Search results
Results from the WOW.Com Content Network
A payment terminal allows a merchant to capture required credit and debit card information and to transmit this data to the merchant services provider or bank for authorization and finally, to transfer funds to the merchant. The terminal allows the merchant or their client to swipe, insert or hold a card near the device to capture the information.
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).
EMV is a payment method based on a technical standard for smart payment cards and for payment terminals and automated teller machines which can accept them. EMV stands for " Europay , Mastercard , and Visa ", the three companies that created the standard.
A virtual terminal is a software application (often a web application) for merchants which allows them to accept payment with a payment card, specifically a credit card, without requiring the physical presence of the card (“card not present transaction”).
In each retail location, a terminal is installed and is usually connected to the POS system of the retailer. The terminal may also be independently connected to banks through the public phone system. Transactions approved before the cut-off time are batched into a payment made directly to the retailer's account by the end of the business day. [1]
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
The Open Payment Initiative, or O.P.I. for short, was launched to standardize the application interface between the electronic point of sale (EPOS) application and any cashless payments solution installed on the electronic funds transfer at point of sale (EFTPOS) payment terminal.
Payment cards are part of a payment system issued by financial institutions, such as a bank, to a customer that enables its owner (the cardholder) to access the funds in the customer's designated bank accounts, or through a credit account and make payments by electronic transfer with a payment terminal and access automated teller machines (ATMs ...