Australia's Cheapest EFTPOS Machines for Small Businesses

Finding the Right EFTPOS Solution for Your Business

Looking for the cheapest EFTPOS machine for small business? Here's a quick comparison of the most affordable options in 2024:

Provider	Upfront Cost	Monthly Fee	Transaction Fee	Best For
Mobile Reader	$65	$0	1.9%	Lowest upfront cost
Standard Terminal	$259-299	$0	1.4%	No monthly fees
Compact Reader	$59	$0	1.4%	Mobile businesses
Zero-Fee Terminal	$0	$0-34.95	0%	Businesses with surcharging
Budget Terminal	$0	$0-11	1.86%	Low volume merchants

As cash payments continue their steep decline across the United States, finding the cheapest EFTPOS machine for small business has become essential for entrepreneurs looking to maximize profits while meeting customer expectations. Today's consumers expect the convenience of card payments, with billions of EFTPOS transactions processed annually in America alone.

The right EFTPOS solution isn't just about finding the lowest upfront cost—it's about understanding the total cost of ownership, including transaction fees, monthly charges, and potential hidden costs that can significantly impact your bottom line.

Small businesses need to carefully evaluate their specific needs, transaction volumes, and service requirements before making a decision. A solution that works perfectly for a busy café might be completely wrong for a mobile service business or weekend market stall.

I'm Lydia Valberg, Co-Owner of Merchant Payment Services, and I've spent years helping small businesses find the cheapest EFTPOS machine for small business solutions that align with their unique operational needs and budget constraints. My family's 35-year history in payment processing has taught me that the right payment solution can dramatically improve a business's cash flow and customer experience.

Why every small business needs an affordable EFTPOS option

Implementing an affordable EFTPOS solution offers several critical advantages for small businesses:

1. Improved cash flow: With same-day or next-day settlement options, you'll have faster access to your funds compared to traditional banking timeframes.

2. Improved customer convenience: Today's shoppers expect to pay with cards or digital wallets. Without this option, you risk losing sales when customers must be sent to the nearest ATM.

3. Reduced fraud risk: Modern EFTPOS terminals use EMV chip technology that significantly reduces the risk of card cloning and fraud compared to cash handling.

4. Detailed reporting: Electronic transactions provide valuable data on sales patterns, peak business hours, and customer spending habits that can inform your business decisions.

5. Surcharging opportunities: Many providers now offer the ability to pass transaction costs onto customers, effectively eliminating processing fees for your business.

What Is an EFTPOS Machine and How Does It Work?

EFTPOS stands for Electronic Funds Transfer at Point Of Sale. Think of it as the digital bridge that connects your customer's bank account to your business bank account at the exact moment they decide to buy something from you.

Your cheapest EFTPOS machine for small business options all support multiple ways for customers to pay. The technology has evolved dramatically in recent years, giving customers more flexibility than ever:

When a customer pulls out their card or phone, they can pay using chip-and-PIN technology (inserting the card and entering their secret code), contactless/NFC payments (the convenient tap-and-go method using cards or digital wallets like Apple Pay or Google Pay), or occasionally the old-school magnetic stripe swipe as a backup option.

Behind the scenes, something pretty amazing happens in just seconds. Your EFTPOS terminal uses its connection—whether that's Wi-Fi, 4G mobile data, or a hardwired ethernet cable—to talk to payment networks like Visa, Mastercard, and American Express. The whole process follows a simple but secure path:

First, the customer's bank verifies they have enough money and approves the transaction. Then, the payment network (like Visa or Mastercard) processes all the details. Finally, the money makes its way to your merchant account, typically overnight, though some premium services offer same-day settlement if cash flow is a priority for your business.

The real magic happens when your EFTPOS system connects with your Point of Sale (POS) software. When they work together, transaction data flows seamlessly into your inventory tracking and accounting programs. This integration eliminates those late nights manually entering sales data and dramatically reduces costly human errors.

Modern EMV security (that little chip on credit cards) provides robust protection against fraud, giving both you and your customers peace of mind with every transaction. The entire system is designed to be reliable, secure, and increasingly affordable for businesses of all sizes.

The Cheapest EFTPOS Machine for Small Business: Total Cost Breakdown

Finding the cheapest EFTPOS machine for small business isn't as simple as picking the lowest-priced device. It's like buying a printer—the upfront cost is just the beginning of the story. Let's break down what you'll actually pay over time so you can make the smartest choice for your business.

Upfront device costs vs. rental fees

When it comes to getting your hands on an EFTPOS terminal, you've got two paths:

You can buy outright with options like Mobile Reader at just $65, Standard Terminal at $259-299, or Compact Reader at a budget-friendly $59. These are great if you hate monthly bills and prefer to own your equipment.

Or you can rent with no upfront cost through providers like Zero-Fee Terminal ($0-34.95 monthly, but free if you process over $10,000 monthly), Budget Terminal ($0-11 monthly, waived if you exceed $2,000 in monthly revenue), or Premium Terminal ($29 monthly, potentially $0 with their No Cost EFTPOS program for businesses processing over $10,000 monthly).

Think of it like the cell phone decision—pay now or pay later. The right choice depends on your cash flow situation and processing volume.

Transaction fee structures

The fees you'll pay on each swipe, tap, or dip fall into a few categories:

With flat percentage rates, you'll know exactly what you're paying—Mobile Reader charges 1.9%, while Standard Terminal and Compact Reader both charge 1.4% (including tax), and Budget Terminal sits at 1.86% per transaction.

Blended rates change depending on the card type (that fancy rewards card your customer uses? It'll cost you more to process).

Interchange-plus pricing separates the base cost and provider markup. It's more transparent but can make your monthly statement look like a math textbook.

Zero-fee models like Zero-Fee Terminal flip the script entirely—they charge nothing when you enable automatic surcharging, essentially passing the cost to card-paying customers.

Hidden fees to watch for

The cheapest EFTPOS machine for small business can quickly become the most expensive if you're not watching for these sneaky charges:

Setup fees to activate your account, monthly statement fees for transaction reports, PCI compliance fees for security standards, early termination penalties if you want out of your contract, chargeback fees when customers dispute transactions, and minimum monthly processing requirements that can trigger additional fees if you don't meet them.

These are like the "resort fees" of the payment processing world—not mentioned in the headline price but definitely on your bill.

Key numbers every owner should model

To find your true best deal, grab a calculator and consider:

Your average transaction size matters—smaller sales may benefit from flat percentage models without fixed per-transaction components.

Your monthly card volume is crucial—higher volume can qualify you for better rates or free terminal rental.

If you're considering surcharging, calculate your break-even point to cover costs without turning customers away.

Settlement timing impacts your cash flow—same-day versus next-day settlement can make a huge difference, especially if you're running a busy operation with high daily turnover.

Cheapest EFTPOS machine for small business fee scenarios

Let's make this real with a business processing $20,000 monthly in card payments:

Scenario 1: Flat 1.4% rate (Standard Terminal) With Standard Terminal, you'll pay $280 monthly in transaction fees plus a one-time $299 terminal purchase. First-year total: $3,659 (about $304.92/month).

Scenario 2: 1.9% rate with lower hardware cost (Mobile Reader) Mobile Reader will cost you $380 monthly in transaction fees with just a $65 terminal purchase. First-year total: $4,625 (about $385.42/month).

Scenario 3: $0 transaction fees with surcharging (Zero-Fee Terminal) With Zero-Fee Terminal's surcharging model, your monthly rental is $0 (with your $20,000 monthly volume), and transaction fees are $0 (passed to customers). First-year total cost: $0.

As you can see, the cheapest EFTPOS machine for small business really depends on your comfort with surcharging and your specific business model. One business's perfect solution might be another's costly mistake.

Comparing Device Types to Find the Cheapest EFTPOS Machine for Small Business

Let's face it – not all EFTPOS machines are created equal, and what works for a busy downtown café might be completely wrong for your food truck or boutique shop. Finding the cheapest EFTPOS machine for small business means matching the right device to how you actually operate.

Countertop vs. portable: which delivers the cheapest EFTPOS machine for small business?

If you run a shop with a fixed checkout counter, a countertop terminal might be your best bet. These workhorses are built for reliability and typically include built-in receipt printers – perfect for busy retail environments. While they're usually a bit cheaper upfront (around $250-300), remember they need a power outlet and stable internet connection. The trade-off? You're tethered to one spot.

On the flip side, portable terminals give you the freedom to take payments anywhere – whether that's tableside at your restaurant or throughout your showroom floor. They typically run $250-350 and operate on battery power (usually 8-10 hours of life) with Wi-Fi or 4G connectivity. This flexibility can actually boost your sales by making it easier for customers to pay on the spot.

Feature	Countertop	Portable	Mobile App Readers
Upfront Cost	$250-300	$250-350	$59-65
Connectivity	Ethernet/Wi-Fi	Wi-Fi/4G	Bluetooth/Phone data
Battery Life	N/A (Plugged in)	8-10 hours	Depends on phone
Built-in Printer	Usually yes	Sometimes	No
POS Integration	Extensive	Good	Limited
Best For	Fixed checkout	Table service	Mobile vendors

Mobile-app readers: cheapest hardware, higher swipe fees

If upfront cost is your biggest concern, mobile readers that connect to your smartphone are hard to beat. At just $59-65 for compact mobile devices, they're significantly cheaper than full terminals. The catch? You'll typically pay higher transaction fees (1.9% compared to 1.4% for full terminals).

These pocket-sized readers use your smartphone's internet connection and battery life, which means one less device to charge but also potential limitations based on your phone's capabilities. They're perfect for weekend market vendors, mobile service providers like plumbers or electricians, or businesses just testing the waters with card payments.

Just keep in mind – no built-in printer means emailing receipts or buying a separate printer, and if your phone dies, so does your ability to take payments. But for occasional use or businesses on a tight budget, these readers offer an affordable entry point into card payments.

Smart terminals: pay more upfront, save on integrations

For businesses processing more than $10,000 monthly, smart terminals like the Standard Terminal ($299) often provide better long-term value despite the higher upfront cost. These all-in-one devices pack impressive features that can actually save you money down the road.

With built-in receipt printing, all-day battery life, and inventory management features, they eliminate the need for separate POS software. Many include customer-facing displays and seamless surcharging options that make it clear to customers when fees are being added.

The real magic happens with their integration capabilities – by automatically syncing sales data with your accounting software, they reduce manual data entry errors and save precious hours you'd otherwise spend on reconciliation. Plus, having both Wi-Fi and 4G connectivity means you'll never miss a sale due to internet outages.

For growing businesses, these smart terminals offer a balance of upfront affordability and long-term savings that often makes them the cheapest EFTPOS machine for small business when you consider the total value they deliver.

How to Choose and Switch to a Low-Cost Provider

Ready to cut your payment processing costs? Switching to a more affordable EFTPOS provider doesn't have to be complicated. With a bit of planning, you can find the cheapest EFTPOS machine for small business that still meets all your needs.

Step 1: Evaluate your current contract

Before jumping ship, take a close look at what you're already committed to. Those fine-print details matter!

Check for any early termination fees that might eat into your savings if you leave now. Note exactly when your minimum term ends – sometimes waiting just a month or two can save hundreds in penalties. Also, understand the equipment return process – some providers charge hefty fees for unreturned or damaged terminals.

While you're at it, gather about 3 months of processing statements. This data will be gold when shopping for better rates, as it shows your actual transaction patterns.

Step 2: Assess your specific needs

Finding the cheapest EFTPOS machine for small business isn't one-size-fits-all. Your perfect solution depends on how you operate.

If you process high volumes, you'll likely qualify for better rates – don't be shy about negotiating! Businesses with mostly small transactions should avoid providers with fixed per-transaction fees, as these can quickly eat into profits on small sales.

Mobile businesses need reliable wireless solutions, while stores with fixed checkouts might save with countertop models. Think about your technical comfort level too – do you need 24/7 support or are you comfortable troubleshooting basic issues?

Your cash flow needs matter as well. If having money in your account quickly is crucial, prioritize providers offering same-day settlement, even if they charge slightly more.

Step 3: Compare total cost of ownership

Looking only at the advertised rate is like buying a car based solely on the sticker price – there's so much more to consider!

Create a simple spreadsheet comparing all costs: hardware purchase or rental fees, monthly subscription charges, transaction percentages, and those sneaky "other" fees like PCI compliance or statement charges. Calculate your total annual cost based on your typical processing volume.

Don't forget to factor in contract length. A slightly higher rate with no long-term commitment might actually be cheaper than a locked-in "deal" if your business is growing or changing.

Step 4: Check POS compatibility

This step saves so many headaches! Before signing anything, verify that your new EFTPOS solution will play nice with your existing point-of-sale system.

Ask your POS vendor directly about integration with your potential new provider. Some POS systems have preferred EFTPOS partners that offer smoother setup and fewer glitches. You can check if your POS is compatible with various payment solutions at integrations.mx51.io.

Integration costs aren't always included in the quoted price, so ask specifically about any additional charges for connecting your systems.

Step 5: Plan the transition

Timing is everything when switching payment processors. Order your new equipment well before you need it – shipping and setup always take longer than expected.

Try to schedule your transition during a slower business period. Monday mornings or month-end rushes are definitely not ideal times to be learning a new system! Make sure your staff gets hands-on training before you go live.

Always have backup payment options ready during the switch – whether that's temporarily accepting cash only or having your old system available as backup for a few days.

Passing on costs legally & ethically

Many small business owners are finding the benefits of surcharging to offset EFTPOS costs. When done right, this approach can effectively make your cheapest EFTPOS machine for small business completely free to operate.

Just remember to play by the rules. Surcharges must reasonably reflect your actual processing costs – no marking up for extra profit. Clear signage is essential – customers should never be surprised by an added fee at checkout.

Consider your customer base carefully. In some industries, surcharges are completely accepted, while in others, they might drive customers to competitors. For businesses in competitive markets, you might prefer setting minimum purchase amounts for card transactions instead.

For detailed guidelines on implementing dynamic surcharging, check out Linkly Dynamic Surcharging rules and learn more about fee structures with this Credit Card Processing Fee Breakdown.

Ensuring smooth POS & accounting sync

The right integration between your payment system and accounting software can save hours of manual data entry every week.

Before committing, verify that your new EFTPOS provider offers API access for your accounting platform. Check whether they support cloud integration (generally easier to set up) or if they require on-premises software installation.

Most quality providers now offer direct feeds to popular platforms like Xero and QuickBooks. These integrations automatically reconcile transactions, categorize sales, and even handle split payments properly.

At Merchant Payment Services, we leverage our 35+ years of payment expertise to help you slash card-processing costs while maintaining seamless operations. Our team can guide you through finding the truly cheapest EFTPOS machine for small business that meets your specific needs without compromising on service or features.

Ready to explore all your payment options? Explore our full payments toolkit or check out options for a Cheap Credit Card Machine that won't break the bank.

Frequently Asked Questions about the Cheapest EFTPOS Options

What are typical U.S. transaction fees for the cheapest eftpos machine for small business?

Let's talk money—specifically what you can expect to pay per transaction. In the U.S., fees typically range from 1.4% to 1.9% for in-person transactions. I've worked with hundreds of merchants, and here's what the most budget-friendly providers are charging:

• Standard Terminal comes in at 1.4% (tax included) across all card types
• Compact Reader matches that 1.4% rate (tax included)
• Mobile Reader charges a bit more at 1.9% for tap, insert, or swipe payments
• Budget Terminal sits at 1.86% per transaction

Good news if you're processing over $20,000 monthly—many providers will customize rates for higher-volume businesses. When we help merchants negotiate rates at Merchant Payment Services, we often secure better terms for businesses with consistent processing volumes.

Can I avoid monthly rental entirely?

Absolutely! I'm always happy to tell business owners there are several ways to eliminate those pesky monthly fees:

You can purchase your terminal outright with options like Mobile Reader ($65), Compact Reader ($59), or Standard Terminal ($259-299). Once you've paid that initial cost, there's nothing more to pay each month.

Another approach is to look for volume-based free rental programs. Many providers will waive your monthly fees once you hit certain processing thresholds. For example, Zero-Fee Terminal drops the monthly fee when your turnover exceeds $10,000, while Budget Terminal does the same at just $2,000 in monthly revenue.

My personal favorite for many of our clients is the surcharging model. Providers like Zero-Fee Terminal offer terminals with zero monthly fees when you enable automatic surcharging—effectively passing the processing costs to customers who choose to pay by card.

How fast will my funds settle into my bank account?

Cash flow is king for small businesses, so settlement timing matters tremendously. Here's what you can expect:

Same-day settlement is available through providers like Standard Terminal, which deposits funds the same day into your Transaction Account. This can be a game-changer if you're managing tight cash flow.

Most providers offer next-business-day settlement as their standard option, which works well for many businesses.

If you operate on weekends or holidays, look for providers offering 7-day settlement. Some will process settlements every day of the year, including holidays.

For the ultimate in speed, some providers now offer instant settlement options for an additional fee—worth considering if you need immediate access to your funds.

In my experience working with small businesses, faster settlement can absolutely justify paying slightly higher transaction fees, especially for businesses with tight operating margins or those that need to quickly restock inventory based on sales.

Conclusion

Finding the cheapest EFTPOS machine for small business is a bit like finding the right pair of shoes – the best choice isn't always the one with the lowest price tag. It's about finding a payment solution that fits your business perfectly while keeping costs manageable.

After helping countless small businesses steer the payment processing landscape, I've found that success comes down to looking at the complete picture:

1. Focus on total cost of ownership, not just the sticker price. That $65 reader might seem like a bargain until you calculate the higher transaction fees over a year of business.

2. Match your device to your business reality. A busy restaurant needs a different solution than a weekend market vendor or mobile hairstylist.

3. Don't skip the compatibility check with your existing POS system. The money you save on a cheaper terminal quickly evaporates if you need to manually reconcile transactions.

4. Take a serious look at surcharging options. When implemented transparently, they can effectively eliminate your processing costs while maintaining customer satisfaction.

5. Reliability trumps saving a few dollars. A terminal that fails during your Saturday rush will cost you far more in lost sales than you saved on the purchase price.

At Merchant Payment Services, we've spent over 35 years in the payments industry, giving us unique insight into what makes a truly cost-effective solution. While our specialty is ATM management solutions, we understand the entire payment ecosystem and how all the pieces fit together to impact your bottom line.

The right EFTPOS solution becomes an invisible asset to your business – it simply works, day in and day out, while keeping your costs predictable and your customers happy. Whether you're just starting out or looking to switch providers, the information in this guide gives you the foundation to make a confident decision about the cheapest EFTPOS machine for small business that will truly serve your needs.

The cheapest option isn't always the most economical in the long run. Your business has unique needs and growth plans that should guide this important decision. When you find that perfect balance between affordability, reliability, and functionality, your payment system transforms from a necessary expense into a valuable business tool.

Explore our full payments toolkit to find how Merchant Payment Services can help you optimize your entire payment strategy, from EFTPOS solutions to ATM management.