EFTPOS is exactly what it stands for Electronic Funds Transfer at Point of Sale

Most bankcards no longer rely on a magnetic strip to store customer account details. Instead the cards are smart cards. The cards contain a small amount of computer memory with the account information stored inside.Smart cards are more secure (since the data is encrypted) and more reliable than magnetic strip cards.

When a customer wishes to pay for goods in a store, the customer inserts the bankcard into a smart card reader, and then types in a PIN to confirm that they are the true owner of the card. Once the PIN is verified, the customer can remove the card.

One of the reasons this system has proven popular is the extra level of security it provides for users: At no time does the bankcard need to be handled by anyone other than the card owner, so with this system there is less chance of the card being stolen or copied.

The nickname for the tiny memory device inside the bankcard is a ‘chip’, and the system uses a PIN as identity proof, so the system is nicknamed ‘Chip and PIN’ in the UK.

EFTPOS advantages and disadvantages

Intuit cloud Point of Sale

First Data Restaurant POS system Manual

Post Office Station Square Coventry Opening times

Commonwealth Bank change International transfer limit