EFT/POS
Definition
- Electronic funds transfer (EFT) at the point of sale (POS). A payment option that allows consumers to make purchases by transferring funds directly from their accounts to merchant accounts.
Synonyms
e-transfer
Alternate Spellings
EFT, Electronic funds transfer, POS, point of sale
Related Terms and Acronyms
- Acquiring Financial Institution — Definition,
- Merchants must maintain an account with an acquiring financial institution to receive credit for credit card transactions. Daily credit card totals are deposited into the merchant's account minus any fees.
- Electronic Funds Transfer (EFT) — Acronym, Important,
- The transfer of money between accounts by consumer electronic systems such as automated teller machines (ATMs), and electronic payment of bills.
➥ Also known as e-Transfer. - Point of Sale (POS) — Acronym,
- A location where a sales transaction takes place.
- An electronic payment system for retail goods and services, through the use of credit cards or debit cards that directly access and deduct funds from a customer's chequing account. Also known as POS.
