EFTPOS

Short for 'Electronic Funds At the Point of Sale'.

This refers to the technology which enables you to pay for goods using a credit or debit card. It also enables the shop to electronically contact the bank to check that your card is valid and hasn't been stolen and also that you have the funds in your account to pay for the goods.

You insert your electronic debit / credit card into a terminal device and type in your PIN number to verify that it is your card.

Once payment has been authorised by the bank the money will be removed from your account and electronically paid into the shop's bank account.

You are actually making use of an EPOS terminal.

Challenge see if you can find out one extra fact on this topic that we haven't already told you

Click on this link: EFTPOS

2020-10

back to glossaryback to glossary