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3.4 Electronic Monetary Processing

3.4 Electronic Monetary Processing. Overview. Demonstrate and apply knowledge and understanding of: − EFT and identify the advantages and disadvantages to the customer and the vendor − the operation of a typical ATM in terms of facilities offered − a typical POS system used in a supermarket

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3.4 Electronic Monetary Processing

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  1. 3.4 Electronic Monetary Processing

  2. Overview Demonstrate and apply knowledge and understanding of: − EFT and identify the advantages and disadvantages to the customer and the vendor − the operation of a typical ATM in terms of facilities offered − a typical POS system used in a supermarket − the use of chip and pin − the use of barcode technology

  3. Electronic Funds Transfer Advantages to customer Disadvantages to customer Money is removed from the account straight away • Can work with different currencies easily • Do not have to carry as much cash around • Can obtain cash back from an EFT transaction

  4. Electronic Funds Transfer Advantages to vendor Disadvantages to vendor Equipment is expensive Specialised equipment is needed Transactions sometimes do not go through until the end of the day • Payment is guaranteed • Less handling of cash and chance of robbery • Reduced forgery incidents

  5. Features Can withdraw cash Change a PIN View/print a statement View/print a balance Order a cheque book ATM

  6. A checkout connected to a computer with a bar code reader that can transfer money from customer accounts to pay for the goods EFTPOS

  7. Can store more data than a magnetic stripe Information on the chip can be processed Chip and pin

  8. Normally has 13 digits The thick and thin bars are read by laser Collected data is compared to the overall database and the price etc returned to the POS Contains: Product code Manufacturer code Country of origin Check digit Barcode technology

  9. Acronyms • ATM: Automatic Teller Machine • EFT: Electronic Funds Transfer • POS: Point of Sale • EPOS: Electronic Point of Sale Terminal • EAN: European Article Numbering • PIN: Personal Identification Number • EFTPOS: Electronic Funds Transfer Point of Sale

  10. Associated words • Smart card • Loyalty card • Credit card • Debit card

  11. Discussion “We are heading towards a cashless society.” Discuss this statement.

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