EFT systems and retailer point of sales systems combine as EFTPOS (Electronic Funds Transfer at Point-of-Sale)
The amount of the buyerÅfs purchase is entered into a POS terminal using a plastic card
The data relating to this purchase are sent to the appropriate bank using a telecommunication link
This bank then deducts the funds from the buyerÅfs account and transfers the amount to the sellerÅfs account
The buyerÅfs bank credits the sellerÅfs account and takes on a debt to the seller
The system immediately changes the information concerning indebtedness and starts charging interest
| Previous slide | Next slide | Back to first slide | View graphic version |