What is EFTPOS?

Electronic Funds Transfer at Point Of Sale. (EFTPOS) is used as a method of payment for goods and services. An EFTPOS terminal (also referred to as an EFTPOS machine) is an electronic device that assists in the transfer of funds from a customer bank account to a merchant (business) bank account. To pay at an EFTPOS terminal your customers must acquire an EFTPOS card, Debit Card or a Credit Card.

The acronym stands for electronic funds transfer at point of sale, and it’s basically the electronic payment system that allows you to use your plastic at the checkout. You can have an EFTPOS card, but it can also refer to the terminal which you use in a shop to make a payment with your debit or credit card. If you’re getting cash out or paying for your shopping with card, you’re using the EFTPOS system.