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EFTPOS (Electronic Funds Transfer at Point of Sale) is a device by which sales transactions can be directly debited to the customer's bank account at the point of sale, through the use of a debit card (sometimes the same card used with Automatic Teller Machines). Merchants using EFTPOS can also offer cashout facilities to customers, where a customer can withdraw cash along with their purchase. EFTPOS are sometime also called POS Terminal or Payment Terminal and must not be confused with traditional Point of sale. A debit card is an ISO 7810 card which physically resembles a credit card, and, like a credit card, is used as an alternative to cash when making purchases. ...
Outdoor ATMs may be free-standing, like this kiosk, or built into the side of banks or other buildings An automatic teller machine, automated teller machine (ATM) or cash machine is an electronic device that allows a banks customers to make cash withdrawals and check their account balances without...
POS must not be confused with EFT/POS and POS Terminal used in Electronic payment POS or PoS is an acronym for point-of-sale (or point of purchase). ...
The customer's card is swiped through a card reader or inserted into chip reader and the merchant usually enters the amount of the transaction before the customer enters their account and PIN. There is usually a short delay while the EFTPOS terminal contacts the server (over a phone line or mobile connection) before a message of Accepted or Declined is returned. Often, at peak shopping times (for example the last shopping day before Christmas), the system can become overloaded and the delay will become extended or even time out. A personal identification number (PIN) is a numeric value (sometimes expressed as text using the standard telephone dial mapping) that is used in certain systems to gain access, and authenticate. ...
Ubiquity in some countries
EFTPOS could be seen a major driver of a cashless society in these countries. EFTPOS is so wide-spread and so commonly used that it is necessary to advertise "cash only - no EFTPOS" for events or locations where it is not available. Mobile EFTPOS is now used by certain taxi companies, pizza delivery outlets and stall holders at festivals, allowing EFTPOS transactions to be carried over the mobile network.
EFTPOS in particular countries In some countries, banks tend to levy a small fee of around 25 to 50 cents per debit card transaction. Although bank accounts without these fees are becoming more common, these charges mean it is wise to limit EFTPOS usage. There are, however, many people in New Zealand and Australia who routinely use EFTPOS for all transactions, no matter how small. This has resulted in some retailers refusing to accept EFTPOS as payment for small transactions, where paying the transaction fee would absorb the profit margin on the sale, making the transaction uneconomic for the retailer. Profit margin is a measure of profitability. ...
UK In the UK integrated EFTPOS (usually referred to as debit cards) are an established part of the retail market. Cards commonly in circulation include Maestro (previously Switch), Solo, Visa Debit (previously Visa Delta) and Visa Electron. Banks do not charge customers for EFTPOS transactions in the UK, but some retailers make small charges, particularly where the transaction amount in question is small. The UK is in the process of converting all debit cards in circulation to Chip and PIN, based on the EMV standard, to increase transaction security. A debit card is an ISO 7810 card which physically resembles a credit card, and, like a credit card, is used as an alternative to cash when making purchases. ...
Maestro is an international debit card service; a joint venture by MasterCard and Europay International. ...
Switch was a debit card used in the United Kingdom. ...
Solo is a debit card produced by Switch Card Services in the UK. It can only be used electronically and is designed for people under the age of 18 or on lower incomes. ...
Visa Debit is a major debit card issued by Visa in the United Kingdom. ...
Visa Delta is a major debit card issued by Visa in the United Kingdom. ...
Visa Electron logo Visa Electron is a debit card available across most of the world, with the exception of the United States, Canada and Australia. ...
A debit card is an ISO 7810 card which physically resembles a credit card, and, like a credit card, is used as an alternative to cash when making purchases. ...
Chip and PIN is the name of a government-backed initiative in the United Kingdom to implement the EMV standard for secure payments. ...
EMV is a standard for interoperation of IC cards (Chip cards) and IC capable POS terminals, for authenticating credit and debit card payments. ...
New Zealand The EFTPOS system is highly popular in New Zealand, with more EFTPOS terminals per head of population than any other country[1], and being used for about 60% of all retail transactions[2]. According to the largest EFTPOS network provider, "New Zealanders use EFTPOS twice as much as any other country."[3]
Virtually all retail outlets have EFTPOS terminals, particularly supermarkets, dairies, service stations, and bars. Increasingly Taxi operators and even businesses operating from stands at events have mobile EFTPOS terminals.
New Zealanders use EFTPOS for both small and large transactions. It would not be unusual for a New Zealander to use an EFTPOS card to pay for an amount as small as $1 NZD. Because EFTPOS is such an integral part of spending in New Zealand, rare network failures cause tremendous delays, inconvenience and lost income to businesses who must resort to swipe machines to process EFTPOS transactions until the network returns to service.[4] Typically New Zealand merchants do not pay per transaction like in Australia and other countries. The transaction fees are typically borne by the customer, and retailers pay a fixed monthly equipment rental fee. As bank accounts for students, under 18 year old and elderly do not attract many (sometimes none at all) electronic transaction fees, the use of EFTPOS by the younger generations is becoming highly prevalent. In recent times, major banks have started to offer accounts with no EFTPOS transaction fees. A New Zealand $100 polymer banknote, replacement of the old paper notes. ...
The Bank of New Zealand introduced EFTPOS to New Zealand in 1985 through a pilot scheme with petrol stations. The Bank of New Zealand (BNZ) is one of New Zealands largest banks. ...
EFTPOS is operated through two primary networks. One, EFTPOS NZ, owned by ANZ National Bank, and a second operated by Electronic Transaction Services Limited which is owned by ASB Bank, Westpac, ANZ National Bank and the Bank of New Zealand. The ETSL network processes approximately 80% of all EFTPOS transactions in New Zealand on their Paymark EFTPOS network and has over 60,000 points of sale.[5] ASB Bank is one of New Zealands largest banks, with branches throughout the country. ...
Westpac Banking Corporation ASX: WBC NZX: WBC, usually called Westpac, is the fourth largest bank in Australasia, after the National Australia Bank, Commonwealth Bank and ANZ Bank and one of the largest banks in the South Pacific. ...
The Bank of New Zealand (BNZ) is one of New Zealands largest banks. ...
During July 2006 the five billionth EFTPOS payment flowed across the ETSL/Paymark EFTPOS network since the electronic form of payment was introduced in New Zealand in 1989.[6]
Australia EFTPOS is very popular in Australia and has been operating there since the 1980's. EFTPOS-enabled cards are accepted at almost all swipe terminals able to accept credit cards, regardless of the bank that issued the card, including Maestro cards issued by foreign banks, with most businesses accepting them, with 450,000 Point Of Sale terminals[7]. EFTPOS cards can also be used to deposit and withdraw cash over the counter at Australia Post outlets participating in giroPost, just as if the transaction was conducted at a bank branch, even if the bank branch is closed. Electronic transactions in Australia are generally processed via the Telstra Argent network - which has recently superseded the old Transcend network in the last few years. Both were provided by Telstra, Australia's incumbent telco. Credit cards A credit card system is a type of retail transaction settlement and credit system, named after the small plastic card issued to users of the system. ...
Maestro is an international debit card service; a joint venture by MasterCard and Europay International. ...
Australia Post is the government-owned postal service of Australia. ...
Telstra Corporation (ASX: TLS, NZX: TLS, NYSE: TLS) is an Australian telecommunications company under joint public/private ownership, holding a dominant position in landline telephone services, large share of mobile phone services, domestic consumer (including dial-up access and Broadband internet broadband cable modem, satellite and ADSL services under the...
A telephone company (or telco) provides telecommunications services such as telephony and data communications. ...
Australia operates both electronic credit card transaction authorization and traditional EFTPOS debit card authorization systems. The difference between the two being that EFTPOS transactions are authorized by a personal identification number (PIN) while credit card transactions are usually authorized by the printing and signing of a receipt.
Generally credit card transaction costs are born by the merchant with no fee applied to the end user while EFTPOS transactions cost the consumer an applicable withdrawal fee charged by their bank.
The introduction of Visa and Mastercard debit cards along with regulation in the settlement fees charged by the operators of both EFTPOS and credit cards by the Reserve Bank has seen a continuation in the increasing ubiquity of credit card use among Australians and a general decline in the profile of EFTPOS. However, the regulation of settlement fees also removed the ability of banks, who typically provide merchant services to retailers on behalf of Visa, Mastercard or Bankcard, from stopping those retailers charging extra fees to take payment by credit card instead of cash or EFTPOS. Though only a few operators with strong market power have done so, the passing on of fees charged for credit card transactions may result in an increased use of EFTPOS. Visa or VISA has several meanings: Look up visa in Wiktionary, the free dictionary Visa (document) — a document required to enter a specific country. ...
To meet Wikipedias quality standards, this article or section may require cleanup. ...
A debit card is an ISO 7810 card which physically resembles a credit card, and, like a credit card, is used as an alternative to cash when making purchases. ...
BankCard, founded 1974, is a shared brand credit card issued by Australian financial institutions, and accepted, at present, only by businesses within mainland Australia, Tasmania, and Lord Howe Island; Norfolk Island; New Zealand; and the Cook Islands. ...
Canada - Main article: Interac
Canada has a nation-wide EFTPOS system, called Interac Direct Payment. Since being introduced in 1984, IDP has become the most popular payment method in the country, surpassing even regular cash payments in 2001. Interac Logo Interac Association is a Canadian organization linking enterprises that have proprietary networks so that they may communicate with each other for the purpose of exchanging electronic financial transactions. ...
Interac Logo Interac Association is a Canadian organization linking enterprises that have proprietary networks so that they may communicate with each other for the purpose of exchanging electronic financial transactions. ...
1984 (MCMLXXXIV) was a leap year starting on Sunday of the Gregorian calendar. ...
2001: A Space Odyssey. ...
Germany Over recent years, in Germany EFTPOS has gained tremendously in acceptance. Facilities already existed before EFTPOS became popular with the Eurocheque card, an authorization system initially developed for paper cheques where in addition to signing the actual cheque, customers were issued a card that needed to be shown along side the cheque as security measure. Those cards could and can also be used on ATM Terminals and at EFTPOS, which is nowadays their only function, since the Eurocheque system (along with the name, but they're still referred to as Eurocheque cards by most people) was abandoned in 2002 during the transition from Deutsche Mark to the Euro). In 2005, one must actively search for a store or petrol station without EFTPOS facilities. Processing fees are deducted from businesses, and because of this, some business owners refuse EFTPOS-sales for totals below a certain amount, usually 5 or 10 Euros. The Eurocheque was a type of cheque used in Europe until the 1990s. ...
A check or cheque (borrowed from Persian چك Chek) is a document instructing a financial institution to pay a specific amount of a specific currency from a specific demand account held in the maker/depositors name with that institution. ...
The Deutsche Mark (DM, DEM) was the official currency of West and, from 1990, unified Germany. ...
The euro (currency sign: €; banking code: EUR) is the official currency of the following twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain; collectively also known as the Eurozone. ...
Around 2000, an alternative method for EFTPOS payment was introduced, dubbed "Geldkarte" ("money card"). It uses a smart card chip on the front of a standard issue Eurocheque card (which still had the magnetic stripe on the back). This chip can be loaded with up to 200 Euros, and is advertised as means for medium to very small payments, down to the low euro or even cent range, as no processing fees are deducted by banks. It has not gained the popularity its inventors have hoped for, however this could change when this chip will be used as means of age verification at cigarette vending machines, which will become mandatory in 2007.
Chile Chile has an EFTPOS system called Redcompra (Purchase Network) which is currently used in at least 23,000 establishments throughout the country. Goods may be purchased using this system at most supermarkets, retail stores, pubs and restaurants in major urban centers.
The Netherlands In The Netherlands using EFTPOS is known as pinnen (pinning), a term derived from the use of a Personal Identification Number. PINs are also used for ATM transactions, and the term is used interchangeably by many people, although it was introduced as a marketing brand for EFTPOS. The system was launched in 1987, and currently has 166,375 terminals throughout the country, including mobile terminals used by delivery services and on markets. All banks offer a debit card suitable for EFTPOS with current accounts. Motto: Je Maintiendrai (Dutch: Ik zal handhaven, English: I Shall Uphold) Anthem: Wilhelmus van Nassouwe Capital Amsterdam1 Largest city Amsterdam Official language(s) Dutch2 Government Parliamentary democracy Constitutional monarchy - Queen Beatrix - Prime minister Jan Peter Balkenende Independence Eighty Years War - Declared July 26, 1581 - Recognised January 30, 1648 (by Spain...
A personal identification number (PIN) is a numeric value (sometimes expressed as text using the standard telephone dial mapping) that is used in certain systems to gain access, and authenticate. ...
An NCR interior, multi-function ATM in the USA Smaller indoor ATMs dispense money inside convenience stores and other busy areas, such as this off-premise Wincor Nixdorf mono-function ATM in Sweden An on-premise NCR interior, multi-function through-the-wall ATM at a CIBC branch in Canada...
2006 (MMVI) is a common year starting on Sunday of the Gregorian calendar. ...
PIN transactions are usually free to the customer, but the retailer is charged per-transaction and monthly fees. Interpay, an association with all major banks as its members, runs the system, and until August 2005 also charged for it. Responding to allegations of monopoly abuse, it has handed over contractual responsibilities to its member banks, who now offer competing contracts. Interpay was fined EUR 47 million in 2004, but the fine was later dropped, and a related fine for banks was lowered from EUR 17 to EUR 14 million. Per-transaction fees are between 5-10 eurocents, depending on volume.
Credit cards use in The Netherlands is very low, and most credit cards cannot be used with EFTPOS, or charge very high fees to the customer. Furthermore, debit cards can be used in the entire EU for EFTPOS, and most debit cards are Cirrus cards. Cirrus is an interbank network linking holders of MasterCard, Maestro, or Cirrus-branded credit, All Diners Club, debit, prepaid, and ATM cards to ATMs worldwide. ...
United States In the US, EFTPOS is usually referred to simply as POS or Point-of-Sale by the financial industry and merchants. The same interbank networks that operate the ATM network also operate the POS network. Most interbank networks, such as Pulse, NYCE, MAC, Tyme, SHAZAM, STAR, etc. are regional and do not overlap, however, most ATM/POS networks have agreements to accept each other's cards. This means that cards issued by one network will typically work anywhere they accept ATM/POS cards for payment. For example, a NYCE card will work at a Pulse POS terminal or ATM, and vice versa. This article is about the country in North America. ...
POS or PoS may mean: Point of sale. ...
An interbank network, also known as an ATM consortium or ATM network, is a network that connects the ATMs of different banks and permits these ATMs to interact with the ATM cards of non-native banks. ...
An NCR interior, multi-function ATM in the USA Smaller indoor ATMs dispense money inside convenience stores and other busy areas, such as this off-premise Wincor Nixdorf mono-function ATM in Sweden An on-premise NCR interior, multi-function through-the-wall ATM at a CIBC branch in Canada...
POS or PoS may mean: Point of sale. ...
An interbank network, also known as an ATM consortium or ATM network, is a network that connects the ATMs of different banks and permits these ATMs to interact with the ATM cards of non-native banks. ...
In medicine, a persons pulse is the throbbing of their arteries as an effect of the heart beat. ...
NYCE is an interbank network connecting the ATMs of various financial institutions in the United States and Canada. ...
STAR is an interbank network and EFTPOS network in the United States. ...
TYME (Take Your Money Everywhere) is an ATM/interbank network in Wisconsin and the Upper Peninsula of Michigan. ...
SHAZAM is an interbank network providing electronic funds transfer services to more than 1600 financial institutions in 29 US states, primarily in the midwestern United States. ...
STAR is an interbank network and EFTPOS network in the United States. ...
See also Electronic funds transfer or EFT refers to the computer-based systems used to perform financial transactions electronically. ...
There are very few or no other articles that link to this one. ...
An interbank network, also known as an ATM consortium or ATM network, is a network that connects the ATMs of different banks and permits these ATMs to interact with the ATM cards of non-native banks. ...
Some EFT/POS Manufacturers
Hardware - Axalto
- Banksys
- Dionica
- Hypercom
- IBM
- Ingenico
- OSSI Customized POS/Organization Solutions
- OSSI Restaurant/Foodservice/Retail/Club/Organization POS
- Payment Express
- Provenco
- Sagem
- Trintech
- Thales
- Verifone
SA Banksys NV is a Belgian company created in 1989 and specializes in electronic payment. ...
Software - Open Concept
- ACI Worldwide Inc.
- Fashion SupportPoS Software Solutions
- IBM
- OSSI Customized Software Systems.
- Payment Express
- Provenco
- The Logic Group
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