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228153
Electronic monetary processing
Description
Mind Map on Electronic monetary processing, created by madair505 on 24/09/2013.
Mind Map by
madair505
, updated more than 1 year ago
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Created by
madair505
over 11 years ago
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Resource summary
Electronic monetary processing
EFT & EFTPOS
EFT - Electronic Funds Transfer
No cash changes hand
EFTPOS - Electronic Funds Transfer point of sale
it is a computer including a barcode scanner and a chip and PIN terminal
Money is transferred electronically
Barcode Technology
Consists of digits encoded as a series of light and dark vertical bars of varying width
Can be read by a laser scanner that uses a laser beam to read and enter the code details automatically
Information on barcode
a product code
manufacturer code
country of origin code
check digit
when barcode is scanned at EFTPOS
1. the barcode scanner reads the barcode
2. barcode is sent to the computer
3. computer uses the barcode to search for stock file
4. product price and product description are sent back
5. the branch computer updates the stock level to that one has been sold
6. product price and description are displayed
7. scanned barcode cannot be matched with any item in the stock file, an error message is displayed
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