EFTPOS (or Electronic Funds Transfer at Point of Sale) is a convenient way for customers to pay using one of many payment methods – usually debit or credit cards, mobile phones, smart watches, or other wearables.
The name EFTPOS is an acronym for Electronic Funds Transfer at Point Of Sale. Put technically, it is an electronic payment system that allows customers to make transactions by electronically transferring funds from their bank account to a merchant's business bank account.
eftpos can only be used in card terminals. Debit cards can be used in card terminals, as well as online and via other payment channels, like phone payments. eftpos enables cardholders to take cash out when they check out at retail outlets. Generally, it is not possible to withdraw cash at retail checkouts.
EFTPOS (Electronic Funds Transfer at Point of Sale) is a form of payment at any card machine that accepts debit and credit card payments, including mobile phones, smart watches and other wearable payment methods.
Eftpos is co-owned by 19 different major corporates, including the big four banks, Coles and Woolworths, and other payment providers such as Tyro. The company processed $130 billion in transactions in 2019.
Tyro provides a fresh alternative when it comes to payments and business-only banking. Tyro is Australia's largest EFTPOS provider of all ADIs outside the big four and provides tailored EFTPOS, effortless business loans and banking solutions that support over 25,500 Australian businesses.
EFTPOS technology originated in the United States in 1981 and was rolled out in 1982.
However they are actually quite different. EFTPOS stands for Electronic Funds Transfer at Point of Service and the money mostly comes from a standard bank account. Debit cards are cards that use the credit card payment system supplied by providers such as Mastercard and VISA but are also tied to your bank account.
Merchants may charge you an additional fee when using the Visa payment network, whereas EFTPOS network transactions don't normally attract any additional fees when you pay for something.
Disadvantages of EFTPOS
Each time a customer makes a card payment, you have to pay a transaction fee. When you're being charged a different rate for accepting AMEX cards, eftpos, and the rest, it can become very difficult to work out how much you'll need to pay your merchant services provider at the end of the month.
They are essentially the same. Merchants can choose who processes their card transactions. EG: Visa, Eftpos or Mastercard. Simply 'tap' your card on the terminal when you shop and depending on the merchants preference the transaction will show as Visa Wdl or Eftpos Wdl on your statement.
Average costs for different payment types
Eftpos: less than 0.5% Visa and Mastercard debit: between 0.5% and 1% Visa and Mastercard credit: between 1% and 1.5%.
eftpos has been Australia's go-to payment system since 1984.
The privately-run Australian debit system, eftpos, has been widely used in Australia since the 1980s, however, the increasing popularity of international schemes like Visa and Mastercard has led to a decline in the use of eftpos cards over the last decade.
EFTPOS (or Electronic Funds Transfer at Point of Sale) is a convenient way for customers to pay using one of many payment methods – usually debit or credit cards, mobile phones, smart watches, or other wearables.
The benefits. A debit card allows you to access available funds in your transactional accounts to make purchases using EFTPOS so you don't need to carry so much cash around. Unlike an EFTPOS card, some debit cards, including those issued by Visa and MasterCard, can also be used to make purchases online or by phone.
Behind the scenes, contactless transactions like payWave (or PayPass) work differently from EFTPOS transactions because they are processed by “card schemes” like Visa or Mastercard.
Quite handily, they can be used wherever eftpos is accepted right across Australia. Unfortunately, it is not possible to use eftpos gift cards outside of Australia. Some retailers, at their discretion, may decline gift cards that are not their own but these are few and far between.
EFTPOS in British English
(ˈɛftpɒs ) noun acronym for. electronic funds transfer at point of sale.
Pay on the go with eftpos in your mobile wallet
If it's enabled (and you're with a participating bank) it's as simple as adding your debit card to your digital wallet, and choosing eftpos as your default payment method before you tap. Can't see eftpos as an option?
Osko is owned and operated by BPAY, and operates on the NPP as an overlay service. It uses PayID as a reference for payments. Payments are instant to accounts that have been transferred to previously.
The story so far…
Back in 1984, Australians were introduced to a game-changing new payment system – eftpos – and made speedy, secure card payments possible at the cash register for the very first time.
BPAY is an abbreviation of 'bill payment', a service which makes it possible for customers to make payments through their online banking app.