The electronic funds transfer is the allocation of money from one bank account to another, either within the same bank or to a different one, electronically, that is without the direct involvement of the bank staff. This, therefore, does not require any paperwork to carry out the transfer. There are four types of Electronic funds transfer systems (Von, 2015). They include; transactions initiated by card-holders using payment cards such as credit cards, direct deposit payment initiated by the payer, debt costs for which a business debits the consumer’s bank accounts for payment of goods and services and lastly, wire transfer via an international banking network.
Frequently, the banks caution their customers on securing their cheque books. However, in case of forgery, the bank is held liable, that is, they are to pay the customer the losses he or she has encountered unless the bank can prove that the fraud was done with the knowledge of the customer involved. A point of sale system is the place where a customer fulfills his payments of good and services purchased from the company. It comprises of software and hardware that allows daily business operations and transactions. There are disclosure requirements at the point of sale system. These requirements are; products and services covered, content and format of the disclosure, recipients of the disclosure, timing, and mode of delivery and the responsibility and liability for preparation and delivery (Von, 2015).
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In summary, a secured transaction is a business that grants a creditor the right to own or hold a debtor’s property as an assurance of debt payment. This operation originates from a security treaty. Secured transactions are important since they assure the lender that he or she will get the money back or if not, the collateral will cater for the loan.
References
Von Solms, S. (2015). An investigation into credit card information disclosure through Point of Sale purchases. 2015 Information Security for South Africa (ISSA) . doi:10.1109/issa.2015.7335055
