Electronic funds transfer at point-of-sale (EFT-POS)

Electronic funds transfer at point-of-sale (EFT-POS),

Definition of Electronic funds transfer at point-of-sale (EFT-POS):

  1. Online-transaction handling system commonly used in retail trade. The buyer swipes his or her bank or credit card through a magnetic-stripe reader and enters a personal identification number (PIN). The amount authorized by the buyer is electronically transferred from his or her account to that of the retailer.

Meaning of Electronic funds transfer at point-of-sale (EFT-POS) & Electronic funds transfer at point-of-sale (EFT-POS) Definition