Merchants have begun to notice the importance of having EFTPOS (Electronic Funds Transfer at Point of Sale) terminals in their establishments as more customers prefer using credit and debit cards instead of cash.
EFTPOS is a financial network for processing credit, debit and charge cards at point of sale. In some cases EFTPOS terminals also allow users to withdraw cash in the same transaction.
Three parties are involved in the EFTPOS process: the customer’s bank or credit card company, the merchant’s bank, and the authorizing banks.
When the customer’s card is swiped through the EFTPOS terminal, their bank authorizes the transaction if there are sufficient funds available. It then goes through the authorizing bank to issue the amount to the merchant’s bank. Finally the merchant’s bank accepts the amount that has been authorized in the transaction.
Many companies manufacture EFTPOS terminals for small, medium and multi-national businesses. With expanding technology, these terminals now have various features beyond the simple debit or credit card processing, such as IP capability, e-pay mobile phone top-up, and multi-merchant solutions. If a merchant runs a small business then the can go opt for the basic model of EFTPOS systems, however bigger businesses will usually choose to use multi-functional terminals to cater to a wide variety of customer needs.
As a merchant or a business person, one should always make sure the best EFTPOS terminals are being used for the business. POSMarket.com.au are suppliers of quality EFTPOS terminals that can be relied on when it comes to the importance of a customer’s money.