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Commercial Data Processing

EFTPOS, or Electronic Funds Transfer at Point Of Sale, revolutionizes how transactions occur in retail. This system unites EFT and POS technologies, allowing customers to pay for goods seamlessly using debit cards like Switch or Delta. With each item scanned at a POS terminal, purchases are processed without the need for cash, streamlining both the customer experience and shop operations. While EFTPOS offers advantages such as reduced paperwork and quicker transactions, businesses must also consider installation costs and the potential for card fraud.

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Commercial Data Processing

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  1. Commercial Data Processing EFTPOS

  2. EFTPOS • Electronic Funds Transfer at Point Of Sale. • Unites EFT and POS systems. • Used in most shops to purchase goods.

  3. Electronic Funds Transfer • A way of paying for goods without using cash. • Funds transferred automatically from your bank account into the shop’s. • Uses a debit card e.g. Switch or Delta.

  4. Point of Sale Goods are paid for at a POS terminal (a till). POS terminals usually have : • an input device e.g. a barcode scanner. • a backing store or a connection to a mainframe.

  5. EPOS • each item in a shop has a barcode • prices displayed on shelves not items • barcodes read by scanner at till • product code sent to computer • computer returns name and price to till to be displayed • till produces itemised receipt • computer updates stock files

  6. EFTPOS EFT system to pay for the goods: • items are scanned at terminal and debit card is swiped • terminal checks card against file of stolen cards • computer authorises transaction or contacts bank if required

  7. Advantages of EFTPOS • payment guaranteed by system • less paperwork • quicker than cheques • smaller queues • less cash in store

  8. Disadvantages of EFTPOS • expensive to install • harder for customers to keep track of their spending • card fraud possible • what if part or all of the system fails?

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