4. Credit and debit cards CHECK YOUR ENGLISH VOCABULARY FOR BANKING AND FINANCE

CHECK YOUR ENGLISH VOCABULARY FOR BANKING AND FINANCE

4. Credit and debit cards

EPOS and EFTPOS A. Choose the correct words. EPOS (electronic point of sale) terminals are cash 1 registers / machines found in 2 selling / retail outlets such as shops and restaurants. Data about each sale is 3 entered / put via barcode scanners, keyboards or 4 touch / finger screens. The data is used to provide an itemised 5 receipt / ticket for the customer. It can also be used for stock control and to help with marketing. EFTPOS (electronic funds transfer point of sale) terminals are similar to EPOS terminals, but they can also 6 understand / read credit and debit cards, and 7 transfer / transmit funds directly from the customer's account to the retailer's account. When customers pay 8 by / with card at an EFTPOS terminal, they either 9 sign / signature a sales voucher, or enter a PIN (Personal 10 identifying / identification number). Obviously, a PIN is a more 11 secure / safe method of verification than a 12 signing / signature, and in many countries, all EFTPOS 13 transactions / sellings are now 14 checked / verified by PIN. Chip and PIN payments A. Number the following in the correct order. The transaction appears on the customer's bank statement. The customer arrives at a supermarket checkout. The card's electronic chip is read, and the customer enters his or her PIN. Funds are transferred from the customer's account to the retailer's account. The customer inserts her/his card into the chip and PIN keypad. The payment is authorised. The PIN is verified. The cashier scans the barcodes on the products. 1 Magstripes and chip cards C. Write the words into the spaces. encrypted erased expiry guarantee magnetic microprocessor swipes The stripe on the back of a credit card is a 1 ______________ strip, often called a magstripe. ATMs and EFTPOS terminals can read the information stored on the strip. If a card can't be read, it is usually because the magstripe is scratched, or has been 2 ______________, usually from being placed close to a strong magnet. When the cashier 3 ______________ a credit or debit card through the card reader of an EFTPOS terminal, the terminal is connected by telephone to a company which takes credit-authentication requests from retailers and provides them with payment 4 ______________. When one of these companies receives a request, it checks for retailer identification, valid card number and card 5 ______________ date. This information is 6 ______________ for security reasons. Similarly, when a card is inserted into an ATM, the ATM is linked to the bank's central computer over an encrypted connection. Chip cards (also known as smart cards) offer greater security and versatility than magstripe-only credit and debit cards. These cards also have a 7 ______________, and each time a transaction is made, the user must enter a PIN number (in the same way that PINs are used with ATMs). D. Number these phrases from a part of a telephone conversation. And finally, the name as it's printed on the card. And the expiry date? Can I take credit or debit card details, please? Can you give me the card number, please? December 2011. It's 4293 5274 3877 3305. Mr J C Smith. Sure. I have my card right here. That's fine. Your payment has gone through.

ANSWER KEY

A: 1 registers, 2 retail, 3 entered, 4 touch, 5 receipt, 6 read, 7 transfer, 8 by, 9 sign, 10 identification, 11 secure, 12 signature, 13 transactions, 14 verified B: 1. The customer arrives at a supermarket checkout. 2. The cashier scans the barcodes on the products. 3. The customer inserts her/his card into the chjp and PIN keypad. 4. The card's electronic chip is read, and the customer enters his or her PIN. 5. The PIN is verified. 6. The payment is authorised. 7. Funds are transferred from the customer's account to the retailer's account. 8. The transaction appears on the customer's bank statement. C: 1 magnetic, 2 erased, 3 swipes, 4 guarantees, 5 expiry, 6 encrypted, 7 microprocessor D: 1. Can I take credit or debit card details, please? 2. Sure. I have my card right here. 3. Can you give me the card number, please? 4. It's 4293 5274 3877 3305. 5. And the expiry date? 6. December 2011. 7. And finally, the name as it's printed on the card. 8. Mr J C Smith. 9. That's fine. Your payment has gone through.