- Highs: Instant payouts with Westpac bank account. 24/7 technical support. Wide choice of integrations with EPOS.
- Lows: Cancellation fees apply. Not cheap for fluctuating sales. Payouts slower with non-Westpac bank account.
- Choose if: Your turnover is stable and you prefer the service of a trusted bank with a traditional EFTPOS offering.
| EFTPOS 1 | Presto Smart | EFTPOS 1i |
|---|---|---|
| Standalone card terminal, no POS integration | Terminal linked to select POS systems | Terminal linked to another POS system via Linkly |
 Verifone VX 690 |
 Verifone VX 690 or e355 |
Verifone VX 690 |
Accepted cards (included as standard):      Optional accepted cards:    |
||
| EFTPOS 1 |
Presto Smart |
EFTPOS 1i |
|---|---|---|
| Standalone card terminal, no POS integration | Terminal linked to select POS systems | Terminal linked to another POS system via Linkly |
Verifone VX 690 |
Verifone VX 690 or e355 |
Verifone VX 690 |
| Accepted cards (included as standard): Optional accepted cards: |
||
The crucial questions determining which package to go are therefore:
- Are you happy using the terminal independently and manually entering transaction amounts on the terminal keypad?
- If you need it to work with a point of sale (POS) system, is your chosen POS software compatible with Presto Smart?
Whereas EFTPOS 1 and EFTPOS 1i plans only offer a choice of one card machine, the Verifone VX 690, Presto Smart lets you pick between that and the Verifone e355 model. They both accept tap and go, chip and swipe card payments and are capable of refunding transactions.
The Verifone VX 690 is the only one of the two that Westpac can set up for independent use – that’s what EFTPOS 1 offers. ‘Independent’ means there is no external POS system connecting to it, so transactions have to be manually entered on the EFTPOS display. Sales are then recorded in the Westpac Dashboard so you can view and print transactions from a computer, or print transaction reports from the terminal itself.
The VX 690 has a built-in receipt printer. It connects to the internet through 3G outside or on your premises if the main internet stops working, or dial-up internet, WiFi, IP or Bluetooth for local network connections.
Photo: Verifone
Verifone VX 690 can be used on its own or connected with a POS system.
You can also link Verifone VX 690 to one of many compatible POS systems for retail or hospitality on the Presto Smart plan, or link it to a different system entirely on the EFTPOS 1i plan. Whilst connected to a POS system, VX 690 can split bills and accept tips. If Westpac approves it (conditions apply), you can also accept surcharges, pre-authorisations of cards (useful for placing bookings) and keyed-in card payments (useful for over-the-phone transactions).
Verifone e355 is a smaller EFTPOS reader that looks like it could work independently, but it is only offered with a POS integration on the Presto Smart contract. This little card reader connects to the internet via IP, WiFi or Bluetooth, all of which require a local network connection with a router.
Photo: Verifone
Verifone e355 looks like it can be used anywhere, but it’s only offered for fixed POS systems.
e355 has no built-in receipt printer and cannot work on its own. It is, however, portable for table-side ordering in a restaurant, queue-busting or simply using it as a compact EFTPOS reader at the checkout counter.
Westpac used to offer a card reader and app called Westpac Genie, but this is no longer available. If you’re looking for such an app-based, more affordable solution, we recommend checking our shortlist of the best EFTPOS readers (link below).
Alternative: NAB EFTPOS Mobile – no lock-in, pay-as-you-go rate
Westpac EFTPOS fees and contract
Westpac has a lot of different charges that are fairly transparent on the website. That is to say, Westpac displays some charges clearly, but says about others that “there are fees for this” without stating the actual cost. It’s fair to say that the only way to get a complete cost estimate is to contact Westpac for all the charges, which will also be more accurate as you’ll get a quote based on requirements.
Regardless of whether you’re choosing a EFTPOS 1, Presto Smart or EFTPOS 1i plan, you can ask Westpac for customised pricing with granular fees for all aspects of the service. Alternatively, there’s a Westpac Merchant Pricing Plan with a simplified monthly cost according to your level of turnover.
Across all plans, the following fees apply:
| All Westpac EFTPOS plans | Costs* |
|---|---|
| Standard setup fee | From $82.50 |
| Setup fee for temporary EFTPOS facility | $220 |
| Setup fee for standard additional outlet | $27.50 |
| Terminal installation fee | $88 per site visit (in addition to setup fee) |
| Chargebacks | $33 each |
| Authorisation fee (applies to some transactions) |
$2.75 per voice authorisation $0.66 per key authorisation |
*Pricing includes GST.
| All Westpac EFTPOS plans |
Costs* |
|---|---|
| Standard setup fee | From $82.50 |
| Setup fee for temporary EFTPOS facility | $220 |
| Setup fee for standard additional outlet | $27.50 |
| Terminal installation fee | $88 per site visit (in addition to setup fee) |
| Chargebacks | $33 each |
| Authorisation fee (applies to some transactions) | $2.75 per voice authorisation $0.66 per key authorisation |
*Pricing includes GST.
As seen above, the upfront cost is high: $82.50 for setting up one terminal contract + $88 for getting a technician to set it up on site. If you just need it temporarily, the setup fee is $220, while additional outlets for the same business are $27.50 each.
The EFTPOS machines are never owned by you, so after ending a contract, you’ll need to return it to Westpac’s terminal supplier. A lost or damaged Verifone VX 690 terminal will cost up to $550 (incl. GST) to replace or fix, whereas the Verifone e355 reader may cost up to $200 to fix or replace.
In addition to the $33 fee per individual chargeback, an “excessive chargeback fee” may be applied if you have an unusual amount of chargebacks during a period of time. Add to that the authorisation charges for transactions requiring you to validate the payment method over the phone. Of course, this only applies to some transactions (maybe very few).
On a custom price plan, a monthly minimum charge of $22 is applied if card transaction fees are less than $22 during the relevant month. Other than that, a custom price plan would charge at least $24.75 per month for renting a standalone terminal (EFTPOS 1) or $27.50+ per month to rent a POS-integrated terminal on the Presto Smart plan. An additional $2 “participation fee” applies for all custom pricing merchants.
If you go for the EFTPOS 1 plan, there is no contractual lock-in – however, you have to pay a $104.50 (incl. GST) cancellation fee to end the contract. The Presto Smart plan also has a termination fee, but is bound by a contract term that’s not disclosed until you sign up.
The Merchant Pricing Plan has the following pricing that includes terminal rental and card transactions. Note that this pricing structure requires a Westpac business transaction account in the same name as the business registered for the EFTPOS machine.
| Merchant Pricing Plan (EFTPOS 1 or Presto Smart) |
Costs* |
|---|---|
| Visa, Mastercard & eftpos transactions | $55/mo (up to $3.5k transactions) $85/mo (up to $6k transactions) $125/mo (up to $10k transactions) $175/mo (up to $15k transactions) $225/mo (up to $20k transactions) |
| Visa, Mastercard & eftpos transactions above plan | 1.5% per transaction |
| Amex, UnionPay, Diners Club, JCB transactions | Separate fees apply |
| Additional fee for POS integration (Presto Smart) | $10/mo |
| Westpac business account fee | $10/mo for Business One Low Plan $20/mo for Business One High Plan |
*Pricing includes GST.
| Merchant Pricing Plan |
Costs* |
|---|---|
| Visa, Mastercard & eftpos transactions | $55/mo (up to $3.5k transactions) $85/mo (up to $6k transactions) $125/mo (up to $10k transactions) $175/mo (up to $15k transactions) $225/mo (up to $20k transactions) |
| Visa, Mastercard & eftpos transactions above plan | 1.5% per transaction |
| Amex, UnionPay, Diners Club, JCB transactions | Separate fees apply |
| Additional fee for POS integration (Presto Smart) | $10/mo |
| Westpac business account fee | $10/mo for Business One Low Plan $20/mo for Business One High Plan |
*Pricing includes GST.
The monthly fee of the Merchant Pricing Plan includes one EFTPOS machine from either the EFTPOS 1 or Presto Smart plan. The monthly transaction bundles for eftpos, Visa and Mastercard transactions can be good for consistent sales volumes near the upper limit of your monthly transaction limit. The transactions limit is determined while signing up, so it doesn’t change automatically between the different tiers according to how much you make during different months.
The less you make below the chosen tier, the higher the average fee per transaction. If you’re making considerably less that the agreed limit, you may be paying too much in transaction fees compared to a contract where you only pay card processing fees for transactions made.
Transaction fees for UnionPay, JCB and American Express are not openly disclosed, as they are negotiated with those card schemes. You have to set up a separate agreement directly with American Express in order to accept that.
There are also fees for cash-out, new receipt paper rolls, additional fees for adding online payment options and other costs only specified during sign-up.
Other fees apply to the EFTPOS 1i plan. Westpac says you should contact them for a quote based on your needs.
Payouts and bank account
You do not have to use a Westpac bank account to receive payouts for EFTPOS transactions. With a non-Westpac bank account, funds will be paid into your bank account within 48-72 hours of each settlement (processing time excludes Fridays, weekends, NSW public holidays and bank holidays).
A strong point of Westpac is its “instant settlement” seven days a week, 365 days a year. Contrary to what you might think of “instant”, though, EFTPOS transactions are not actually processed straight away to your business bank account. Only one payout batch a day can be settled in your bank account.
You need a Westpac business transaction account to receive these same-day payouts through the bank. The instant settlement function is not available on Corporate Online, and it is only available for Mastercard, Visa and eftpos transactions on any plan and UnionPay on the EFTPOS 1i plan only.
POS integration
Another strength of Westpac is its options to integrate card machines to pretty much any choice of point of sale (POS) system. A POS system is the till software – paid for separately – that runs on your checkout computer or tablet screen.
You need to be on Presto Smart to integrate with a choice of around 50 compatible POS software systems including BLUETILL, Hike, Kounta, POSWAY, Shift8 and many others for small to large businesses.
If you want to connect card payments to a non-compatible POS system, the EFTPOS 1i plan uses the connector software Linkly to integrate with over 500 POS systems in Australia. You can expect to pay more for this setup than with Presto Mobile, as Linkly is an additional piece of software that enables connections with actual POS software.
Image: Westpac
The dashboard gives access to transactions, settlements, terminal fleet and sales reports.
The Verifone VX 690 card machine can print X reports (snapshot of daily sales so far) and Z reports (end-of-day reports) from the terminal, but Verifone e355 cannot as it doesn’t have a printer.
If your card machine is integrated with POS software, then you don’t need to print a paper receipt from the EFTPOS machine. Instead, the POS system can print a receipt after the terminal completes the card payment. POS systems typically have various reporting functions and sales analytics where transactions of any payment method are shown, in which case Westpac’s web portal is mostly for managing payment terminals, chargebacks and the payout schedule.
Customer support and reviews
24/7 customer support is included with all of Westpac’s EFTPOS solutions. This means that any time there’s a technical – or any other – problem, you can phone a help desk. You also have the flexibility of upgrading the EFTPOS terminal any time or discuss adjusting the fee plan if you experience growth in your business during your contractual term.
Generally, Westpac is a trusted service in Australia with about 100,000 merchants using it for card processing. When looking at general customer reviews, though, Westpac gets a lot of complaints from users having problems with basic account services. However, reviews from EFTPOS merchants are far in between, so it’s a little difficult to make out just how good the Westpac EFTPOS service is in comparison with private and business banking users.
Perhaps the best option for prospective merchants is to use a non-Westpac bank account for EFTPOS settlements to avoid the bank account issues reported by others.
True pay-as-you-go reader: Square EFTPOS – no contract, no monthly fees
Verdict
Existing Westpac account holders should definitely have a look at Westpac’s EFTPOS offering, as it’s a rare feat to get same-day settlement for card transactions. The customer service may not be the greatest for bank accounts, but EFTPOS machines by Westpac are used by many merchants across Australia – a sign it works at scale.
It’s also a plus that the bank offers different pricing, so those preferring a simple monthly fee for terminal rental and card transactions can go for that. Conversely, merchants who are keen to negotiate the best transaction rates can inquire about this.
Small startups with an uncertain future can end up losing more money than the bundled pricing is worth, as there is no reduction in price for the months where sales are way below the agreed limit. Moreover, a costly termination fee always applies – even on the commitment-free EFTPOS 1 plan. Perhaps custom pricing is better for businesses with fluctuating sales, but then you have other costs like terminal rental.
Finally, the varied options for POS integration are appealing for retail shops, restaurants, coffee shops and other in-person stores with a particular checkout system. No matter your card payment needs, Westpac is likely to offer something to suit.
Best for: Small- or medium-sized, stable businesses with a business bank account at Westpac.
