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Electronic Funds Transfer Point-of-sale:
Electronic Funds Transfer Point-of-sale (EFTPOS) these are devices that
sales transactions are directly deducted or debited from the consumer's
bank account at the point-of-sale. Debit cards, check cards, or
bankcards are normally the same card used with ATM transactions. Several
merchants who use EFTPOS may also permit the customer to withdraw cash
along with their purchase, thus saving the customer the extra charge
from withdrawing from an ATM which may not be in partnership with their
banking institute. EFTPOS sometime are referred to as POS Terminal or
Payment Terminal.
EFTPOS work when the amount of the transaction is entered, the customer
then swipes their card through the card reader. The account number is
then transmitted to the banking institute's mainframe where it waits for
a code or PIN (Personal Identification Number) to be entered by the
customer before the transaction can be completed. There is usually
a short delay as the EFTPOS terminal contacts the server before the
transaction is accepted or declined. During peak shopping times, such as
the day after Thanksgiving, the start of the Christmas season, the
system may overload causing delays and even time out, during these times
unfortunately there is nothing that can be done? except to revert back
to writing a check or paying cash.
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