Banks woo small business on EFTPOS

Several major banks are vying for a larger slice of the EFTPOS processing market by expanding their products and wooing small business. The Commonwealth Bank and National Australia Bank have recently introduced no-frills terminals aimed at small businesses still using paper and manual swipe machines. NAB's devices are attached to a telephone and are limited to credit transactions. They don't accept Diners Club.

The CBA has just introduced a trial of multi-function terminals which will offer tickets to films, phone cards, magazine subscriptions and other products. Small merchants would share in the fee revenue. St George Bank has also introduced multi-function terminals, while Westpac is currently talking with several technology firms about updating its EFTPOS capabilities.