What’s the difference?
It’s a common point of confusion – and you’re not alone. While they sound the same, eftpos and EFTPOS aren’t the same thing.
eftpos is the debit card network
eftpos is Australia’s local debit card network committed to affordable and secure payments for businesses. eftpos is available on over 70 million contactless-enabled debit cards and digital wallets. When a consumer pays using an eftpos debit card or an eftpos-enabled digital wallet, eftpos securely processes that transaction behind the scenes - moving funds from the consumer’s bank account to yours.
eftpos works across in-store, online and in-app payments, and can be accepted through many EFTPOS terminals and compatible devices.
EFTPOS is the terminal
EFTPOS stands for Electronic Funds Transfer at Point of Sale. It’s the payment terminal or machine you use to take payments. Consumers can typically tap, insert or swipe to make a payment. Multiple payment types can be accepted through an EFTPOS terminal, including debit cards, credit cards and digital wallets – across different networks.
Why it matters for your business
Understanding the difference between eftpos and EFTPOS gives you greater visibility and control over how debit payments are processed for your business.
Over 50 million debit cards in Australia can be processed through more than one payment network, typically an international card network or the domestic eftpos network. When a consumer pays using a debit card on your payment terminal (such as an EFTPOS terminal) or device, that transaction may be routed via eftpos or the international card network, depending on how your payments are set up.
Having Merchant Choice Routing (MCR) switched on means access to:
- Cost-effective payments
MCR gives businesses the ability to route eligible debit card transactions through their preferred network. This is also known as Least-cost Routing (LCR) as the routing is typically on the lower cost debit network. If MCR is not enabled, the transaction is processed on the default card network, which may be more expensive for your business.
Learn more about Merchant Choice Routing.
- A trusted, local network
eftpos is Australian-owned and built for the local payments ecosystem, with a strong focus on security, reliability and widespread acceptance. With eftpos, you can be confident that transactions are processed securely and locally, while meeting Australian privacy and security standards.
- More choice for businesses
Whether your customers are in-store, online, or on-the-go, eftpos can help businesses of all sizes accept payments seamlessly and securely.
Talk to your bank or payment service provider to learn more about how eftpos can work for your business.
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