- Pros: Low fixed card rate. No monthly minimum fee. Same-day funds in NAB account. Cancellable any time.
- Cons: Customer service complaints. Extra cost of business account or payouts. Limited card machine choice. Long notice period.
- Choose if: You’re banking with NAB and want a traditional EFTPOS terminal with straightforward fees.
Overview
In brief
Our opinion
In detail
EFTPOS machines
Pricing and contract
Payouts
POS integrations
Support and reviews
Our opinion: okay bank EFTPOS, but costs can rack up
NAB EFTPOS is, in many ways, a typical payment solution from a traditional bank – but it does have a few advantages.
The integrated card machine, Move 5000, is lightweight and has both a touchscreen and physical PIN pad for easier, more accessible navigation.
“I’ve always liked Move/5000’s very user-friendly payment process, but similar banks like Westpac offer newer card machines with a large touchscreen – the new status quo. NAB needs to catch up with that.”
– Emily Sorensen, Senior Editor, MobileTransaction
The standalone Quest terminal is a similar type of terminal, but not as smart-looking or compact as Move 5000.
| NAB EFTPOS criteria | Rating | Conclusion |
|---|---|---|
| Product | 3.7 | Passable/Good |
| Costs and fees | 3.9 | Good |
| Transparency and sign-up | 3.8 | Good |
| Value-added services | 3.6 | Passable/Good |
| Service and reviews | 3 | Passable |
| Contract | 3.7 | Passable/Good |
| OVERALL SCORE | 3.6 | Passable/Good |
The same-day settlement is attractive for NAB account holders, as is the prospect of using the same bank for card transactions and business banking. But if you’re going without a NAB account, I wouldn’t recommend it as a service. Best to go for another bank’s EFTPOS you’re already linked with, or one of our recommended EFTPOS machines from newer companies that specialise in payments for small businesses, such as Zeller.
Small businesses with fluctuating sales can, however, benefit from NAB’s low fixed EFTPOS rate without a minimum turnover requirement or contract lock-in. You do have to pay a monthly rental fee, though, and same-day payouts or a NAB business bank if going for the one with a monthly fee – all of which can eat into your budget.
I am also a bit concerned about the poor reviews from existing NAB customers, but the overall EFTPOS package is definitely worth considering if you’re keen on the bank.
Best for: NAB Business account holders preferring a standard EFTPOS machine and low fixed rate.
EFTPOS machines
NAB has a choice of two card machines:
- Standalone EFTPOS: Quest QT850 terminal
- Integrated EFTPOS: Ingenico Move/5000 terminal
They both feature a push-button keypad underneath a touchscreen and a built-in receipt printer. A charging base, power supply and receipt paper rolls are included in the package, though new receipt rolls can be ordered directly from the terminal touchscreen (costs apply).
Despite the distinction between the ‘Standalone’ and ‘Integrated’ plans, the EFTPOS machines are similarly portable with their WiFi and 4G connectivity options, but the Integrated model adds in the POS connector software.
The standalone EFTPOS machine is designed by an Australian technology company, Quest.
“I don’t think Quest’s card machine is anything special, but it works, and some merchants might prefer it since it’s Australian. The French, but globally recognised, Ingenico terminal is much more popular where I live, and I’ve never had any issues with it.”
– Emily Sorensen, Senior Editor, MobileTransaction
Quest QT850 is a standalone terminal with a charging base included.
On the integrated terminal, Ingenico Move 5000, you can quickly navigate the menu on the colour touchscreen, so it is definitely an upgrade from conventional card machines with just the PIN pad to use. My tests and real-life experience of it have always shown it to be a reliable machine that’s easier to use (in my opinion) than the touchscreen-only terminals taking over the EFTPOS market.
Ingenico Move 5000 is widely used in Europe.
The card machines accept Google Pay, Apple Pay and wearables like FitBit as well as Visa, Mastercard, UnionPay and eftpos cards. With extra agreements, you can accept American Express, JCB and Diners Club.
It is possible to activate manual card entry on the NAB EFTPOS machine for over-the-phone and mail order payments. To set it up, you need to speak with the merchant support team (transaction rates are higher for keyed transactions).
NAB used to offer a Verifone VX680/VX820 terminal and NAB MPOS card reader, but they are no longer available for new customers.
Instead, merchants can accept contactless payments on their Android smartphone with NAB Easy Tap, an app that utilises the phone’s NFC chip to accept contactless cards. This has no monthly fee, just a 1.4% rate per transaction.
NAB fees and contract
NAB EFTPOS comes with a rolling contract that can be cancelled with 60 days’ written notice any time. There is no contractual commitment apart from that, nor is there a setup or installation fee.
Card machines are each rented for a monthly fee: $25 (GST-inclusive) per month for any of the terminals. NAB used to charge $35 for the integrated model, but this seems to no longer be the case. What’s more, there is usually a promotion for new sign-ups, for example a cash-back offer or free rental for a limited time.
| NAB EFTPOS costs* | |
|---|---|
| Setup and installation | Free |
| Rental fee | $25/mo for standalone or integrated terminal |
| Transaction fee (eftpos, Visa, Mastercard, UnionPay) | 1.15% (fixed rate) |
| Monthly minimum service charge | None |
| Chargebacks | Fee applicable |
| Account closure fee | May apply |
*Including GST.
Since you are renting the EFTPOS machine, you need to return it to NAB after ending the contract. According to the website, you “may be liable to pay a closure fee” at this point. This is not advertised openly, so it’s a good idea to check the fine print of the agreement before signing up.
There is no minimum monthly turnover set for this contract, which some EFTPOS providers have. You just pay the monthly rental cost plus a fixed rate of 1.15% for card transactions. This applies to all debit and credit cards by the brands Visa, Mastercard, UnionPay and eftpos. American Express, JCB and Diners Club can be accepted with an additional agreement, but they incur higher rates.
The 1.15% rate is low compared with Square’s 1.6% and Zeller’s 1.4% for all cards, but the latter providers don’t have a monthly fee since their EFTPOS machines are purchased upfront. This makes them better suited for fluctuating sales or a higher proportion of premium card sales like Amex.
NAB uses Merchant Choice Routing for your tap-and-go transactions, so payments that would’ve used the Visa or Mastercard networks go via eftpos instead. If your rates for eftpos and international card networks were different, this could’ve saved you some money, but since the NAB EFTPOS plan uses a fixed rate for them all, it makes no difference to your charges.
That is, unless you qualify for custom rates. NAB does offer lower rates on request, which can be discussed directly with NAB.
As with any merchant agreement at a bank, there will be other charges such as fees for chargebacks and processing refunds. The full range of costs can be read in your contract prior to signing up, or better yet – ask a NAB representative on the phone.
NAB does not support surcharging for contactless transactions on their EFTPOS machines. It should be possible to add a surcharge to chip or swipe card payments, if needed.
Payouts and bank account
It’s possible to settle EFTPOS transactions into any business bank account in Australia, but there’s a clear advantage to using a NAB Business bank account: faster payouts.
EFTPOS merchants get same-day settlement with a NAB bank account for payments processed before 9.30pm (AEST), seven days a week. Funds then reach your bank account by 11.30pm (AEST) each day.
With an account from another bank, it can take several days to receive EFTPOS payouts. Settlement times for a different bank account are confirmed when signing up.
| Bank account | Costs |
|---|---|
| NAB Business Everyday Account ($0/mo) | $0.60 per payout batch |
| NAB Business Everyday Account ($10/mo) | Free payouts |
| Other bank accounts | Varies |
There are two NAB Business Everyday Accounts eligible for same-day settlements: one without a monthly fee and one with a $10 monthly fee.
The free account incurs a $0.60 fee per deposit received, meaning every daily payout batch costs $0.60. With the $10-per-month option, there is no deposit fee for payouts. Put differently, if you transact for more than 16 days a month (30 days in a month divided by $0.60 = $16.67), it is cheaper to pay $10 every month for the business account.
POS integrations
The integrated EFTPOS machine uses the connector software Linkly or POSgate (by Ingenico) to connect a point of sale (POS) system of your choice. Both connector apps integrate with many POS systems for any sector in Australia, over 700 different ones.
But why integrate? If POS software connects with your EFTPOS machine, it means you don’t have to manually initiate transactions on the EFTPOS terminal after creating the transaction on the POS screen, reducing mistakes and getting rid of an extra step. Card transactions, divided into card types used, are also linked with sales tracked in real time alongside other payment methods.
Customer support and reviews
Every EFTPOS merchant can contact NAB’s merchant support centre 24/7 for technical issues, queries about transactions or any other help. The NAB website includes in-depth manuals for the terminals and step-by-step answers to frequently asked questions.
“I’ve noticed NAB is more transparent about its products, terms and fees online than many other merchant service providers. That’s positive, but it’s still a bureaucratic bank with hoops to go through when cancelling the account or needing a service.”
– Emily Sorensen, Senior Editor, MobileTransaction
That being said, NAB reviews online do not bode well. Many private account holders complain of a poor service, while reviews by business users are few and far between. This makes it hard to gauge how reliable the NAB EFTPOS service actually is.
Then again, most traditional banks like NAB get low ratings simply because people tend to submit a review when the experience has been bad.
