EFTPOS Terminals vs ANZ Fastpay

EFTPOS Terminals vs ANZ Fastpay

Which option is right for you?

Most recent statistics show that almost two-thirds of all retail transactions in New Zealand are electronic card payments. Two of the most common solutions are EFTPOS terminals and bank payment apps.

The aim of this article is to inform you about the two of them, outlining the differences, their pro’s and con’s and ultimately giving you the information to make the right choice.

EFTPOS Terminals

EFTPOS terminals allow customers to pay you on the spot with a card and move the money from your customer’s bank account to your bank account automatically. It is a secure machine with regulated software and needs up to date hardware. A large majority of NZ businesses use an electronic payment system called ‘Paymark’, which securely connects around 140,000 EFTPOS terminals throughout New Zealand. It is an easy-to-use, fast and safe solution. All you need to finish a transaction are EFTPOS Paper Rolls, which we can supply for you

ANZ Fastpay

ANZ FastPay is a mobile payment app for iPhone and Android smartphones that lets you accept EFTPOS, Visa and Mastercard debit and credit card payments on the go. It is monitored through ANZ bank, and can only be used if the seller has an open ANZ bank account. It is a cheaper solution where the bank manages the electronic payment system internally.

Pro’s & Con’s

Winner: EFTPOS terminals

GST Receipts are important for a lot of business owners, and EFTPOS terminals print these automatically. On the other side, ANZ Fastpay requires you to enter the persons email address and send them an e-receipt.

In a retail or hospitality environment, where quick sales and turnover is a necessity, entering email addresses is not what you want to be doing – it just costs you money.

Winner: EFTPOS terminals

Bank payment apps are created for one task – to work off your phone. On the other hand, EFTPOS terminals have multiple uses – they can be used individually, or can be integrated to Point of Sale and Cash Registers for seamless sales and inventory reconciliation. If you want to know more about wired or wireless EFTPOS integration, please check out our systems here and drop us a line!

Winner: ANZ Fastpay

ANZ Fastpay charge $10 + GST per month, plus a $99 + GST setup, so providing you have an ANZ bank account they truly are a cheap option.

EFTPOS machines on the other hand cost between $35-$65 per month depending on the model and it’s use.

Winner: EFTPOS Terminals

Bank fees are only ever paid on credit card or Paywave transactions. Whenever a customer pays with Eftpos, CHQ or SAV, you won’t be charged bank fees.

ANZ Fastpay acknowledges this model and only charges a 2.9% fee on credit card and Paywave transactions. A bank fee of 2.9% is a fairly standard charge in the industry, so what makes EFTPOS terminals the winner in this category is the ability to turn off the Paywave and credit function.

By turning these off, you are able to reduce any potential lost revenue from the use of a credit card or Paywave transaction, which can easily be in the hundreds if you are making $5k-$10k worth of sales per month.

Winner: EFTPOS terminals

Most EFTPOS Terminals will only need software upgrades every 2 – 4 years, providing that it is recent hardware. The majority of NZ businesses who use EFTPOS also lease the terminal, so the software upgrades are included in the agreement. These upgrades are also industry-standard and demanded by Paymark so to keep all your transactions safe – there is no real impact on your machine or is functionality from doing this update.

ANZ is an app so it is constantly getting updated, which is very common within the app industry. That being said, the changes can quite often have negative effects on functionality. For example, running through the ANZ Fastpay reviews we found the following:

“Problematic from day 1, old app was great. You contact ANZ and simply get fobbed off.”

“This is the worst app I have ever used. The old FastPay was a 5 star app. Come on ANZ, you can do a lot better”

“This is the worst app ever!! It wont even let me open it up on my s6 making things very difficult”


Both of these payment solutions have their place. However, it seems like EFTPOS machines are still the most consistent, safe and easy-to-use. Taking transactions is vital to your business and it seems ANZ Fastpay just isn’t created to deal with a high demand of transactions.

ANZ Fastpay sounds like it has it’s place among small markets holders which aren’t retail or hospitality based (so you don’t have to do quick transactions) or among tradies/man in a van operators, who don’t have to take many transactions every hour.

Nevertheless if you want to know more information or ask further questions, please send us a note below. Alternatively, if you want to check out ANZ Fastpay reviews and see how it got it’s 2.7 star rating, check here.

Want to see how ANZ Fastpay got a 2.7 star rating?

Click here to see why ANZ users have said:

“Unintuitive and buggy. Needs a tonne of work. OK first effort but has a long way to go.”

“I am paying $10 every month and have not been able to process one single payment. “

“This app is a really great concept but it needs improvement.”

“Why did you change it from the old app. If I slightly knock the device or miss a number it fails.”