There are many features to the
EFTPOS network:
I
Card
– credit card, debit card and
charge card for which the magnetic
stripe contains the cardholder information
to be transmitted electronically.
I
Terminal
– reads the information
contained on the magnetic stripe of each
card. Allows for the secure transfer of
transaction and PIN to the card issuing
bank’s computer system.
I
Terminal message
– each transaction
sends a message to the bank requesting
an action. The transaction is only
completed when a response from
the bank is received.
I
Inter-bank network
– all major banks
and credit unions are connected to each
other. This allows cards issued by one
bank to be used at another bank’s
terminals/merchants. Messages are
passed between banks to allow
authorisation and settlement of
transactions.
I
Credit card schemes
– MasterCard and
Visa are member controlled organisations
that determine rules to be followed for the
security of both cardholder and merchant.
I
Card issuers worldwide
– are all those
banks worldwide which issue credit
cards for use by their customers.
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Summary of Contents for EFTPOS LITE INGENICO 5110
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