Electronic funds transfer at point of sale is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit cards or credit cards, at payment terminals located at points of sale. EFTPOS technology was developed during the 1980s.
The point of sale (POS) or point of purchase (POP) is the time and place at which a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer, and indicates the options for the customer to make payment. It is also the point at which a customer makes a payment to the merchant in exchange for goods or after provision of a service. After receiving payment, the merchant may issue a receipt, as proof of transaction, which is usually printed but can also be dispensed with or sent electronically.
An e-commerce payment system facilitates the acceptance of electronic payment for offline transfer, also known as a subcomponent of electronic data interchange (EDI), e-commerce payment systems have become increasingly popular due to the widespread use of the internet-based shopping and banking.
Verifone, Inc. is an American multinational corporation headquartered in Coral Springs, Florida. Verifone provides technology for electronic payment transactions and value-added services at the point-of-sale. Verifone sells merchant-operated, consumer-facing and self-service payment systems to the financial, retail, hospitality, petroleum, government and healthcare industries. The company's products consist of POS electronic payment devices that run its own operating systems, security and encryption software, and certified payment software, and that are designed for both consumer-facing and unattended environments.
First Data Corporation is a financial services company headquartered in Atlanta, Georgia, United States. The company's STAR Network provides nationwide domestic debit acceptance at more than 2 million retail POS, ATM, and at online outlets for nearly a third of all U.S. debit cards.
Merchant Account Providers give businesses the ability to accept debit and credit cards in payment for goods and services. This can be face-to-face, on the telephone, or over the internet.
Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet. Unlike the related internet banking it uses software, usually called an app, provided by the financial institution for the purpose. Mobile banking is usually available on a 24-hour basis. Some financial institutions have restrictions on which accounts may be accessed through mobile banking, as well as a limit on the amount that can be transacted. Mobile banking is dependent on the availability of an internet or data connection to the mobile device.
A digital wallet, also known as an e-wallet or mobile wallet, is an electronic device, online service, or software program that allows one party to make electronic transactions with another party bartering digital currency units for goods and services. This can include purchasing items either online or at the point of sale in a brick and mortar store, using either mobile payment or using a laptop or other personal computer. Money can be deposited in the digital wallet prior to any transactions or, in other cases, an individual's bank account can be linked to the digital wallet. Users might also have their driver's license, health card, loyalty card(s) and other ID documents stored within the wallet. The credentials can be passed to a merchant's terminal wirelessly via near field communication (NFC).
Moneris is a Canadian financial technology company that specializes in payment processing.
Heartland Payment Systems, Inc. is a U.S.-based payment processing and technology provider. Founded in 1997, Heartland Payment Systems' last headquarters were in Princeton, New Jersey. An acquisition by Global Payments, expected to be worth $3.8 billion or $4.3 billion was finalized on April 25, 2016.
Ingenico is a French merchant services technology company, that facilitates secure electronic transactions. The company expanded as a manufacturer of point of sale (POS) payment terminals to also include complete merchant payment SaaS and related services.
A payment terminal, also known as a point of sale (POS) terminal, credit card machine, card reader, PIN pad, EFTPOS terminal, is a device which interfaces with payment cards to make electronic funds transfers. The terminal typically consists of a secure keypad for entering PIN, a screen, a means of capturing information from payments cards and a network connection to access the payment network for authorization.
A payment processor is a system that enables financial transactions, commonly employed by a merchant, to handle transactions with customers from various channels such as credit cards and debit cards or bank accounts. They are usually broken down into two types: front-end and back-end.
Atom TechnologiesLimited is a payment services provider company headquartered in Mumbai, India.
Chase Paymentech is a payment processing and merchant acquiring business of JPMorgan Chase. Paymentech payment platforms supports businesses to process payments. Paymentech authorises payment transactions in more than 130 currencies. In addition to this, the company provides business analytics, payment fraud detection, and data security solutions.
Infibeam Avenues Limited is an Indian payment infrastructure and software as a service (SaaS) fintech company that provides digital payment services, eCommerce platforms, digital lending, data cloud storage and omnichannel enterprise software to businesses across industries in India and globally.
Worldpay, Inc. is an American payment processing company and technology provider. In February 2024, it was separated from Fidelity National Information Services (FIS) to become an independent company once again. It is majority owned by private equity firm GTCR. It is headquartered in the greater Cincinnati, Ohio area. Worldpay, Inc., is the largest U.S. merchant acquirer ranked by general-purpose transaction volume.
FreedomPay is a company that provides payment platform as a service. It was founded in 2000 and is currently located in Philadelphia, Pennsylvania. In early 2000, FreedomPay launched mobile payment "proof of concepts" with enterprises such as McDonald's, Bank of America and Visa. Later in 2004, FreedomPay delivered a closed loop payment system for stored value and voucher systems to the food service industry.
Global Payments Inc. is an American multinational financial technology company that provides payment technology and services to merchants, issuers and consumers. In June 2021, the company was named to the Fortune 500. The company processes payments made through credit cards, debit cards, and digital and contactless payments.
Square is a financial services platform by Block, Inc. for small and medium-sized businesses. It enables accepting credit card payments using smartphones as POS registers, and facilitates various business operations. As of 2023, Square reports 4 million merchant clients and an annual payment value of US$210 billion.
