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Electronic Payment

Electronic Payment. by Juan M Alonso l 4 A l ITGS l 2012. Electronic Fund Transfer (ETF). Money transfer instructions. Other banks / Businesses. Amounts transferred through accounts. Bank’s computer system. Toys Max Inc. Bank Computer System. Business.

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Electronic Payment

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  1. Electronic Payment

    by Juan M Alonso l 4 A l ITGS l 2012
  2. Electronic Fund Transfer (ETF) Money transfer instructions Otherbanks/ Businesses Amountstransferredthroughaccounts Bank’scomputersystem
  3. Toys Max Inc. Bank Computer System Business Employees´ Accounts +$2000 ETF Instruction -$4000 +$1000 Toys Max Inc. +$1000 Pay employees
  4. Using Cash Machines (ATMs) Banking services Withdrawingcash Depositingmoney Transferringmoneybetweenaccounts Checking the balance of accounts Payingbills
  5. Consumer Bank card secret PIN to numeric pad inserted identifies a customer and their bank account Magnetic strip reader read by ETF compatible Smart card reader ATM
  6. customer of Red Bank uses her debit card to withdraw cash from an ATM belonging to Blue Bank owed money by ETF instruction to transfer money from account to Blue Bank
  7. Electronic Payments for Goods (EFTPOS) Banks allow goods to be paid for electronically, using a system called Electronic Fund Transfer at Point-of-Sale (EFTPOS).
  8. Point-of-Sale It is the place in a store where you pay for your purchases. It is usually where the till (cash register) is located. Method of inputtingcodes(bar-code scanner) to find info about goods System to acceptEFTPOS System to updatestock-levelandautomatically re-ordergoods Methodproducingreceipts(smalldot-matrix printer)
  9. Handling EFTPOS The Electronic Fund Transfer at Point-of-Sale system is used when paying with a bank card.  1 2 EnterPIN Entervalue of purchase 3 Can account number 63842 afford $100?
  10. 4 access the customer’s record with account number nd checks the balance 5 Client affords $100 6 EFT message: transfer $100 from account 63842 to store’s account 7 Store’s account - $100 +$100 Account 63842
  11. 8 Cashier returns credit card with receipt 'Chip & PIN' PaymentSystem Smart cards with small amount of computer memory (chip) with the account information stored inside. more secure (encrypted data) and more reliable than magnetic strip cards PIN (Personal IdentificationNumber) as identityproof
  12. Automatic Re-Ordering of Stock Goods sold, POS system sends details of sale to stock-control system 1 stock-control system updatesstock-levels in the stock database for purchased goods 2 3 If stock-level falls below a pre-set value, stock-control system sends order to suppliers 4 Suppliers send a delivery to store 5 Stock-control system updatesstock-levels in stock database for the delivered goods
  13. Internet Shopping (e-Commerce) large retail businesses : Increasing popularity Convenience: browse goods from your home open 24 hours every day of the year Customers purposes widerrange of choice Payment is simple using credit cards or services such as PayPal limitedmobility often cheaper than in stores
  14. Lower costs since no expensive retail stores and less staff Businesses purposes Lower costs = lower selling prices = higher sales = bigger profits more potentialcustomers cannot try items before purchasing (e.g. clothes) PROBLEMS wait several days before receiving your goods Returning goods or getting help can be difficult security risk using credit cards online. The card details may be stolen and used to commit fraud.
  15. http://www.igcseict.info/theory/7_2/bank/index.html Bibliography http://www.crimeresearch.org/news/16.08.2005/1431/ Images from Google
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