Welcome to our FAQ section, your go-to resource for finding quick solutions to common queries. If you can't find what you are after below, please send us a message or give us a call.
To complete the application, onboarding and AML requirements– most applications for Tap on Mobile can be approved within 5 Business Days.
Proof of Bank Account is required for the issuance of a Merchant Facility. You will need to provide us with your bank account details to ensure funds are correctly deposited and to ensure compliance with AML/KYC laws in New Zealand.
To verify your bank account, you must upload a photo or scanned copy of a bank statement or deposit slip that clearly displays the account details. This document must match the information entered in the form and must be a complete document.
For more details on obtaining proof of account, refer to your bank’s specific guidelines.
You are welcome to redact or remove any balances or transaction details from your bank statement before submitting it. However, the document must still clearly show the account name, account number, and bank logo to confirm the Account Holder’s identity and ensure funds are deposited correctly. This verification process is a standard requirement to comply with financial security regulations and prevent payment errors.
Worldline’s calendar day ends at 10:00 PM (22:00), with the network settling transactions between 10:00 PM and 10:46 PM (22:00 – 22:46).
Due to this, merchants cannot set a settlement window during this period. Additionally, any settlement window after 10:00 PM (22:00) is classified as a "following day" settlement.
KYC Compliance: Verify Your Account
Welcome to your AML/KYC compliance guide. As a regulated payments provider, EFTPOS Central is legally required to verify the business information of all our merchants before you can start using our platform. These checks ensure the security of your data and the wider financial industry.
Before We Get Started…Identifying the authorized persons for your entity is the most complex yet crucial part of this process. But don’t worry – we’re here to help.
KYC Compliance Guide
Step 1. Determine Your Required Documents.Depending on your business type (e.g., sole trader, partnership, company, charity, incorporated society), EFTPOS Central requires documents like:
Step 2. Identify All Authorized Persons.Authorized persons include:
Step 3. Verify the Identity of All Authorized Persons.Provide a copy of one of the following for each authorized person:
Step 4. Confirm Residential Addresses.Provide a copy of one of the following documents for each authorized person:
Step 5. Confirm Your Business Bank Account.Finally, provide one of the following to verify your business bank account. You may black out balances or transactions:
The Final Word…Our goal is to make your onboarding process simple and straightforward. If we need additional information, we appreciate your patience. For any questions or help, our team is always here for you.
EFTPOS Central operates within the regulated financial system, requiring compliance with AML/KYC laws. These regulations protect the financial system, merchants, and customers from illicit activities. We aim to simplify the process while ensuring compliance with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 ("AML-CTF Act"). Any information you provide is reviewed internally in line with our Privacy Policy.
New Zealand has two major payment processing networks. Worldline (formerly Paymark) and VeriFone (sometimes referred to EFTPOS New Zealand). Both these networks are integral in the payments system and ensure compliance with transaction handling, security and settlement of funds. Each network charges a Per Terminal ID fee for unlimited transaction volume and both have rich reporting consoles so you can see and analyse your transactions.
EFTPOS terminals are designed with security features to protect sensitive financial information during transactions. A tamper event occurs when there is an attempt to interfere with the integrity of the terminal, compromising its security. Tampering can take various forms. We find that most reasons for a Terminal to TAMPER is the terminal being dropped (activating the tamper sensors), liquid/water ingress, unstable power supply or an interrupted software update.
While a merchant number uniquely identifies your business, a Terminal ID uniquely identifies the terminal that processes your transactions. If you have multiple EFTPOS terminals then you will have multiple Terminal ID’s; generally indicated by a 01, 02, 03, 04 …. at the end of your Terminal ID.
A merchant number, or merchant ID, is a unique code assigned to your business. It serves as an identifier in electronic transactions, helping link transactions to the correct merchant account. This number is crucial for ensuring security of transactions, but also to link transactions and settlement to your Bank account.
There is a lot that goes on in the background when it comes to processing EFTPOS and Credit Card transactions; this is why Banks issue Merchant ID’s and there is a rigorous process to follow to be issued a Merchant Facility. Banks are required to apply the rules of the AML (Anit Money Laundering Act) and those of the Card Schemes (MasterCard and Visa) to be a part of the global payments system.
You can add a fixed or variable surcharge fee to contactless and credit card transactions. This is applied at the time of payment. Different terminals implement the setting in different ways and we can help configure this for you.
Your surcharge fee should be based on your average merchant service fee, as per guidance from the Commerce Commission. For example, if your average merchant service fee is 1.5%, your surcharge fee should be no more than 1.5%.
Offline Transaction Processing comes with its own risks and merchants should be aware of these. Your Merchant Bank is the best contact to understand the implications for a malfunctioning or damaged terminal with stored offline transactions. We are not liable for any loss of stored transactions if the terminal malfunctions before uploading to the Network.
There may be instances when your EFTPOS terminal loses connectivity to the EFTPOS network provided by EFTPOS Central – for example, during a power failure, telecommunications outage, or network switch issue.
To ensure continuous business operation, Electronic Offline Vouchers (EOV) are available to process transactions even when your terminal is offline.
How to use the Electronic Offline Vouchers (EOV) function:
VeriFone Network:
Maximum dollar amount per EOV transaction: $300
Maximum number of EOV transactions accepted: 200
Maximum dollar amount per terminal in EOV mode: $5,000 for credit and/or debit card transactions
Worldline Network:
Maximum number of EOV transactions accepted: 99 per terminal per day
Maximum dollar amount per EOV transaction: $300
Maximum time a terminal may remain offline: 24 hours
Transactions Not Supported in EOV (Offline) Mode:
Feel free to get in touch with us by phone or email accounts@eftoscentral.co.nz and one of our friendly team will be happy to assist.
Contact Options:
Don't let the world of EFTPOS overwhelm you – let EFTPOS Central be your trusted partner on this journey. Reach out to us today, and let's get your business equipped for success!
Welcome to the world of business! If you're new to EFTPOS, not to worry – EFTPOS Central has been a trusted partner for over 30 years, helping businesses like yours thrive. Our dedicated team is here to guide you through the process and ensure you have all the components you need for seamless EFTPOS transactions. Whether you prefer a call, an in-person visit, or a quick online form, we've got you covered.
