What is eft-pos?

EFT-POS stands for 'Electronic Funds Transfer Point of Sale'. It is a payment system that allows customers to make payments via their debit or credit cards directly at the point of sale. With EFT-POS, cardholders can make transactions by swiping, inserting or tapping their cards, and entering their PINs on the terminal. The transaction amount is instantly deducted from the cardholder's account and transferred to the merchant's account. EFT-POS systems are widely used in retail stores, restaurants, petrol stations, and other businesses that accept card payments. It promotes efficient and secure transactions, reduces the risk of cash handling, and provides faster payment processing for customers and businesses.