Electronic Monetary Processing Systems

Learning Intentions

Define and expand the following acronyms: POS EPOS EFTPOS

Recognise, from a diagram the components of a typical Electronic Funds Transfer Point of Sale.

Describe how Electronic Funds Transfer Systems operate.

Shops use computer technology as follows:

Point of Sale (POS) – an ordinary checkout till.

Electronic Point of Sale (EPOS) – a checkout connected to a computer with a barcode reader.

Electronic Funds Transfer Point of Sale (EFTPOS) – a checkout connected to a computer with a barcode reader which can transfer money from a customers account using credit/bank cards.

EFTPOSDisplay

Printer

Magnetic stripe reader

Cash drawer and keyboard

Laser scanner

Scales

Scanning beam

EPOS processor

Product number to store

computer

Product details to

EPOS terminal

Activity One

Complete the following worksheet:

Check Answers

Activity Two

Electronic Funds Transfer

Read the scenario and put the stages of purchasing goods in the correct order.

Conclusion

Can anyone expand the acronym EFTPOS?

Name three components of an EFTPOS.

What does PIN stand for?

Before a receipt is printed what must be approved?