EFTPOS NZ Glossary

Here's a helpful list of key terms and acronyms related to payment technology.


Triple DES, a robust data encryption standard used in the payments industry to ensure secure transactions.

Acquiring Bank

The bank where a merchant has their account to process card payments, facilitating the transfer of funds.


Short-range wireless interconnection technology that allows seamless communication between devices.


Buy-now, pay-later (BNPL) is a financial service that allows consumers to make purchases and receive goods or services immediately while deferring the payment for those purchases to a later date. With BNPL, customers can split their total purchase amount into instalments, often interest-free or with minimal fees, over a set period of time. This payment method offers flexibility and convenience to consumers by enabling them to spread out the cost of their purchases, making it an attractive alternative to traditional credit cards and loans for managing expenses. BNPL services are typically offered by third-party providers like Afterpay, who partner with merchants to facilitate the payment option at the point of sale or online checkout.

Cancellation Fee

A fee charged to merchants in case of contract termination, covering administrative costs.

Card Scheme

A card scheme is a comprehensive system that oversees the issuance, utilisation, and payment processes for credit and debit cards for example, Visa and Mastercard.


Abbreviation for "Cheque" on EFTPOS PIN pads, indicating the cheque payment option.

Chip Card

A card equipped with a microchip that enhances security and stores additional information compared to magnetic stripe cards.


Stands for "Change of Owner," which occurs when a business is sold, and the EFTPOS New Zealand contract is transferred to the new owner.


Also known as 'Paywave', it refers to contactless payments using a NFC card or device to make payment.


Stationery items used with EFTPOS terminals, such as paper rolls

Credit Card

A payment card allowing users to make purchases on credit, with the option to pay later.


Abbreviation for "Credit" on EFTPOS PIN pads, indicating the credit payment option.

Cross Border Acquiring

The processing of transactions accepted in another country, expanding business capabilities.

Customer Preferred Currency (CPC)

A value-added solution that enables merchants to offer overseas customers the option to pay in their home currency.


Stands for "Direct Debit," a secure payment method controlled by EFTPOS New Zealand for convenient transactions.

Debit Card

An EFTPOS card that provides electronic access to funds stored with a financial institution for direct payments.


Electronic Funds Transfer at Point Of Sale, enabling electronic payment processing at checkout.

Electronic Offline Vouchers (EOV)

Enables transaction processing offline when the terminal cannot go online, storing data for later authorization.


Stands for "Europay MasterCard Visa," a global standard for chip card authentication in credit and debit card transactions.


A process that converts information into a secure code to protect data during transmission and storage.


Abbreviation of "EFTPOS New Zealand," representing the company providing payment solutions.


Providers of prepaid products retailed via EFTPOS terminals, offering mobile phone top-ups and retailer gift cards.

Floor Limit

The total value of sales that a merchant can process through the EFTPOS terminal without needing further approval from the bank.


Stands for "Field Service Representative," offering on-site support and assistance for merchants.


General Packet Radio Service, providing mobile data connectivity for selected VeriFone EFTPOS terminals for portable payment solutions.

Hardware Rental Fee

Monthly fee for renting the EFTPOS terminal. This fee ensures support and replacement throughout the contract.

ICC (Integrated Circuit Card)

Smart cards with embedded integrated circuits, capable of processing data and enhancing security.

Interfaced POS

The integration of a terminal with a Point of Sale (POS) system to streamline transaction information exchange.

Integrated POS

Refers to an EFTPOS PIN pad directly incorporated with a POS PC, facilitating seamless payment processing.

Letter of Offer and Acceptance

A document detailing specific terms and conditions for a merchant's contract with EFTPOS New Zealand.

Line Cord

A cord that connects a terminal to a phone line, ensuring communication for transaction processing.

Mag Stripe

The magnetic area on credit and debit cards where account and customer information is stored.

Mag Swipe

The area on the terminal/PIN pad that reads the information from the magnetic stripe of a card, facilitating transaction processing.

MCC (Merchant Category Code)

A four-digit number assigned to merchants by credit card companies, classifying their business according to the goods and services provided.


A business equipped with card processing facilities, enabling them to accept card payments from customers.

Merchant Account

The account a merchant has with their acquiring bank, including card processing services for accepting card payments.

Merchant Leased

Refers to an EFTPOS terminal provided to the merchant by EFTPOS New Zealand through a rental arrangement.

Merchant Number (MID)

A unique number assigned to each merchant for identifying their transactions and depositing funds into the appropriate bank account.

Merchant Owned

An EFTPOS terminal purchased by a merchant, providing full ownership of the device.

Merchant Service Fee

The fee charged to merchants for processing credit card transactions, consisting of Credit Card Service Fee and Debit Card Service Fee.

MOTO (Mail Order Telephone Order)

Terminal functionality allowing merchants to process payments with details provided via phone, mail, or email.


Stands for "Mobile Point of Sale," enabling business owners to conduct transactions on-the-go without a traditional cash register or POS.

Multi Merchant

Terminal functionality that allows multiple merchants to use a single terminal, each with their unique Retailer ID for separate settlement.


The infrastructure enabling the transfer of funds from the customer's bank account to the merchant's bank account during EFTPOS transactions.

NFC (Near Field Communication)

A technology that enables two-way communication between a mobile device and an EFTPOS terminal using radio frequency electromagnetic fields, facilitating contactless card transactions.

One-way Interface

Terminal linked to a POS system, passing transaction information from POS to terminal, saving time and reducing manual data entry.

PA DSS (Payment Application Data Security Standard)

A set of regulations ensuring the development and integration of secure payment processing software.


Stands for "Primary Account Number," representing the unique number assigned to a cardholder's account for identification during transactions.

Pay at Table

A convenient payment solution for the food and beverage industry, allowing customers to make payments directly at their table using a portable terminal.


Stands for "Payment Card Industry Data Security Standard," a set of security standards that all businesses accepting card payments must adhere to, ensuring data protection and customer security.

PCI DSS (Payment Card Industry Data Security Standard)

A set of security codes required for every EFTPOS terminal to protect customer and security information during transactions.

Participation Fee

Some banks may charge merchants this fee to cover administration functions over the billing period.

Refund Transaction Fee

A cost charged to the merchant for processing a refund through their EFTPOS terminal, typically higher than the standard Debit Service Fee.


The process of advising the acquiring bank of the funds deposited in the merchant's account after completing transactions.

Short Term (Rental)

A short-term terminal rental service offered to merchants, suitable for events or temporary setups.


The act of copying card details using a skimming device to commit fraudulent transactions.


A pre-pay contactless payment solution primarily used for small purchases and public transportation in New Zealand.

Splash Protector

A stationery item used to protect EFTPOS terminals from liquid spills, preventing damage to the device.


Consumable items used with EFTPOS terminals, such as paper rolls and splash protectors, essential for smooth terminal operations.


A rental arrangement for an EFTPOS terminal or processing facility, usually billed on a recurring basis..

Terminal Number (TID)

A unique identification number assigned to each EFTPOS terminal for tracking and reporting purposes.

Thermal Paper/Printer

Heat-sensitive paper used in receipt printing on EFTPOS terminals.


Functionality offered on EFTPOS terminals that allows customers to add a tip to their transaction, especially common in the hospitality industry.

Two-Way Interface

A terminal linked to a POS system, allowing two-way communication for seamless exchange of transaction information.


A global leader in secure electronic payment solutions, providing innovative and reliable payment terminals.