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Electronic Funds Transfer at Point Of Sale, abbreviated as EFTPOS (/ ˈ ɛ f (t) p ɒ s /), is the technical term referring to a type of payment transaction where electronic funds transfers (EFT) are processed at a point of sale (POS) system or payment terminal usually via payment methods such as payment cards (debit cards, credit cards or gift cards).
PAX Technology S90 credit card terminal with a Visa card inserted.. A payment terminal, also known as a point of sale (POS) terminal, credit card machine, card reader, PIN pad, EFTPOS terminal (or by the older term as PDQ terminal which stands for "Process Data Quickly" [1]), is a device which interfaces with payment cards to make electronic funds transfers.
According to the United States Electronic Fund Transfer Act of 1978 it is "a funds transfer initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer's account". [2] Funds Transfer example
In addition to functioning as an ATM EFTPOS terminal, EPS terminals also accept BPI credit, debit and prepaid cards. However, these transactions are considered as BPI Express Credit transactions and not as EPS transactions. Banco de Oro has its own terminal independent of the EPS either branded under the SM name or under its own name. Terminals ...
Pulse is an interbank electronic funds transfer (EFT) network in the United States.It serves more than 4,400 U.S. financial institutions and includes more than 380,000 ATMs, as well as POS terminals nationwide.
A message may enter an ATMC from an ATM, another ATMC or a third party. When receiving a message, the ATMC will examine the message, validate the PIN block if present, and then route the message according to the leading digits of the account number referenced.
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ISO 8583 is an international standard for financial transaction card originated interchange messaging. It is the International Organization for Standardization standard for systems that exchange electronic transactions initiated by cardholders using payment cards.