What is the purpose of EFTPOS?

Answer 1

The word EFTPOS is an acronym stands for 'Electronic Funds Transfer Point Of Sale'.

An EFTPOS Machine allows a seller to directly debit a customer's bank account by using a debit card or credit card. A debit or credit card is the same as an ATM card.

The card is swiped through a magnetic strip reading device on the EFTPOS Machine, and after a customer enters his or her PIN number the transaction is authorised and funds transfer from the customer's account to the seller's account with 24 to 48 hours or 2 business days.

EFTPOS Machines can be integrated with other Point of Sales hardware to save users having to enter in the transaction amounts, which could result in user error, allowing for a more automated process.

It should be noted that EFTPOS is generally an Australian term and is not widely used in the rest of the world.

Answer 2

The purpose of EFTPOS (Electronic Funds Transfer at Point of Sale) is to allow customers to make electronic payments for goods or services at the point of sale using a debit or credit card. It enables quick and secure transactions by electronically transferring funds from the customer's account to the merchant's account.

Answer 3

An EFTPOS machine is used in the automobile industry. It is very helpful in the early stages of making cars, where it helps to solidify the structure of the vehicle.