System
In each retail location, a terminal is installed and is usually connected to a POS system of retailer. The terminal can also connect to banks through the public phone system.
The operation of the system is easy. The retailer swipes a customer's ATM card in the terminal and keys in the payment amount. The cardholder then selects the appropriate bank account and keys in the PIN. After successful connection to the bank, a receipt will be printed for the customer and the retailer. Some automatic terminals require the cardholder to insert his or her ATM card into a terminal machine rather than have the merchant swipe the card.
Payment for each transaction is directly transferred from the payer's bank account to receiver's.
Read more about this topic: Electronic Payment Services
Famous quotes containing the word system:
“... the yearly expenses of the existing religious system ... exceed in these United States twenty millions of dollars. Twenty millions! For teaching what? Things unseen and causes unknown!... Twenty millions would more than suffice to make us wise; and alas! do they not more than suffice to make us foolish?”
—Frances Wright (1795–1852)
“The golden mean in ethics, as in physics, is the centre of the system and that about which all revolve, and though to a distant and plodding planet it be an uttermost extreme, yet one day, when that planet’s year is completed, it will be found to be central.”
—Henry David Thoreau (1817–1862)
“A person, seasoned with a just sense of the imperfections of natural reason, will fly to revealed truth with the greatest avidity: while the haughty Dogmatist, persuaded that he can erect a compleat system of Theology by the mere help of philosophy, disdains any further aid, and rejects this adventitious instructor.”
—David Hume (1711–1776)