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Home→The Westburn Dictionary of Marketing→E→electronic funds transfer at point of sale (EFTPOS)

electronic funds transfer at point of sale (EFTPOS)

Definition:
Defined by Michael J. Thomas (Pocket Guide to Marketing, London: Basil Blackwell, 1986) as 'a technological development which enables the CONSUMER to pay for goods at the retail store checkout points with a plastic card which directly debits his bank account, eliminating the need to produce cash or write cheques'. Recently Barclaycard have met with resistance from the retail business in response to their bid to introduce a version of EFTPOS to British stores - with large retail groups such as Storehouse (Habitat, Mothercare, BHS) stating their reluctance to pay what they consider to be an excessive percentage COMMISSION (similar to that charged on credit cards) in return for the privilege of operating the system.

Cross-References:
[commission] [EFTPOS] [consumer]

Links:

Figures:

© Westburn Publishers Ltd 2002, The Westburn Dictionary of Marketing edited by Michael J Baker, ISBN 978-0-946433-01-8. www.themarketingdictionary.com. Entry: [Graham K. Peaston and Michael J. Baker], [1998].