Page 19 Advertisements Column 1

Press, 14 October 1985, Page 19

I' ■ S & - - ' . . ’' * ’ *P f _’ ■ ' j ' **” ’ * ' K - v «xx \ x EFT-POS SPECIAL I _________________________. . ■. . ■ •• ■ ■ •-JI -— —■ ■■-: ■■ . ..... ■ ■■■ , -■ . ■ ■„: ■ — _______„_

ELECTRONIC SHOPPING BECOMES A REALITY THROUGH EFT-POS Electronic banking has come ' means they lessen the chances through its president Barry of age with the decision of the of becoming a target for Purdie has put strong emphasis four trading banks to push robberies. on the fact that all major cards ahead with the development of But what’s in it for the cust- should pass through the one a fully competitive EFT-POS sys- omer? The first answer accor- terminal. He says that retailers tern. ding to EFT-POS project team would simply not be prepared The move follows in the wake leader Logan Russell is ease of to have a number of EFT-POS of a very successful six month trading. terminals on their counter and trial in which the New Zealand During the trial only bank the Trading Banks agree and Bankers Association, which debit cards were accepted but are working towards-this, represents the country’s four the technology allows for the use And the Consumer's Institute, main trading banks, put the♦ of other major cards including which has been keeping a watsystem through its paces. credit cards. The Bankers chful eye on the development of National Bank's Cashpoint, Association has said that these EFT-POS on behalf of conthe Westpac card and the ANZ- will be used in the future. These sumers says it sees clear BNZ Autobank system were all aspects are now being worked benefits and has no objections involved in the trial and the upon, said Mr Logan Russell, to the system, results were described by the The use of credit cards, ac- a Bankers’ survey identified Association as very promising, cording to a survey by the WO men and young people as EFT-POS, which stands for Bankers Association, iswhatthe k een users while a number of electronic funds transfer at the public wants from EFT-POS, retailers participating in the trial point of sale,- enables a and when it is achieved public found EFT-POS to be popular customer to pay for goods with interest is likely to intensify. among older people who are a plastic card and in the process Some claim EFT-POS saved the problem of handling immediately transfer money represents the dawning of the cas h. from his bank account to the cashless society but those close instead all that is needed is for retailers account. Instant bank- to the scheme such as Logan their plastic card to be run mg, by any other name. Russell are quick to put this in though a terminal and their perDuring the trial the Associa- perspective. sona i identification number tion hoped to attract 5000 tran- He says EFT-POS is simply (PIN) to be recorded on a consactions over six months in another optional way of pay- fidential handheld keyboard. Auckland and Wellington, ment and cash will be around far in one Wellington superthough more than 60,000 tran- into the future. market a man in his eighties sactions, worth in excess of sl.4’ Where EFT-POS is likely to be came in especially on the first million actually passed through most readily accepted is in ser- day EFT-POS was put on “to the system. The message is vice stations, supermarketsand give the new system a go", clear. New Zealanders are pois- retail outlets where comparative- One potential drawback of ed to take to EFT-POS with the ly large sums are paid by peo- the scheme during its trial has same enthusiasm as they did pie in queues. These were the been that if a customer’s acwith automatic teller machines, most successful outlets during count has insufficient funds the In the future the main benefit the trial. transaction will be rejected. The of the new payments system for The introduction of EFT-POS Bankers feared that this could the banks will be the reduction was a relatively easy opera- cause unnecessary embarrassin the flow of expensive-to- tion in New Zealand due to the ment to customers but retailers process paper transactions, trading bank owned Databank report that where this has happarticularly cheques. At the mo- clearing house. pened people have chosen to ment these are increasing in Linder this centralised clear- pay by other means, and no volume each year by between ing system all transactions from problems have arisen. 6 and 8 per cent. trading banks and many from The Bankers Association exit will also allow the banks to other financial institutions, are pects the growth of the system use technology to provide im- cleared each day. to be dictated by the enthusiasm proved services and build upon ■ln some countries individual of the public, which will decide an already efficient payment banks work exchanges on a whether EFT-POS will become system. peicemeal basis sometimes tak- just another part of everyday life. Retailers will benefit from ac- ing weeks for transactions to be But right now the banks are cess to instant cash, made cleared. gearing up to provide a service possible by the process of im- The Databank system lends which according to Bankers mediate reconcilliation of ac- itself ideally to EFT-POS and has Association Chairman Jim counts. It will also bring with it meant that the Bankers Macaulay, “will in time reduce faster turnaround of customers Associaiton can confidently talk the high costs of funds transfer — fewer cumbersome cheques of New Zealand having an EFT- for the banks and retailers and, - and most welcome of all, no POS system which could han- fo the process, offer benefits to bad debts. die all cards. all the users of the system." Carrying less cash in their tills The Retailers Federation » -*f ■ ■n. s HL ** HHHS r .■WMMB.ygg.Aa i | The easy way to pay. Lynley David (left) use EFT-POS to pay Michelle Gentleman at the I Stanmore Road Supervalue Supermarket. I WHAT IS EFT-POS? .SKwSK Which cards does How do I know slant payment. You present your { fog SVSteiH accept? where 1 C3II Use | plastic card to the retailer who EFT-POS 9 passes it through a terminal » oresent EFT-POS svstem I and rha« S on a ?hp ljn termina'l acce P ts ,he four trad,n 9 bank A number of service stations, ' I pur^ as ® 0 cards, that is, ANZ and BNZ supermarkets and other retailers i ke v^ a thon cpiect Which ac- Autobank ’ National Cashpoint j n an d around the City have | You then select which ac and Weslpac EFT-POS available. Look for the S £°nr Jvrnos onThan- The system does not accept EFT-POS symbol. Most outlets S ninnaT enter vour Sr- CTedlt bu! by the a | SO have a poster about EFTdh middle of next year these will be POS on the wall and a mobile I «e.o te used hanging near the ft. Your bank „ h Jl/c nrarn, Her Will have a list ° f S(t6S Of Y OO 030 I h vvthm crv-nn'ds a messaoe hl t< j 7~ keep this copy of this, feature I Mmo rnnfirrnSe What if Ido UOt which lists the current sites. Adsale and the EFT-POS terminal have enough funds ditional sites will be added in | pants you a receipt. in my account? cominp months ' At that time the amount of —“ 1 | torn C“court TMte «“» transaction cannot be What benefits does SXZK » have? ~; j 7~ qiven, lost or stolen card, insuf- | How long does it en t fonds or any other reason It is convenient There is no I take 9 the terminal will show a need to carry cash or a cheque | ——— message indicating what action book. It is quick. Tnere is no | to take. No balance details are writing of cheques and produc- | About ths ssme tims as a p.; V pp| in Quch cases vou will sat©. If you card is | cash sale. Usually less than 10 9 . • b th means ,ost or sto,en jt c annot used I seconds and certainly no longer neea 10 pay Dy o,ner means ' Wll hout your unique PIN which I than 20 seconds is only known to you. How do I set a 11 is available 7 days a week ; ® 24 hours a day. You cannot Can I later change card? overspend. | my mind and stop Your be the payment? pleased to arrange the issue of What does it COSt? —————— a egrd f Or you. Incidentally you No. Once the bank has ad- will be able to use it either At present EFT-POS is free to I vised that the transaction is ac- through an EFT-POS terminal or (he customer. This arrangement I cepted the transfer is made and an Automatic Teller Machine has applied during the setting | cannot be reversed. The bank (ATM). u p of the system. In time it is | guarantees payment.. likely EFT-POS transactions will | tF ' carry a small charge E