What is the difference between eftpos and direct debit

EFTPOS payments allow your customers pay directly into your bank account via a bankcard, credit card or debit card. A credit card lets customers pay for goods and services by creating a debt with a credit card provider.

Direct payments are fast. The Australian Payments Network coordinates direct debit payments in Australia. Be aware of fees to process direct debit payments. Online payments let your customers pay for your goods and services through your website. Payments can be automatic and convenient. Make sure you use encryption for sending payment information to protect your customers.

Cash payments are useful for low value items or if other payment methods are unreliable. You will need a method of tracking your sales such as a cash register. You will also need to regularly bank your cash. Avoid storing large amounts of cash to reduce the risk of theft. Paying by cheque is becoming less common now that we have electronic payment methods.

Cheques require more handling to process and can attract fees. They also take about 3 business days to clear. A money order tells a bank, credit union, building society or post office to pay you money. Unlike cheques, money orders are prepaid.

But they can bounce due to other problems, such as suspected fraud. Gift cards and vouchers can increase sales around special occasions. They can also help promote your brand and bring in new customers. Digital currencies are similar to money. Use them to buy and sell goods and services in exchange markets. The value of digital currency can change more quickly than traditional currency.

Network issuing debit cards Issued where? Accepted where? There are other differences between the debit card systems:. Can only be accepted in Australia. Can only be used in card terminals. No credit card option. Cardholders can take cash out at retail checkouts with an eftpos card. Merchants commonly need a separate eftpos contract to accept this card. International debit cards.

Run by debit card networks operating internationally. Accepted internationally. Can be used in card terminals, online and via other sales channels. Visa, Mastercard etc. Enjoy earning Virgin Money points on purchases conditions apply. Bundled with the Virgin Money Boost Saver. No Account fees. Available as a joint account. Read our Mozo Review to learn more about the Go Account. Send and receive foreign currency with no Citi transfer fees. Consolidate your international bank accounts with account details for up to 10 currencies.

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