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:
“A system of morality which is based on relative emotional values is a mere illusion, a thoroughly vulgar conception which has nothing sound in it and nothing true.”
—Socrates (469–399 B.C.)
“The system was breaking down. The one who had wandered alone past so many happenings and events began to feel, backing up along the primal vein that led to his center, the beginning of hiccup that would, if left to gather, explode the center to the extremities of life, the suburbs through which one makes one’s way to where the country is.”
—John Ashbery (b. 1927)
“Science is a system of statements based on direct experience, and controlled by experimental verification. Verification in science is not, however, of single statements but of the entire system or a sub-system of such statements.”
—Rudolf Carnap (1891–1970)