EFTPOS stands for Electronic Funds Transfer at Point Of Sale is a payment system that was released in New Zealand in 1985. The company hasn’t stopped to grow and has become one of the best national payment service providers. This option enables the customers to electronically transfer money in their bank account.
EFTPOS cards can be used in Aussie and Kiwi businesses enabling the customers to receive money and pay for purchases. They can also use the cards to cash out from their bank account through an ATM. Although this NZ payment option is not optimized on mobile devices this card provides multiple benefits. Here’s a look at the advantages and drawbacks of using EFTPOS Cards.
Pros of EFTPOS Cards
- You can have access to your funds at your convenience. Once you have an EFTPOS card, you are able to send or receive funds in your account. Therefore, you won’t feel insecure as there is no need to carry too much money. Using an EFTPOS card will, therefore, help you to manage your business safely and securely. Additionally, this method is created to process payments 24 hours a day 7 days a week.
- The EFTPOS card's users can manage their spending. Our main concern is to spend more and managing our money better requires some management tips. One of these tricks is to connect your card to a PayPal account. So there you can manage how much money you have spent on NZ casinos with PayPal deposit and sports bets.
- EFTPOS card is accepted by many retailers. Many gaming companies and retailers in New Zealand accept EFTPOS cards. With this card, the payers can use it to purchase their preferred goods. The sellers can also use this card to receive the payment from their payers. Since this method is one of the most commonly used payment solutions among the Kiwis, the customer's buying experience will be improved.
- Withdrawal system. Another advantage of using an EFTPOS card is that the users can cash-out money from their bank account via an ATM. In fact, this New Zealand payment method is designed for funding and withdrawal options.
Cons of EFTPOS Cards
- Not available on mobile devices. One of the disadvantages of using an EFTPOS card is that this solution cannot be used to make online or mobile purchases. Actually, this card is a face-to-face method since it requires the presence of both the merchants and the shoppers.
- Risk of fraudulent transactions. If the users or cardholders don't keep their Personal Identification Number, the banks accept, in general, the fake transactions on their EFTPOS card. Thus, it is important to be careful to avoid fraud during transactions.
- Possibility of technical problems. Despite the technology and innovation used by the EFTPOS system, the users can meet technical problems like system outages or telecommunication during the transactions. When this issue occurs, the trader can choose the option Electronic Offline Voucher (EOV) or Manual Offline Voucher (MOV) procedure to finalize the dealings.
So Is it Worth to Use Them?
EFTPOS Card is an attractive payment service since it is simple and used by many businesses in New Zealand. The users can send and withdraw funds within a few minutes. Moreover, with this option, carrying a huge amount of cash is over because you just use this card to pay goods and services.
EFTPOS Card is, unfortunately, not adapted for mobile devices but this method is suitable to both the vendors and purchasers. As the customers are required to enter a PIN code when making a transaction, an EFTPOS card provides a high level of security.