You can see sales in real time, with automatic deposits making cash flow tracking easier.

3. Better Accuracy and Security

Every transaction leaves a digital record, which makes accounting simpler and fraud prevention stronger. Features like PIN verification, encryption, and chargeback protection ensure safety for both you and your customers.

4. Integration with Business Tools

Today’s EFTPOS payment systems sync with everything from POS software to accounting tools like Xero or MYOB. This creates a single workflow — cutting out manual reconciliation and reducing human error.

5. Enhanced Customer Experience

Payment choice is part of good service. Accepting multiple payment types — Visa, Mastercard, American Express, Apple Pay, Google Pay — shows professionalism and gives customers confidence in your business.

EFTPOS and Surcharging Rules in Australia

A common question from business owners is whether you can pass on EFTPOS costs to customers. The answer is yes, but with conditions.

The Australian Competition and Consumer Commission (ACCC) allows surcharging if it reflects the actual cost of accepting that payment method. You can’t profit from EFTPOS surcharges — only recover your expenses.

For example:

• If your average fee for debit cards is 0.6%, you may only surcharge that amount.
• If customers pay via credit or Amex (around 1.9%), you can add that percentage.

Providers like Tyro and Zeller make surcharging easy — the terminal automatically calculates and adds it at checkout. Just remember to display notice signs clearly so customers know charges apply.

Settlement Times: How Fast You Get Paid

Most EFTPOS providers settle funds to your nominated account within 1 business day. However, some (like Square or Zeller) offer instant settlements for a small fee — ideal if you rely on fast cash flow.

Banks such as NAB or CBA usually process next-day deposits but may hold weekend transactions until Monday. When comparing providers, consider how quickly you need cash access — it can make a big difference to your business rhythm.

Setting Up EFTPOS in Australia: What You’ll Need

Getting started with EFTPOS payments in 2026 is refreshingly simple. Here’s the typical setup process:

1. Choose your provider. 

Compare rates, contract terms, and integration options.

2. Apply online. 

Most applications can be completed digitally in under 20 minutes.

3. Connect your business account. 

This is where funds will settle.

4. Receive or download your hardware/software. 

Physical terminals arrive via post; App-based systems can be activated instantly.

5. Link to your POS or accounting tools. 

Sync data automatically to save time.

6. Start accepting payments! 

Many providers include training or onboarding support.

Within a day or two, you’ll be ready to tap-and-go like a pro.

Common EFTPOS Australia Issues — and How to Avoid Them

Even the best setups sometimes hiccup. Here are a few common EFTPOS problems and their quick fixes.

• Connectivity drops: Make sure your Wi-Fi or 4G signal is strong. Consider a backup connection if you’re in a high-traffic or rural area.
• Terminal freezing: Restart and check software updates regularly — most providers push updates automatically.
• Mismatched totals: Always settle terminals daily and ensure your POS is synced correctly.
• Customer disputes: Keep digital receipts enabled and respond quickly to chargeback requests.

Pro tip: Many modern providers include 24/7 phone support — worth having on speed dial when you’re busy and need help fast.

The Future of EFTPOS in Australia

Looking ahead, the EFTPOS landscape is evolving beyond simple tap-and-go transactions. Here’s what’s shaping 2026 and beyond:

• Digital wallets and wearables: Expect even more payments via phones, watches, and rings.
• QR code and PayID acceptance: Emerging as alternate payment paths for low-fee transactions.
• Sustainability push: Paper-free receipts and energy-efficient terminals are becoming standard.
• AI-powered fraud detection: Machine learning tools will flag suspicious transactions in real time.
• Data-driven insights: Businesses will gain access to anonymised analytics showing spending trends and demographics.

EFTPOS tech is no longer just a “payment method” — it’s becoming an entire digital infrastructure for running smarter, safer, and more profitable businesses.

Final Thoughts: Get Ready for the Next Wave of Payments!

EFTPOS payments have come a long way from the bulky terminals of the 1990s. In 2026, they’re faster, smarter, and more connected than ever before.

For Australian businesses, adopting a modern EFTPOS system is one of the easiest ways to boost operational efficiency and deliver the kind of frictionless, cash-free experience customers now expect.

Whether you’re pouring coffees, selling fashion, or managing trades, there’s an EFTPOS solution to suit your workflow and budget. The key is to choose one that integrates neatly with your POS, reduces admin time, and gives you visibility across every dollar that moves.

As Australia edges closer to a truly cashless society, getting EFTPOS right means staying one step ahead – both at the counter and online.

More Resources:

How to Use an EFTPOS

What is EFT Payment?