EFTPOS and credit Card payments Jana Skriveris Line 4 Due: 14 th Nov Business Admin

Definition of EFTPOS EFTPOS means Electronic Fund Transfer at Point Of Sale. It is a system that allows funds to be moved automatically from a buyer's account to a seller's, the transfer taking place at the time of the transaction

EFTPOS Transaction When processing a transaction via EFTPOS: When prompted by the EFTPOS machine, always ask for a copy of the transaction. Ensure that a receipt – either handwritten or from the Cash Register is given to the payee together with the copy of the transaction slip from the EFTPOS machine

What is a Credit card? A plastic card that with a coded magnetic stripe that, when signed, entitles its bearer to a revolving line of credit, whose size and interest rate are determined by the borrower's income and credit report.

When using a credit card: When a purchase is made, the credit card user agrees to pay the card issuer. The cardholder indicates their consent to pay, by signing a receipt with a record of the card details and indicating the amount to be paid or by entering a personal identification number (PIN). Each month, the credit card user is sent a statement indicating the purchases undertaken with the card, any outstanding fees, and the total amount owed.

Example of credit card voucher CREDIT CARD TRANSACTION VOUCHER FULL NAME: ______________________________________________________________________________ ____ FULL ADDRESS: ______________________________________________________________________________ TYPE OF CARD: VISA  BANKCARD  MASTERCARD  (Diners & American Express not accepted) CREDIT CARD NO: CARD SEQUENCE NO: - If applicable (2 digit sequence found on most cards after expiry dates) EXPIRY DATE: CARD CHECK VALUE: (3 digits found after the card number - some cards do not have this at all) Amount to be paid  Reason for Payment Child’s Name ___________________________________________Year___________________ Name of Caller __________________________________________ REFERENCE NO: (This will be shown on EFT keypad when transaction has gone through) ______________________________________________________________________________ _______

Credit Vs EPTPOS Debit Debit cards and credit cards each have advantages and disadvantages. The biggest advantage of debit cards over credit cards is that you don't need to worry about interest rates, monthly bills and finance charges. Since a debit card uses only the money you actually have, you won't build up an unmanageable debt by using it, as you might with unchecked use of a credit card. Credit cards, after all, accrue interest on unpaid balances.

Debit Vs Credit Cards

Credit card fraud Credit card fraud can occur in a number of ways including: Lost or stolen cards, which are being used by another person illegally Mail order, telephone order or Internet use of legitimate or fraudulent card details for the delivery of goods. Counterfeit plastic cards can be created fraudulently by How to reduce fraud: To help reduce fraud against you and your customers, Switch off your EFTPOS machine at night Check card signatures Check that the card numbers on the front and back of the card match Make sure holograms are clearly visible Check for valid expiration date Ask for further identification if unsure

Bibliography  en.wikipedia.org/wiki/Debit_card.  en.wikipedia.org/wiki/Credit_card.  ne%3A+eftpos+&meta=&safe=active ne%3A+eftpos+&meta=&safe=active