EFTPOS machine, or Electronic Funds Transfer at Point of Sale machine, is a device used by businesses to accept payments from customers via debit or credit cards.
These eftpos machines are commonly found in retail stores, restaurants, hotels, and various other businesses where transactions occur.
Here’s how an EFTPOS machine typically works:
- Card Swipe or Insert: When a customer is ready to make a payment, they either swipe their card or insert it into the EFTPOS machine, depending on the type of card and the machine’s capabilities.
- Authorization: The EFTPOS machine communicates with the customer’s bank or financial institution to verify the transaction and ensure that the customer has sufficient funds or credit available for the purchase.
- PIN Entry or Signature: Depending on the type of card used and local regulations, the customer may be required to enter their personal identification number (PIN) or provide a signature to authorize the transaction.
- Transaction Processing: Once the transaction is authorized, the EFTPOS machine processes the payment and deducts the appropriate amount from the customer’s bank account or credit line.
- Receipt: The EFTPOS machine prints a receipt for the customer, detailing the transaction amount, date, time, and other relevant information. The customer may have the option to receive a printed receipt or have it sent electronically via email or text message.
- Confirmation: The transaction is complete, and both the customer and the business receive confirmation of the payment.
EFTPOS machines provide a convenient and secure way for businesses to accept electronic payments, reducing the reliance on cash transactions and offering customers greater flexibility in how they pay for goods and services. These machines are typically provided by banks or third-party payment processing companies and may come with various features and capabilities, such as contactless payment support, NFC (Near Field Communication) technology, and integration with point-of-sale systems.
