EFT processing times is a really interesting thing that we at BOSSII are targeting
Many of our clients are Bars and Cafes so time is absolutely of the essence when making and processing integrated transactions. For this reason we have created a module within our Admin program called "EFTPOS Journal".
With integrated EFTPOS transactions, BOSSII sends to the payment processor a simple request. Can you tell me if your EFT machine will approve this $XX.XX transaction? The payment processor then sends the request to the EFT machine giving the customer the opportunity to tap or swipe their card. The EFT machine then contacts the bank and the bank either accepts or declines the transaction. The EFT machine then sends back to the payment processor an ACCEPTED response or DECLINED response which is then passed on to BOSSII. All of this has to happen extremely quickly because time is money in high traffic hospitality industry.
The Eftpos Journal within the Admin program shows detailed information on every integrated transaction that has been processed or attempted to be processed. It allows the business owner to view a whole heap of detailed information on each and every attempted transaction including
- the actual visual image of the payment receipt that has been returned back to BOSSII
- the date and time the transaction was attempted to be processed
- the returned message
- the JSON code we send to start the process and the JSON code we receive back to finalise the process
- the user who requested the transaction, including the POS terminal name
Time taken to process is an important measure.
Under Tyro, we have seen that their processing times average at about < 10 seconds from the moment we send a request to the moment the transaction receives its approval or declined message.
Under Till Payments this time can average approx 20 seconds. Tyro has the advantage where just about all of its activities are completed inhouse as they are a bank, payment processor and their own EFT machines so it makes sense for them to be quicker.
Till Payments have to go through Linkly payment processor and Linkly has to receive approval from each individual bank behind them.
This isnt to say that one is better than the other however it is important to note this and professional POS companies who exist to give their customers a better tailored solution such as BOSSII will then use this information to recommend an EFT company that better suits the needs of their clients.
If a potential BOSSII client is a high transaction and high traffic position then Tyro is someone that we would recommend. Otherwise they can have the option of both at that point.
The EFT payment processor cannot be chosen based on whats best for the POS company, its always whats best for the style of operation the merchant has.
And this is another reason why we go above and beyond to make sure that our customers all operate with systems that are tailored to their needs - after all thats what a professional independent POS company is there for.