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:
“If mothers are to be successful in achieving their child-rearing goals, they must have the inner freedom to find their own value system and within that system to find what is acceptable to them and what is not. This means leaving behind the anxiety, but also the security, of simplistic good-bad formulations and deciding for themselves what they want to teach their children.”
—Elaine Heffner (20th century)
“The truth is, the whole administration under Roosevelt was demoralized by the system of dealing directly with subordinates. It was obviated in the State Department and the War Department under [Secretary of State Elihu] Root and me [Taft was the Secretary of War], because we simply ignored the interference and went on as we chose.... The subordinates gained nothing by his assumption of authority, but it was not so in the other departments.”
—William Howard Taft (1857–1930)
“I need not say what match I would touch, what system endeavor to blow up; but as I love my life, I would side with the light, and let the dark earth roll from under me, calling my mother and my brother to follow.”
—Henry David Thoreau (1817–1862)