Electronic funds transfer at point of sale (EFT POS)
EFT POS is the method for paying for goods or services without needing to carry cash. On making a purchase, the EFT POS customer gives an EFT POS card to the cashier who inserts it into an on-site EFT POS machine. When the EFT POS customer confirms the purchase, either by signature or security PIN, the EFT POS equipment contacts the store›s bank electronically about the transaction. A message is also sent to the customer›s bank. Unless there is reason for the EFT POS transaction not to be completed, the funds will then be transferred between the two accounts. The EFT POS transaction takes a matter of only a few seconds. Before the EFT POS customer has had the goods put into a bag, the EFT POS transaction will be complete. Confirmation of the EFT POS transaction is sent to the store and passed on to the customer in the form of a printed EFT POS transaction record. EFT POS customers have the option of asking the store for cash in addition to the purchases. This has the advantage for the customer of saving a trip to a bank or cash machine, and it also reduces bank charges as only one EFT POS transaction is counted.