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The 'EFTPOS' is an electronic payment system involving electronic funds transfers based on the use of payment cards. What does 'P' stand for in 'EFTPOS'?
- a)Payment
- b)Point
- c)Provident
- d)Paid
- e)Privacy
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
The 'EFTPOS' is an electronic payment system involving electronic fun...
Here P stands for Point.
EFTPOS stands for Electronic Funds Transfer at Point of Sale. It is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit or credit cards, at payment terminals located at points of sale.
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Community Answer
The 'EFTPOS' is an electronic payment system involving electronic fun...
The 'P' in 'EFTPOS' stands for 'Point'.
Explanation:
EFTPOS is an abbreviation for Electronic Funds Transfer at Point of Sale. It is an electronic payment system that allows customers to make payments by transferring funds electronically from their bank account to the merchant's account at the point of sale.
The 'P' in EFTPOS refers to the 'Point' of sale. In this context, the 'point' refers to the physical location where the transaction takes place, such as a retail store or a merchant's establishment. The term 'Point of Sale' is commonly used in the retail industry to describe the location where a customer makes a purchase and completes the payment.
EFTPOS system enables customers to make payments using payment cards, such as debit cards or credit cards, by swiping or inserting the card into a card reader at the point of sale. The system then securely transfers the funds from the customer's bank account to the merchant's account, providing a convenient and efficient method of payment.
The use of EFTPOS has become widespread in many countries, as it offers several benefits to both customers and merchants. Customers can make payments without the need for cash, and their transactions are processed quickly and securely. Merchants benefit from reduced risks associated with handling cash and can also offer additional services, such as cashback or refunds, through the EFTPOS system.
In summary, the 'P' in EFTPOS stands for 'Point', referring to the physical location where the electronic funds transfer takes place at the point of sale. EFTPOS is a widely used electronic payment system that provides convenience and efficiency for both customers and merchants.
Explanation:
EFTPOS is an abbreviation for Electronic Funds Transfer at Point of Sale. It is an electronic payment system that allows customers to make payments by transferring funds electronically from their bank account to the merchant's account at the point of sale.
The 'P' in EFTPOS refers to the 'Point' of sale. In this context, the 'point' refers to the physical location where the transaction takes place, such as a retail store or a merchant's establishment. The term 'Point of Sale' is commonly used in the retail industry to describe the location where a customer makes a purchase and completes the payment.
EFTPOS system enables customers to make payments using payment cards, such as debit cards or credit cards, by swiping or inserting the card into a card reader at the point of sale. The system then securely transfers the funds from the customer's bank account to the merchant's account, providing a convenient and efficient method of payment.
The use of EFTPOS has become widespread in many countries, as it offers several benefits to both customers and merchants. Customers can make payments without the need for cash, and their transactions are processed quickly and securely. Merchants benefit from reduced risks associated with handling cash and can also offer additional services, such as cashback or refunds, through the EFTPOS system.
In summary, the 'P' in EFTPOS stands for 'Point', referring to the physical location where the electronic funds transfer takes place at the point of sale. EFTPOS is a widely used electronic payment system that provides convenience and efficiency for both customers and merchants.
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The 'EFTPOS' is an electronic payment system involving electronic funds transfers based on the use of payment cards. What does 'P' stand for in 'EFTPOS'?a)Paymentb)Pointc)Providentd)Paide)PrivacyCorrect answer is option 'B'. Can you explain this answer?
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