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.

Launched in 2021, Zeller has already become a top contender in the Australian payment space. And it keeps getting better. Zeller Terminal has no monthly fees – you just purchase the terminal upfront for $259 (includes GST and a 12-month warranty), and it’s yours to keep and use indefinitely. If you’re not ordering it online, Officeworks sells it in store.

There’s no contract lock-in, only a pay-as-you-go transaction fee of 1.4% for chip and contactless card payments. To avoid this, you can activate the surcharge function for fee-free transactions, as long as your customers are happy to pay this fee. As opposed to several of the big banks, Zeller does not add an extra fee for surcharging.

Zeller includes an online account where you can receive transactions the same evening. This is linked to a business Debit Mastercard (in the package), so you can spend the money from the next morning. We like that the card is activated for Apple Pay. Cards for employees are available. Transactions and payouts are shown in your online web portal and complimentary Zeller App.

Alternatively, you can link a business bank account from any Australian bank, if you want transactions settled there within one business day.

The touchscreen card terminal has a built-in receipt printer. Its large display shows a simple checkout where you enter a transaction amount, add a tip or surcharge, then accept the card. Customers can enter their PIN on the on-screen PIN pad. If needed, you can integrate the terminal with a POS system of your choice or Xero for accounting.

For a 1.7% rate, you can accept keyed transactions if your customer is not present. Alternatively, you can send invoices and accept online transactions through those for 1.7% + 25¢ for domestic cards (including Amex).

The online account and card are both free and included for all merchants, and there are no ongoing costs, chargeback fees or setup charge.

The Zeller EFTPOS machine accepts Visa, Mastercard, eftpos, American Express and JCB cards via chip, swipe and tap. You can also accept Apple Pay, Google Pay and Samsung Pay transactions.

The latest functionality is Pay at Table, which is available free of charge for H&L point of sale users. For table service restaurants helps turn tables faster with less human error.  Tipping on the EFTPOS machine is available, but not yet split the bill.

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

Accepted cards

The terminal works independently through WiFi, but a SIM card should be purchased if you want mobile connectivity. The battery can last a whole day from a full charge, but a charging station is available if you keep it on a counter most of the time.

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

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. On top, a free point of sale system makes selling goods and services fun.

You simply pay for a card reader upfront, which you then own forever, and pay only a fixed transaction rate for the card transactions processed. There are no monthly fees or other ongoing costs to worry about, nor do you have to return the hardware if you decide to stop using it.

Square Reader works in conjunction with a free Point of Sale (POS) app on your phone or tablet connected to 3G, 4G or WiFi. It costs $65 including GST and the transaction rate is a fixed 1.9% for all cards incl. foreign, premium and eftpos cards.

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

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

There is also a mobile card machine called Square Terminal, which only works through a secured WiFi connection. It doesn’t need a connected mobile device and has a touchscreen display with almost the same features as Square Reader’s POS app, hard-coded on the terminal.

Card transactions cost 1.6% on Square Terminal, but you buy it for $329 incl. GST.

Accepted cards

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

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

There is no dedicated surcharging feature, but it is possible to calculate and add surcharges to each transaction individually. Payouts are free and automatically reach your bank account in 1-2 business days.

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.

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 transaction costs are not as simple as a fixed percentage, but they are lower – between 0.8% and 1.5% depending on your type of business and revenue. This includes GST, the card scheme’s (e.g. Visa, eftpos) variable rates and PayNuts’ merchant service charge. Regardless of how little you earn, you generally get good rates, but the sales volume does factor into it.

At the moment, PayNuts mainly offers the mobile and portable Verifone T650p touchscreen terminal. It integrates with a huge choice of POS systems – over 600 software providers – 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 offers most EFTPOS setups you could want, including a mobile touchscreen terminal (EFTPOS Now), portable and desktop terminal (Presto Smart) and stationary machine (EFTPOS Connect).

EFTPOS Now, a Verifone VX690 model, is a beautiful terminal that works independently in all situations, anywhere with WiFi, 4G or Ethernet. A minus is that it does not integrate with POS systems, 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.

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 included on its touchscreen display.

Apart from that, it is not set up to integrate with other POS systems, making it unsuitable for shops and hospitality in need of advanced functionality.

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 a countertop and portable EFTPOS machine for rental, or an app-based card reader with a pay-as-you-go rate and no monthly fee.

You pay $29 + GST per month for the stationary terminal or $39 + GST monthly for a mobile terminal that works on 3G or WiFi. Either can integrate with most POS systems. The service is cancellable any time, but you have to return the terminal when you leave the contract.

Alternatively, the new Tyro Go card reader can be purchased upfront for $59.95 including GST, and there is then no monthly fee, just a fixed transaction rate of 1.6%.

Whatever the choice, there’s 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 rates are the following excluding GST: Tyro accepts domestic Visa and Mastercard for 1.1%, with an added 0.