EFTPOS

EFTPOS

Acronynm for Electronic Funds Transfer at Point of Sale. Payment is transferred usually from a checking account at the point of sale.

EFTPOS (electronic funds transfer at the point of sale)

a system for paying for the purchase of goods and services involving the use of at CREDIT CARD (e.g. Visa) or bank debit card (e.g. Switch). The customer's card is ‘swiped’ across a machine at the till with details of the purchase being transmitted down an electronically connected line to the EFTPOS processing centre for authorization. The advantage of EFTPOS is that like a cheque it removes the need to pay in ready cash, but more particularly computerization of transactions cuts down on the amount of physical paperwork undertaken and related costs. See EPOS.

EFTPOS

(electronic funds transfer at the point of sale) a system for paying for the purchase of goods and services involving the use of a credit card (e.g. Visa) or bank debit card (e.g. Switch). The customer's card is ‘swiped’ across a machine at the till, with details of the purchases being transmitted down an electronically connected line to the EFTPOS processing centre for authorization. The advantage of EFTPOS is that, like a cheque, it removes the need to pay in ready cash, but more particularly computerization of transactions cuts down on the amount of physical paperwork undertaken and related costs. See EPOS.