Different Payment Methods

Credit and debit card payments

a credit card lets customers pay for goods and services by incurring a debt with a credit card provider. Debit cards deduct the amount of money from a sale from a customer’s bank account.

Direct debit payments

becoming a direct debit user requires already having an established business. Direct payments are fast and funds are usually in your account by 9am the next business day. The Australian Payments Clearing Association (APCA) coordinates direct debit payments in Australia. Be aware of fees to process direct debit payments.

EFTPOS payments

EFTPOS stands for electronic funds transfer at the point of sale. It lets your customers pay directly into your bank account via a bankcard, credit card or debit card.

Online payments (eg Paypal)

online payments let your customers pay for your goods and services through your website. Payments can be automatic and convenient. Make sure you use encryption for sending payment information to protect your customers from cyber criminals.


cash payments are useful for low value items or if other payment methods are unreliable. You will need a method of tracking your sales such as a cash register. You will also need to regularly bank your cash and avoid storing large amounts of cash to reduce the risk of theft.


paying by cheque is becoming less frequent due to the ease of electronic methods above. Cheques require higher levels of handling to process them and can attract fees. They also take about three business days to clear.

Money order payments

a money order is tells a bank, credit union, building society or post office to pay you money. Unlike cheques, money orders are prepaid. Money orders can’t bounce due to insufficient funds since they are prepaid, but they can bounce due to others problem, such as suspected fraud.

Gift cards and vouchers

gift cards and vouchers can increase sales around special occasions such as Christmas and birthdays. They can also help promote your brand while helping to bring in new customers. In some states gift cards or gift vouchers are valid for longer periods and businesses will need to honour the purchase if it’s within that period.

Bitcoin and digital currencies

digital currencies are similar to money. Use them to buy and sell goods and services in exchange markets. However, businesses don’t have to accept digital currency as payment as it isn’t a legal tender. The value of digital currency can change more quickly than traditional currency. To read more, consider the risks associated with digital currencies.