Linda Octa

The evolution of the EFTPOS Machine has changed the way both retailers and consumers do business. Before the introduction of electronic payment systems, physical money was the primary method of payment. These systems have made business transactions more efficient, easier and safer for everyone.

The advantages to both business and consumer are many. Transactions are more efficient because there is no physical handling of bank notes and coins. This means fewer errors can occur due to human error because it is all automated. It is more convenient for consumers to carry a single card than bulky notes and this also applies to businesses as they don’t need to store cash.

Transactions with EFTPOS also provide a higher level of safety over cash transactions. Shops can minimize the amount of money in the store and so lose less in case of robbery. For the consumer, losing their cards does not mean losing their money immediately because of the secure PIN.

However there are also some disadvantages. The main disadvantage is that an EFTPOS Terminal may not be available everywhere, although this is becoming increasingly less in this modern age. Businesses will also need to provide extra training on the use of an EFTPOS Machine. Another disadvantage is that financial institutions may impose limits on the daily use of debit and credit cards, which is often a security measure.