EFTPOS and credit card payments

Rachel GarciaLine 4

Due:14th November Business Admin

Michael Barry

What is a Credit Card?

•A credit card is differs from a EFTPOS card differs when you own a credit card you need to make payments in full each month.

•Credit cards are allowed by anyone over the age of 18 with a healthy income to support the bills of a credit card.

•You may use your credit card for anything as long as you pay the money back by the end of the month, with interest as well.

•You can obtain credit cards at most local banks and credit unions.

•Credit cards can be cancelled at any time by your bank if you have not made frequent payments on it. •For proof of purchase you receive a printed recept at purchase and it appears on your statement at the end of the month

What is a EFTPOS Card?• EFTPOS stands for, Electronic Funds Transfer at Point of Sale. • An EFTPOS card allows you to make payments and

withdrawals at the same time.• You can choose to make the EFTPOS transaction from your

savings account, cheque account or credit card. • For proof of purchase you receive a printed recept at

purchase and it appears on your statement at the end of the month

• EFTPOS cards are used for transactions by your place of work to transfer money in you account only and not take money out.

EFTPOS and Credit Card Payments

• Anyone can purchase good by using their EFTPOS and credit cards.

• When purchasing through EFTPOS or credit card in some stores you have a minimum sum of money that you have to obtain before you purchase through your card. It usually consists of $10.

• Most stores will have a EFTPOS machine to their bank, so if you are not with the same bank that the store you are purchasing from you will receive a bill of roughly $2 for not using the correct bank.

Credit Card & EFTPOS Fraud

• More and more business’s are using the EFTPOS and credit card systems in their workplace, meaning it is attracting more thieves and criminals.

• As technology is improving it can catch out credit card thieves when the bill arrives, but the fraud has been well and truly done by then.

• So to prevent it being done in your business make sure you always check the signatures and do the usual security means when customers are using credit cards.

Authorising Credit Transactions

• Contact the Card Authorisation Centre to obtain authorisation for credit card transactions when:

• the value of the transaction exceeds your floor limit • conducting a manual or off-line transaction• If the bills are not being paid in full each month

• If you fail to seek authorisation for transactions when necessary, you may be held liable for the full amount!

How Customer benefit from using credit cards, Debit and EFTPOS

cards• So they don’t have to withdraw all their money before

purchasing goods.• They have privacy and they will always know that their

money is safe.• You can regularly check their account balance and monitor

their transfer's.• You can set yourself limits with money on your credit and

debit cards so you don’t exceed your limit.• You can keep a record of everything you have purchased

(bank statement).• On a debit card you can transfer a set amount of money

into the account so that is the only money that is spent and you don’t owe any money.

Avoiding Credit and Debit Card Fraud

To avoid becoming a victim of credit and debit card fraud, you can:

– Check if the card has damage to it, scratches and dents.– Before returning the card check if the transaction has

been approved.– ALWAYS ask to see photo id.– ALWAYS check to see if the signatures match up.– If the signature does not look right, match it up to their

signature on their licence or ask them to do it again.

How to use an EFTPOS machine

Some EFTPOS machines are connected to your computer and will automatically send the price of the purchase through to the EFTPOS machine, so all you have to do is swipe the card and get the customer to enter their pin. Other EFTPOS machines you have to do it manually, if so follow the directions below.

• First you swipe the EFTPOS card.• You then select if it is a purchase or a return.• If purchase you enter the amount of money that the purchase

is• Then you get the customer to enter their pin number• And once the transaction had approved then you give their

card back and give them the customer recept and keep the merchant recept for your business.

Graph – Credit Card Debt

Annual Fee:

Cash Advance:

BalanceTransfers:

Purchases:

$200 p.a

$200 p.a.

$36 p.a

$48 p.a.

Table for Credit Card Use

Percentage Amount

Purchases: 12.64% p.a. $200 p.a.

Balance Transfers:

12.64% p.a. $200 p.a.

Cash Advance:19.99% p.a. $36 p.a

Annual Fee: 20.14% p.a. $48 p.a.

Summary

Credit cards, debit and EFTPOS cards are used on a regular basis by most people of the public. They use it to transfer money and purchasing products. EFTPOS credit and debit cards are all used to protect and keep our money safe from criminals and fraud.Payments with EFTPOS, credit cards and debit cards are all processed in simular ways the only difference is a signature is required for credit and a pin is used for EFTPOS and debit cards. Fraud on credit cards is very common in our society, to help avoid fraud keep your card and you pin numbers secret and if your card is stolen or misplaced make sure to cancel the card.

I chose this subject because I thought it would broaden my knowledge on EFTPOS, credit and debit cards for the future.

Bibliography• http://en.wikipedia.org/wiki/Credit_card

I found this site very useful for information on my slide show, it gave me both information and statistics.

• http://www.police.qld.gov.au/programs/crimePrevention/fraud/creditCards.htm

This website help me to find information on credit card fraud and other elements of a credit card.

• http://www.aic.gov.au/publications/rpp/60/section4.html• http://www.creditcards.com/credit-card-news/credit-card-industry-

facts-personal-debt-statistics-1276.php