Best EFTPOS Machines for Small Businesses

With Australia's inflation rate steadily lowering throughout the year (falling to 6% as of July 2023), now is a prime time to get your business off the ground or begin expanding. If you run – or plan on running – a physical business, a card machine can be an essential ally.

Card usage in Australia rose by 17% in 2022 and is expected to grow by further 9% in 2023. Picking the best EFTPOS machine for your business is the best way to serve this expanding market.

If you're unsure which card machine to choose, we've carried out extensive research into the best providers and identified the EFTPOS machines below as the best picks for Australian small businesses.

Read on for in-depth information about each provider, so you can choose the right one for your business.

Alternatively, you can use our cost comparison tool for tailored quotes to fit the needs of your business and your budget. It only takes two minutes to use and it's completely free!

What is an EFTPOS machine?

An electronic funds transfer at point of sale (EFTPOS) machine, also known as a card reader or sales terminal, processes payments made with credit and debit cards, as well as digital wallets. In addition to taking payments, EFTPOS machines can be connected to software — usually an app — that compiles their payment data to generate detailed reports on the transaction and sales history of the business. They can also be integrated with other equipment, including stands and barcode scanners, to create an advanced point of sale (POS) setup.

1. Smartpay Portable – Best EFTPOS machine for mobility

What we think of the Smartpay Portable

The Smartpay Portable is likely to appeal to businesses looking for a simple, flexible EFTPOS solution. It is wireless and has an average battery life of eight hours, taking around three hours to fully charge.

Smartpay pays out transactions on the next business day and provides its machines on contracts without minimum terms, which is convenient if you're testing the waters or need flexibility. You can also negotiate your fees with the provider, which means you can get some of the best merchant account rates in Australia.

Smartpay Portable can be synced up with POS hardware and software to become a full POS system, but this can only be done through third-party integrations. It doesn't provide an integrated app of its own, and so to benefit from features such as reporting and stock management, you'll have to sign up with one of 25 compatible POS providers.

Smartpay pricing

EFTPOS machine cost:

Transaction fees: On the Zero Cost EFTPOS plan: none. On the Simple Flat Rate plan, there is a custom simple flat rate for Visa, Mastercard, Alipay and WeChat Pay; and a custom fixed flat rate for debit cards.

2. Square Reader – Best EFTPOS machine for scalability

What we think of the Square Reader

The Square Reader is an EFTPOS machine that can help business owners on an expansion plan. Its native Square app can generate sales reports and even manage your team. The app also allows you to build your own ecommerce website.

A Square Reader can be synced up with the provider's extensive range of POS equipment — which includes a terminal, a stand, and a barcode scanner — for an advanced setup. The card machine works wirelessly for a full day of sales, though you can keep it on charge using a Bosstab Dock, which you can buy for $55.

It's worth noting that Square doesn't work with fixed-term contracts, and it pays out your transactions by the next working day. It does offer a same-day payout service, but if you choose to use it, Square charges 1.5% of the amount you're due to receive.

Square pricing

EFTPOS machine cost: $65.

Transaction fees: 1.9% per transaction

3. Till Portable – Best EFTPOS machine for fast payouts

What we think of the Till Portable

The Till Portable is a solid option for business owners who need a mobile and intuitive EFTPOS machine. It's wireless, has a 10-hour battery life, and with its native app, you can get an overall view of your transaction history – even across multiple locations.

You'll have access to your payouts on the same day for no extra fee, which is key if you need immediate access to your cash flow. However, Till Payments is not transparent about is pricing, which makes it difficult for business owners to quickly understand whether the provider will fit their budget. It also only provides information on its contract lengths on a quote-by-quote basis.

Furthermore, if you're keen on expanding your business and need extra POS equipment to help you with that growth, Till Payments' only other offering is a self-service terminal, which can be limiting if it's not what your business needs.

Till Payments pricing

EFTPOS machine cost: Custom.

Transaction fees: Custom.

4. Mint M10 – Best EFTPOS machine for ease of use

What we think of the Mint M10

The Mint M10 is an EFTPOS machine with a no-frills design that's intuitive and easy to use — perfect for business owners that are new to card payments, or those who want a system they can master quickly.

It can get your money into your account within one to three working days. It's wireless and can be charged via USB.

Mint M10 connects to the Mint Payments app, which gives you access to your transaction history. That said, the app offers limited insights, and functions like stock management are not available. Also, this EFTPOS machine isn't compatible with POS systems — so if your business will require an advanced setup or more sales data, it's unlikely to serve you well.

Mint Payments also requires a considerable commitment from vendors, asking you to sign a 12-month contract. Should you cancel early, you'll incur a $110 termination fee.

Mint Payments pricing

EFTPOS machine cost: $11 per month for businesses with a monthly revenue of less than $2,000. No cost for businesses with a monthly revenue of $2,000 or more.

Transaction fees: 1.86% per transaction.

How does an EFTPOS machine work?

What do I need to start taking card payments?

To start accepting card payments for your small business, you’ll need an EPOS system and a merchant account. To take payments online and over the phone, you’ll also need a payment gateway and a virtual terminal.

To accept card payments for your small business, you’ll need a combination of the following:

1. POS system

If you serve customers face-to-face, you'll need a Point of Sale (POS) system to pair with an EFTPOS machine. This is essentially the till: a cash drawer, user interface, receipt printer, and barcode scanner.

POS systems also come with handy features for stock and staff management. Read our guide to the best POS systems in Australia to find out more.

2. Merchant account

Next, you’ll need a merchant account with a merchant bank. A merchant account is a type of credit account that allows your business to accept credit and debit card payments. It’s where the money sits while the bank checks to ensure the customer has sufficient funds to make the payment. It also serves to protect against fraud.

Card machines are most commonly leased as part of a merchant account agreement. A merchant account can be setup with a dedicated merchant bank, or by special arrangement with a payment service provider (PSP) or other independent merchant services supplier, such as Smartpay.

Our guide to getting a merchant account is an essential read for those looking to start accepting credit card payments.

3. Payment gateway

To take card payments online (or in person), you’ll need a payment gateway.

A payment gateway is a secure piece of software that encrypts the customer’s card details once and transmits them to the merchant bank. Take a closer look at how payment gateways authenticate transactions in the diagram below.

4. Virtual terminal

Businesses that need to accept credit card payments over the phone or via email will require a virtual terminal.

Like a payment gateway, a virtual terminal secures sensitive payment details while the bank authorises the transaction. Unlike a payment gateway, card details are entered into the system by the merchant, rather than the customer. This type of transaction is also known as a Mail Order/Telephone Order (MOTO) transaction.

Along with payment gateways, pay-by-link, and online invoicing, virtual terminals are a popular online payment method for small businesses.

5. EFTPOS machine

Once you’ve got all of the above sorted, you can then choose a credit card machine for your business.

The best EFTPOS machine for your small business will vary depending on your specific requirements as a merchant. What works for a static brick-and-mortar business, such as a coffee shop, probably won’t suit a food vendor who trades in a different location each week.

Card machine costs can vary, so let’s take a look at the different types available.

The different types of EFTPOS machines

Mobile EFTPOS machines

Mobile EFTPOS machines allow you to accept card payments anywhere with mobile network coverage. This flexibility opened the door to a host of remote businesses that were previously not able to utilise a card machine.

Most work via a pre-installed SIM card that connects your machine to a mobile network. Recently, though, modern mobile card readers (such as Zettle and SumUp) have done away with the need for a SIM and instead connect to your phone via an app.

The benefits of a mobile card machine are:

• Portability — great for merchants such as food vendors and market traders
• Minimum hardware required — with some models, all you need is the card reader and a smartphone or tablet to connect it to
• No long-term contract — most mobile card machine providers offer short-term contracts tailored specifically for small Australian businesses

Perfect for Australian businesses such as: food truck vendors, cab drivers, pop-up shops.

Wireless/portable EFTPOS machines

A portable EFTPOS machine allows merchants the flexibility to move around and take payments without relying on mobile network coverage. They’re the perfect choice for a restaurant or bar setting where the point-of-sale is often at the customer’s table.

Wireless terminals usually connect via Wi-Fi but, if you don’t have an internet connection, they can also be hooked up to a traditional landline. Most will operate for around eight hours before needing to be recharged and work at a range of up to 60 metres.

Benefits of a portable card machine include:

• Improve customer service — bring the card terminal to your customer. Ideal for hospitality businesses
• Flexible with a stable connection — not reliant on mobile network coverage for connection
• Choice of Wi-Fi or Bluetooth connectivity — connect to the network via the internet or a traditional phoneline

Perfect for Australian small businesses such as: cafes, restaurants, bars.

Countertop EFTPOS machines

Many small businesses choose to rely on countertop EFTPOS machines to process payments. With a hardwired connection, they’re sturdy, reliable, and often the cheapest option in terms of upfront cost.

For businesses like coffee shops, where the customer pays at the counter, a countertop card machine is often the best option.

The advantages of countertop card machines include:

• Reliable connection — you’re not reliant on Wi-Fi or mobile network coverage
• No charging — there’s no risk of a low battery warning
• Save on upfront costs — countertop card terminals are generally cheaper than portable and mobile card machines

Perfect for Australian small businesses such as: coffee shops, newsagents, beauty spas.

The pros and cons of EFTPOS machines for small businesses

EFTPOS machines are practical devices that allow you to take card payments. They can give you precious insight into your sales and transactions. In this section, we've compiled the pros and cons of accepting payments this way.

Advantages of accepting credit cards

✔ Credibility — the fact is, if your business doesn’t accept debit and credit card payments… well, you look amateur!

✔ Better end-to-end customer experience — a quick tap or swipe of a credit card is much more convenient for a customer than laboriously counting out cash. Streamline their shopping experience with a card reader. Remember, a satisfied customer is a loyal customer.

✔ Better cash flow — providers that specialise in making the best card machines for small businesses prioritise a speedy transfer of funds as part of their service. Cashflow can be a major problem, so having having quick access to the money from card payments is a major benefit.

✔ Security — handling large amounts of cash poses a security risk to your business. Reduce this risk by accepting electronic payments. Plus, the EMV computer chip in modern cards makes them extremely difficult to clone, further reducing the chance of fraud.

Disadvantages of accepting credit cards

✗ Cost and transaction fees — you will be required to pay a transaction fee for every card payment processed. Fees vary depending on the volume of transactions; the more transactions you process, the lower your rates will be.

This poses an obvious problem for small businesses that process a low volume of card payments. Don’t worry, though – the providers reviewed on this page specialise in card machines for small-scale business operations, with fees to match.

✗ Chargebacks — dealing with chargebacks can be a long and arduous process for business owners. Customers have the right to challenge any card payments they see on their statement, which can sometimes mean business owners have to refund the transaction plus a chargeback fee.

✗ Fraud — fraudulent transactions may be few and far between but, when they do occur, it is usually the merchant who loses out.

How do I get an EFTPOS machine for my small business?

Well, you could spend endless hours online, losing yourself in a sea of tabs, while trawling through site after site that thinks they have the answer to your business (but are truly just trying to make money off you).

The other way? Use our free comparison tool, and receiveg tailored card machine quotes for your small business in the process. Here's how it works:

Simply tell us about the card machine requirement of your small business. We'll ask whether you're currently accepting card payments (and, if so, who your current provider is – we'll get you a better deal), the industry you're in, and your average monthly turnover. We'll also need your postcode to ensure you're matched with suppliers that cater to your area in Australia.

When this is done, have your phone handy as the card machine providers we match you with will be in touch directly to discuss next steps. Remember, there's absolutely no obligation to accept any of these quotes. The ball is firmly in your court.

So, why not give it a go? It only takes 30 seconds, and you only have savings to gain.

Hit one of the buttons below to get started.