What does EFTPOS mean in FUNDS

EFTPOS stands for Electronic Funds Transfer at Point of Sale. It is a way to pay for goods and services electronically, usually via a debit or credit card. EFTPOS payments are usually processed within seconds, allowing customers to make seamless and secure payments without needing to carry cash.

To make an EFTPOS payment, you will need to present your card at the point of sale — either by swiping it through the terminal or dipping it into a chip reader. Then follow the prompt on the screen and enter your PIN when required. You will then receive confirmation that your payment has been accepted.

Yes. All transactions done via an EFTPOS system are encrypted and secured with the most up-to-date security measures, making it one of the safest methods of payment available today. Furthermore, since you must enter your PIN for each transaction, there is no risk of unauthorized access to your funds if your card is lost or stolen.

Generally speaking, using an EFTPOS terminal does not cost anything to you as the customer; however, merchants may be charged a fee depending on their chosen provider and type of business they operate. The merchant's provider can provide more information regarding this cost if required.

Yes — most debit cards issued in Australia are compatible with an EFTPOS system and can be used just like any other form of payment such as cash or credit cards. To ensure that your particular card is accepted by the merchant's terminal, check with their provider before attempting a transaction.

Yes — each transaction is limited by both the amount available in your account as well as daily spending limits that have been set by either your bank or financial institution. If you attempt to make a purchase above this limit then you will likely be declined by the merchant's terminal.

If this happens then you should contact your financial institution immediately in order to resolve whatever issue is preventing approval of the transaction (e.g., insufficient funds). In some cases, merchants may also need to contact their service provider in order to remedy any technical issues that may be causing problems with their terminal.

While most merchants who accept payments via an EFTPOS system do not levy any additional fees upon customers when making purchases, some may impose extra costs when paying via card rather than cash (e.g., small businesses). You should always check with the merchant beforehand in order to determine if any additional fees apply before attempting a transaction.

Yes — all transactions made through a legitimate merchant are protected under Australian consumer law and eligible for refund/dispute resolution should goods/services not meet expectation or arrive damaged/faulty etc.