Bank of Melbourne EFTPOS Terminal: Everything Australian Retailers and Market Traders Need to Know (And a Better Alternative Worth Considering)
If you're searching for a bank of melbourne eftpos terminal, you're likely a retailer, market trader, or small business owner trying to work out whether this is the right payment solution for your operation. This guide breaks down exactly how Bank of Melbourne's terminals work, what you'll pay, and what the setup process looks like — plus an honest look at where the product falls short and what Australian businesses should consider instead.
What Is the Bank of Melbourne EFTPOS Terminal and Who Is It Built For?
Bank of Melbourne offers two main terminal products for Australian merchants:
1. EFTPOS Now
This is a standalone portable terminal. You manually key in the transaction amount, hand it to the customer, and they tap, insert, or swipe their card. There's no automatic connection to a point-of-sale (POS) system. It suits sole traders, market stall holders, mobile businesses, or any operation that doesn't run dedicated retail software.
2. EFTPOS Connect
This is designed for businesses already running a POS system. It connects the terminal to your software so transactions are pushed directly from the register to the device — no manual keying. It's aimed at established retail stores, cafés, and multi-staff environments.
The distinction matters because the wrong choice will either leave you with a terminal that doesn't integrate with your software, or a more expensive setup than your business actually needs.
Bank of Melbourne EFTPOS Terminal Fees and Pricing: What You'll Actually Pay
Pricing is where most business owners get caught off guard. Here's a clear breakdown of what Bank of Melbourne charges:
EFTPOS Now Pricing
- Transaction fee: 1.2% flat rate (all card types)
- Monthly terminal fee: $24.75
So if you process $20,000 a month through EFTPOS Now, your transaction fees alone come to $240 — plus the $24.75 monthly rental. That's roughly $264.75 per month before any other costs.
EFTPOS Connect Pricing (Tiered)
The EFTPOS Connect product uses tiered rates depending on your card mix:
| Card Type | Rate |
|---|---|
| eftpos (savings/cheque) | 0.5% |
| Mastercard / Visa (standard) | 0.75%–1% |
| UnionPay | 1% |
| American Express | 5% |
| Diners Club | 3% |
Important: American Express at 5% is a significant cost if you have a customer base that frequently uses Amex. Know your card mix before you sign.
How to Calculate Your Real Monthly Cost
Use this simple formula:
(Monthly card turnover × average transaction rate) + monthly terminal fee = total monthly cost
For example, a market stall processing $15,000/month with a mix of mostly Visa/Mastercard at roughly 1% would pay approximately $150 in transaction fees + $24.75 = $174.75/month. That's before any surcharging you pass on to customers.
Surcharging Note
Australian merchants are legally allowed to surcharge customers to recover the cost of card acceptance. If you configure surcharging correctly (covered below), your net payment processing cost can drop significantly.
How to Set Up and Pair Your Terminal
Getting a Bank of Melbourne EFTPOS terminal up and running involves a few key steps:
- Apply for merchant services — Contact Bank of Melbourne directly or through a broker. You'll need your ABN, business bank account details, and estimated monthly turnover.
- Receive and activate your terminal — Once approved, your terminal arrives pre-configured with your merchant ID.
-
Connect to your network — EFTPOS Now supports three connection types:
- 4G mobile data (built-in SIM)
- Wi-Fi (connects to your in-store network)
- Ethernet cable (for a fixed counter setup)
- Automatic 4G fallback — This is a genuine practical benefit: if your broadband drops, EFTPOS Now automatically switches to 4G. For market traders and pop-up retailers, this means you keep trading even if the venue's Wi-Fi is unreliable.
- Contact the helpdesk if needed — Bank of Melbourne's merchant helpdesk is available 24/7 on 1300 603 266.
EFTPOS Connect requires an additional step: installing or configuring Linkly software on your POS system before pairing the terminal.
Integrating Your EFTPOS Terminal With a POS System
If you're running retail software — whether that's a full point-of-sale platform like Lightspeed, Kounta, or a custom solution — EFTPOS Connect uses Linkly as the middleware that sits between your POS and the payment terminal.
Here's why that matters for busy retailers:
- No double-keying: The sale amount is sent automatically from your POS to the terminal. Staff don't retype amounts, which removes a common source of errors.
- Faster checkout: Customers see the amount on the terminal immediately after the sale is processed at the register. During peak periods — market days, weekend retail rushes — this adds up.
- Over 700 POS integrations: Linkly works with most major Australian POS systems. If your software is on the list, integration is straightforward.
One important limitation: EFTPOS Now does not support POS integration. If you grow to the point where manual keying becomes a bottleneck, you'll need to switch to EFTPOS Connect and potentially renegotiate your merchant agreement.
What Is Merchant Choice Routing (MCR)?
Merchant Choice Routing is a feature that allows the terminal to automatically route dual-network debit card transactions (like an eftpos/Visa card) through the cheaper network — typically eftpos rather than Visa or Mastercard.
In plain English: when a customer taps a debit card, the terminal picks the lowest-cost network for the merchant. This can meaningfully reduce your transaction costs over time, particularly if a large portion of your customers pay with debit cards.
Ask your payment provider directly whether MCR is enabled on your terminal. Not all setups have it switched on by default.
Surcharging, Refunds, and Settlement — The Operational Stuff That Matters
Configuring Surcharging
Australian law allows merchants to surcharge customers to recover the reasonable cost of card acceptance. To set this up on a Bank of Melbourne terminal:
- Access the terminal's admin or surcharge settings menu (you'll need your merchant admin password)
- Enter surcharge percentages per card type — for example, 1.2% for Visa/Mastercard, 0.5% for eftpos
- Confirm settings and test with a small transaction
The key legal requirement: your surcharge cannot exceed your actual cost of acceptance. Overcharging is prohibited under ACCC guidelines. Keep your surcharge rates in line with what you're actually being charged.
Processing Refunds
To process a refund on Bank of Melbourne terminals:
- Select Refund from the transaction menu
- Enter your refund password (different from the settlement password)
- Key in the refund amount
- Have the customer present their card
End-of-Day Settlement
- Select Settlement from the main menu
- Enter your settlement password
- The terminal will batch and submit all transactions from the day
Bank of Melbourne offers same-day settlement for most merchants, meaning funds typically appear in your nominated account on the same business day (subject to transaction timing and bank processing).
MOTO Transactions
If you take phone or mail orders, Bank of Melbourne EFTPOS Connect supports MOTO (Mail Order / Telephone Order) transactions. You manually key in the card number, expiry date, and CCV code — but note the strict rules on card data storage covered below.
Battery Life, Connectivity, and Troubleshooting Common Issues
Battery Management
Portable EFTPOS terminals like EFTPOS Now typically deliver 8–10 hours of active use from a full charge. Best practices for market traders:
- Charge the terminal overnight before every market day
- Carry a portable power bank that supports the terminal's charging cable
- Avoid leaving the terminal in direct sunlight or a hot car — heat degrades battery performance quickly
What If the Terminal Is Lost or Stolen?
This is a genuine risk for market traders with portable devices. If your terminal goes missing:
- Call the Bank of Melbourne merchant helpdesk immediately on 1300 603 266 (available 24/7)
- Request the terminal be remotely deactivated — this prevents it being used for fraudulent transactions
- Report the loss to police and obtain an incident report number (you may need this for insurance)
- Request a replacement terminal
Do not wait. A stolen terminal that's still active is a liability.
Troubleshooting Common Issues
| Problem | Fix |
|---|---|
| Unrecognised response code | Note the code and call 1300 603 266 |
| Terminal not responding | Hold power button for 10 seconds to restart |
| Wi-Fi disconnected | Terminal should auto-switch to 4G — check 4G signal |
| POS won't communicate with terminal | Check Linkly is running and terminal is paired |
For POS software issues specifically, Linkly support can assist — check their website for current support hours, as these differ from the Bank of Melbourne helpdesk.
Contactless and Tap-to-Pay Limits
In Australia, contactless transactions under $200 typically don't require a PIN. Transactions above $200 require the customer to enter their PIN. These limits are set at the card scheme level, not by individual banks.
For merchants processing high-value items regularly, ensure your terminal is configured to prompt for PIN at the appropriate threshold.
Receipt Options
- Customer copy: After a transaction, the terminal will prompt whether to print a customer receipt. The customer can decline.
- Merchant copy: Your terminal can be set to always print, never print, or prompt — configure this based on your operational preference.
- Digital receipts: Not currently a native feature of Bank of Melbourne's terminal range — if this matters to your business, factor it into your comparison.
CVV/CCV Security Codes — What Merchants Must Know
The CCV (Card Check Value) — also referred to as CVV — is the three-digit code printed on the back of Mastercard and Visa cards (four digits on the front for Amex). It's designed to verify that the person making a card-not-present transaction actually has the physical card in hand.
Where to Find It
- Mastercard / Visa: Three digits on the signature strip on the back
- American Express: Four digits printed on the front of the card
The Rule Every Merchant Must Know
You must never store CCV codes — ever.
This applies to:
- Paper records
- Spreadsheets
- Email threads
- Any digital system
CCV codes are for one-time authorisation only. Once a transaction is approved, the code must not be retained. Storing CCV data:
- Breaches card scheme rules (Visa, Mastercard, Amex)
- Violates PCI DSS compliance requirements
- Exposes your business to significant financial liability in the event of a data breach
If you process MOTO transactions and take card details over the phone, train your staff to enter the CCV directly into the terminal or payment gateway and never write it down.
Contract Length and Lock-In Terms
One of the most common questions Australian business owners ask before signing up for any merchant facility is: Am I locked in?
Bank of Melbourne merchant services agreements typically involve:
- A minimum contract term (commonly 12–24 months)
- Early termination fees if you exit before the term ends
- Equipment return obligations for rented terminals
Before signing, read the Product Disclosure Statement carefully and ask your relationship manager directly about exit terms. If flexibility matters to your business — for example, if you're a seasonal market trader — a lock-in agreement may not suit you.
Why APS Is the Smarter EFTPOS Choice for Australian Retailers and Market Traders
After reviewing everything Bank of Melbourne offers, here's the honest picture: it's a competent product for businesses that are already banking with Westpac Group and want everything under one roof. But for independent retailers, market traders, and growing small businesses, there are real limitations:
- The 1.2% flat rate on EFTPOS Now isn't competitive at higher transaction volumes
- Amex at 5% is one of the highest rates available in the market
- Contract lock-in terms reduce flexibility for seasonal or growing businesses
- No digital receipt capability
- EFTPOS Now can't integrate with POS systems — you'd need to switch products as you grow
APS offers Australian businesses a straightforward alternative: competitive transaction rates, flexible contract terms, portable and integrated terminal options, and a team that actually understands the needs of market traders and independent retailers — not just big-box merchants.
Whether you're running a weekend market stall, a boutique retail store, or scaling a multi-location business, APS can match you with the right terminal and rate structure for your actual transaction volume.
Frequently Asked Questions
Q: Can I use the Bank of Melbourne EFTPOS terminal without internet?
EFTPOS Now has a built-in 4G SIM that activates automatically if your Wi-Fi or broadband connection drops. So yes, you can operate without fixed internet — as long as you have mobile coverage at your location. In areas with poor 4G coverage (some regional markets or underground venues), this may be unreliable.
Q: How long does settlement take to appear in my bank account?
Bank of Melbourne offers same-day settlement for most merchants. If you settle before the cut-off time on a business day, funds typically appear in your account the same day. Settlements processed after the cut-off, or on weekends and public holidays, may take an additional business day.
Q: What cards does the Bank of Melbourne EFTPOS terminal accept?
Both EFTPOS Now and EFTPOS Connect accept eftpos (savings and cheque accounts), Visa, Mastercard, American Express, Diners Club, and UnionPay. Contactless payments including Apple Pay, Google Pay, and Samsung Pay are also supported.
Q: Is there a contract or lock-in period for Bank of Melbourne merchant services?
Yes. Bank of Melbourne merchant agreements typically include a minimum contract term. The specific length depends on the product and negotiation, but 12–24 months is common. Early termination fees may apply. Always review the full terms before signing.
Q: What is Merchant Choice Routing and does it save me money?
Merchant Choice Routing (MCR) allows your terminal to route dual-network debit transactions through the cheapest available network — usually eftpos rather than Visa or Mastercard. For businesses with a high volume of debit card transactions, this can reduce costs noticeably over time. Ask your provider directly whether MCR is enabled on your terminal.
Q: How do I get started with a merchant EFTPOS terminal in Australia?
The fastest way is to speak with a payment specialist who can match you to the right terminal for your business type and volume. You'll typically need your ABN, business bank account details, and an idea of your average monthly turnover. For retailers and market traders looking for competitive rates, flexible terms, and genuine support, visit APS to speak with a specialist today.
Ready to Find a Better Deal on Your EFTPOS Terminal?
If you've read this far, you now know more about EFTPOS terminal pricing and setup than most business owners who've already signed a merchant agreement. Use that knowledge to make a better decision.
APS works with Australian retailers and market traders to find the right terminal, the right rate, and the right setup — without the lock-in surprises or one-size-fits-all pricing. Whether you're comparing Bank of Melbourne, Commonwealth Bank, NAB, or Tyro, it's worth getting a direct quote before you commit.
👉 Visit aps.business to get started or speak with a payment specialist who understands your business.
Top comments (0)