EFTPOS

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Related to EFTPOS: Electronic Funds Transfer Point of Sale

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.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

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References in periodicals archive ?

Some of the competitors identified in the Global (United States, European Union and China) Electronic Funds Transfer Point of Sale (EFTPOS) Terminals Market study include Atos Worldline, Equinox Payments LLC, First Data Corporation, Fujitsu Limited, VeriFone (Formerly Hypercom), Ingenico, Dejavoo, Exadigm, XAC Automation Corp., Panasonic, PAX, Smartpay, NCR, Olivetti & VeriFone Systems.

Electronic Funds Transfer Point of Sale Terminals Market is Thriving Worldwide / Atos Worldline, Equinox Payments, First Data

pri analyze uvedenych vstupov bol zaznamenany rast poctu ATM a EFTPOS terminalov v priemere o 76,54 % a rast hodnoty celkovych aktiv pripadajuci na uverovu instituciu v priemere o 130,57 %.

The use of credit cards and bank efficiency/Vyuzivanie platobnych kariet a efektivnost bank

These banks entered into alliances to gain access to the ATM and EFTPOS network.

A strategic cooperative game-theoretic model for market segmentation with application to banking in emerging economies

2012, 'Eftpos's Innovation Complication', Technology Spectator, http://technologyspectator.com.au/industry/financial-services/eftpos- innovationcomplication?&utm_source=exact&utm_ medium=email&utm_content=35401&utm_campaign=kgb&modapt=commentary.

The Australian finance sector and social media: towards a history of the new banking

Coordination within EFTPOS was primarily based on dual-function terminals which could read both magnetic strips and chip cards.

The development of the Norwegian payment system in the period 1945-2010, with particular focus on the role of Norges Bank

Ingenico offers a complete range of electronic payment systems, including fixed, portable and mobile payment terminals, secure smart card readers and related EFTPOS peripherals.

Ingenico selects MSL as strategic global supplier

EFTPOS, The Electronic Fund Transfer Point of Sale, system charts your movements and gives a profile of your lifestyle.

PAUL STARLING'S COLUMN: BIG BROTHER IS NOT JUST A SHOW

ATMs, EFTPOS, the Internet and telephones will continue to expand as delivery channels and the options available will likely increase.

Financial sector reforms

Leading banks are offering high-tech products and services, such as internet-telephone banking, automated telling machines (ATMS) and electronic funds transfer at point of sale (EFTPOS) operations.

CHALLENGING TIMES AHEAD

Many service industries are innovating via a process of adoption and adaption (Free et al., 1993), adopting IT&T and adapting it to produce new products and services from Bankcard and EFTPOS to on-line services.

An information economics perspective on innovation

A typical over-the-counter check transaction, fully costed, costs a bank around A$3; an equivalent ATM transaction costs $0.50, an EFTPOS (electronic funds transfer at point of sale) transaction $0.30, and a direct debit or credit less than $0.10.

Banks need fewer checks, not fewer branches

Retailers consider that they do a lot of work on behalf of the debit card issuers and acquirers; promoting the acceptance of the card, in some cases partially processing the transactions through their EFTPoS terminals and helping reduce fraud through the acceptance of lower floor limits, above which debit card transactions must be checked "online" against the card holder's account.