8 best EFTPOS machines for small businesses

For a small business, choosing the wrong EFTPOS machine can be costly, particularly when margins are tight and it’s unclear where you stand in a couple of years.

You don’t want to tie yourself to a longer-than-necessary contract, and transaction fees and monthly costs (if any) should be fair for your sales volume.

Traditionally, an EFTPOS terminal was obtained from banks, but modern card reader providers now provide simplified pricing, pay-as-you-go fees and no commitment.

Let’s compare the best EFTPOS machines that currently lead among small businesses in Australia.

Square was the first company in the world to release a card reader for mobile phones.

Since its arrival in Australia, the local banks and other payment providers looked old-fashioned in comparison. Why? Because Square champions affordable EFTPOS for small business without contractual lock-in, hidden fees or complicated terms.

A free point of sale system also makes selling goods and services fun.

Square pricing:

You simply buy the card reader upfront and pay only a fixed rate of 1.6% for all transactions incl. with foreign, premium and eftpos cards. There are no monthly or annual fees to worry about.

You also own the hardware for good – no returns required – unless you opt for Square’s short-term rental geared towards events.

“In my tests, Square has always processed payments promptly and impressed me with their constant new features and crisp, but user-friendly, apps.”

– Emily Sorensen, Senior Editor, Mobile Transaction

Square Reader ($65 incl. GST) works together with a free Point of Sale (POS) app on your phone or tablet connected with 4G or WiFi. It’s the smallest card reader we’ve tested, and the Square app is regularly updated to avoid bugs.

The app has a wealth of features for most face-to-face merchants, e.g. product library, tipping, GST, staff accounts and a customer library. On top of this, you get invoicing, a virtual terminal for over-the-phone payments and ecommerce tools like an online store.

Alternatively, you can subscribe to Square’s specialised POS systems for retail, hospitality or appointments scheduling.

The more expensive, portable card machine Square Terminal ($329 incl. GST) and Square Handheld ($349 incl. GST) only work through a secured WiFi connection. They don’t need a connected mobile device and have a touchscreen display with Square’s POS software.

Accepted cards

With any of the EFTPOS readers, you can split the purchase cost into instalments paid over 3, 6 or 12 months.

Online and keyed payments via the free Square app or Virtual Terminal cost 2.2% per transaction.

Merchants can surcharge on the EFTPOS machines to avoid the Square rate, which admittedly isn’t the lowest in this comparison.

The free payouts reach your bank account the next day, even on weekends, but qualifying merchants can get funds instantly for an added 1.5% fee.

Zeller has already become a top contender in the Australian payment space since its launch in 2021 – and it keeps getting better.

Initially, only Zeller Terminal 1 impressed with a simple transaction interface, but the company’s newer Zeller Terminal 2 has attractive POS software.

No setup and monthly fees apply; you just purchase a card machine for as little as $99 (incl. GST and a 12-month warranty), and it’s yours indefinitely. Zeller has pulled their terminals out of the Officeworks network and now focuses on keeping the price low from its own website.

There’s no contract lock-in, only a pay-as-you-go transaction fee of 1.4% for chip and contactless card payments.

The optional surcharge function lets you avoid the transaction cost, as long as cardholders are happy to pay this fee. Unlike some of the big banks, Zeller does not add a commission on surcharges.

Zeller pricing:

Zeller includes a free transaction account where funds arrive the same night. This is linked with a business Debit Mastercard (in the package), so you can spend the money the next morning. We like that the card links with Apple Pay, and corporate cards for employees are available.

Alternatively, a business bank account from any Australian bank can receive transactions the next business day.

Transactions and payouts are shown in a web portal and app that also accepts tap-to-phone transactions and sends invoices.

Zeller Terminal 1 – available with a charging stand – has a receipt printer and large touchscreen showing a simple checkout for entering a transaction amount, adding a tip or surcharge and accepting the card. Customers can enter their PIN on the screen.

The new Terminal 2 has actual POS software like a product library to make it more versatile, but no receipt printer.

“We’re impressed with Zeller Terminal 2’s unique beauty, but also the fact it’s faster – and the screen 18% larger – than any other EFTPOS machine in Australia at the moment. The battery also lasts 30% longer than its predecessor.”

– Emily Sorensen, Senior Editor, Mobile Transaction

Both have day-long battery lives and WiFi connectivity, but a SIM card should be purchased if you need 4G.

Accepted cards

They integrate with leading POS systems, accounting, ecommerce and Buy Now Pay Later solutions.

One of the latest functions is Pay at Table, available free of charge for H&L point of sale users, to help restaurants turn tables faster with fewer errors. More features are continually added, such as split bills and showing a business logo on the EFTPOS machine.

Last but not least, Zeller generous support is available to phone every day of the week between 9 AM and 1 AM (AET).

Overall, Zeller has evolved into a complete solution for many businesses looking for EFTPOS, a business account, spend management, invoicing and integrations with accounting and points of sale.

Previously More Payments, PayNuts offers a range of payment solutions for small businesses, mainly EFTPOS terminals without contractual commitment.

There are no fees for setting up, shipping, contract termination (it is cancellable any time), refunds or payouts. Other fees depend on your chosen plan which is either Pay Nothing or Low Fee EFTPOS.

PayNuts pricing:

If you opt for the Pay Nothing EFTPOS plan, you’ll be passing on transaction costs to the customer with a surcharge. Plus, if you make over $10k monthly in card transactions through the specific terminal, there is no cost at all on this plan. No other fees apply, not even for chargebacks or receipt rolls.

The Low Fee plan always charges $29 monthly for EFTPOS rental regardless of turnover, and a mix of extra fees apply for e.g. chargebacks. The exact costs are tailored for your business and on the low side compared with alternatives.

The ‘Low Fee’ rates are not as simple as a fixed percentage, but lower; between 0.8% and 1.5% depending on your type of business and revenue. This includes GST, the variable card scheme (e.g. Visa, eftpos) fees and PayNuts’ service charge. Rates will generally be good, but the sales volume does factor into it.

PayNuts’ main EFTPOS machine is the mobile and portable Verifone T650p touchscreen terminal. It integrates with over 700 POS software systems, but can be used independently. As a smart terminal running on Android, we find the touchscreen a pleasure to use.

Accepted cards

Australian bank Westpac offers one of the best EFTPOS machine packages on the market. They’ve caught up with the fact that small businesses prefer less bureaucracy, modern terminal solutions, simpler fees and no commitment.

Westpac caters to most checkouts with its mobile, portable and stationary touchscreen terminal (EFTPOS Now), stationary machine (EFTPOS Connect) and self-service terminal (EFTPOS Flex).

EFTPOS Now, a Verifone T650p model, is a beautiful touchscreen terminal that works independently in all situations, anywhere with WiFi or 4G. The basic package does not integrate with POS software, but is instead a “mini point of sale” with useful features like tipping, preauthorisations and split bills. It does all this through its fully-touchscreen interface, which will appeal to modern businesses.

With the ‘Presto’ add-on (costs extra), EFTPOS Now integrates with most POS systems, making it ideal for countertops and shop floors.

Accepted cards

The latest terminal from Commonwealth Bank (CommBank) is a Verifone Carbon Mobile 5 model named ‘Smart’. It attracts high scores for design and functionality, ideal for businesses on the go who do not have complex inventories. A simplified point of sale (POS) system is accessed on its touchscreen display.

It integrates with points of sale through a connector app, but not all POS systems are compatible. The terminal comes with a few other apps, like Smart Giving for receiving donations and Smart Hospitality for taking orders table-side.

There are no setup fees or lock-ins, but the replacement fee of $500 in case of non-return or a broken terminal can be a stressor for some.

The flat, blended fee of CommBank is competitive. As with the other big five banks, though, we have received reports of hidden costs on top of the monthly rental fees.

Accepted cards

Tyro offers three portable and mobile EFTPOS machines (Tyro Pro) for rental.

You pay $29 monthly for Pro Touch (with a large touchscreen) or Key (with a keypad and touchscreen display) that work with 4G or WiFi and integrate with most POS systems. Recently launched Pro Lite is a somewhat simpler version of these terminals.

The service is cancellable any time, but you have to return the terminal when leaving the contract.

Tyro pricing:

“My tests of Ingenico Axium DX8000 (Tyro Pro Touch) have been positive, so this shouldn’t have issues unless Tyro’s software fails.”

– Emily Sorensen, Senior Editor, Mobile Transaction

Tyro has no contractual lock-in or setup fee, meaning you can sign up without too much risk.

If your business transacts for less than $20,000 per month and you rent a terminal, your transaction rate is fixed at 1.4% across cards. A card turnover above $20k monthly gives the merchant custom rates dependent on the business, turnover and cards accepted.

The Pro machines are manufactured by Ingenico, hard-wearing and look professional on a countertop or outside. They’re a big step up from the previous outdated Tyro terminals that had technical problems in 2021. The new card machines are much better, including the cheaper Pro Lite for $19 monthly.

Accepted cards

Former EFTPOS company Smartpay has recently been acquired by international payments company Shift4. Taking on the Shift4 brand, the company still offers a plan that requires surcharging to avoid fees. And like before, the terminal has limited features apart from basic card transactions.

The former Smartpay brand has already won over a solid fraction of Australian small businesses. Sellers typically opt for its “zero cost” plan to to boost margins – but it is not for everyone.

Shift4 pricing:

For a start, no merchant can avoid paying less than $100 + GST every month through transaction fees or surcharging – that’s how the companies makes money.

At the time of writing, only one terminal is offered by Shift4, the PAX A920Pro model. This is a vast improvement on the last EFTPOS machine it offered when it was Smartpay, so we’re happy to see some progress.

Fees are based on your industry and sales turnover. Additionally, the “low fixed rate” on the Pay the Fees plan only applies to Visa, Mastercard and eftpos, not Amex and other cards that have much higher fees and require an extra contract.

Deposits of funds happen the next business day.

Accepted cards

Available with extra contract

On paper, the offering from NAB looks fairly competitive. The biggest draw for many is the same-day settlement of funds if you are a NAB business account customer.

Their integrated EFTPOS terminal, Ingenico Move 5000, is hard to fault. We’ve used it many times and find it straightforward to use, with both a colour touchscreen and push-button PIN pad to aid accessibility. It connects with almost any POS system and can be used wired or wireless.

Not using a point of sale system? The standalone Quest QT850 NAB’s solution for that. It has a touchscreen and works on the go or in store with its basic payment software.

At second glance, the story is more mixed. The standalone or integrated terminal costs $25 monthly, which is one of the lowest rental fees on this list, but it still exceeds the cost of purchasing comparable smart terminals from providers higher up this list over the course of a year.

NAB’s fixed card processing rate of 1.15% is competitive, but it only applies to Visa, Mastercard, eftpos and UnionPay cards. To accept American Express, JCB or Diners Club, rates have to be negotiated individually for separate contracts, resulting in more paperwork and fees at the high end – unless the processing volume is high.

Accepted cards

Separate contract, extra fee