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What is an EFTPOS machine?
EFTPOS stands for Electronic Funds Transfer at the point of sale. It’s the term used to describe an electronic payment system (or machine or terminal) that enables the taking of payments by debit, credit and charge cards.
What is EFTPOS and how does it work?
eftpos is a domestic payments network that facilitates the transfer of funds electronically when debit or some credit payments cards are used at the point-of-sale. As of recent years, eftpos now also allows NFC technology (tap and go, contactless payments), much like Mastercard and Visa.
How do I pay by EFTPOS?
How to take a payment over the phone using your Verifone EFTPOS terminal
- Enter the sale amount.
- Enter the card number and press select.
- Enter the card expiry date and press select.
- Answer YES for signature question.
- And that’s it – the transaction will be processed automatically.
How do mobile EFTPOS machines work?
When considering how EFTPOS (Electronic Funds Transfer at Point of Sale) works, think of it as a conduit between your customer’s bank account and your own. In a nutshell, EFTPOS transfers funds from the card holder account (debit or credit) and deposits those funds into your merchant account.
How do EFTPOS machines connect?
In order to connect the EFTPOS machine via a USB-Serial adaptor: Follow the instructions and/or install any software provided with the cable. Once the cable driver has installed, plug in your serial cable into the EFTPOS terminal, and plug the USB connector into your computer.
What is the difference between EFTPOS and Visa?
EFTPOS is an Australian system. While you can use your MasterCard or Visa debit card overseas, you can only use an EFTPOS card in a select few places outside of Australia. EFTPOS cards can’t be used for online purchases, but debit cards can. With EFTPOS, you only have the option of either savings (SAV) or cheque (CHQ).
What are advantages of EFTPOS?
Advantages of EFTPOS
- Efficiency and lowered labour costs. Cash is finicky.
- Lower risk of theft. Back to our earlier point about cash being high maintenance.
- Lightning fast transactions. The main benefit of contactless payments are the speed they bring to each transaction.
- Take all varieties of payments.
Can you pay eftpos without card?
Why Tap & Pay? Pay on the go in store, without cash or cards. You can now get cash out when you shop with your debit card by adding eftpos payment options.
Is a eftpos card a debit card?
The eftpos payment system functions like a debit card system, with the following things in common. For these reasons, an eftpos card is indeed a debit card, but it is a domestic card only accepted in Australia by merchants equipped to accept the eftpos brand.
Is EFT and EFTPOS the same thing?
And while it might share the same name as the commonly used EFTPOS abbreviation (Electronic Funds Transfer at Point Of Sale), they are two very different things. See also: What’s the difference between debit cards and eftpos?
Does EFTPOS need a phone line?
No need for a phone line As mobile EFTPOS machines work using a SIM card there is no need to maintain and run a traditional phone line. This is great as it means that you do not need to pay the monthly line rental charges that come with a traditional telephone line.