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e = electronic
f = funds
t = transfer at
p = point
o = of
s = sale

Eftpos is the method for paying for goods or services without needing to carry cash. On making a purchase, the eftpos customer gives an eftpos card to the cashier who inserts it into an on-site eftpos machine. When the eftpos customer confirms the purchase, either by signature or security PIN, the eftpos equipment contacts the store's bank electronically about the transaction. A message is also sent to the customer's bank. Unless there is reason for the eftpos transaction not to be completed, the funds will then be transferred between the two accounts. The eftpos transaction takes a matter of only a few seconds. Before the eftpos customer has had the goods put into a bag, the eftpos transaction will be complete. Confirmation of the eftpos transaction is sent to the store and passed on to the customer in the form of a printed eftpos transaction record.

Eftpos customers have the option of asking the store for cash in addition to the purchases. This has the advantage for the customer of saving a trip to a bank or cash machine, and it also reduces bank charges as only one eftpos transaction is counted. - meaning - security - contact