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
POS, EFT, point of sale, Electronic funds transfer

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,
    • 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.
    • A location where a sales transaction takes place.
Compare. Calculate. Apply today.
Compare Mortgage RatesMortgage CalculatorsApply for a Mortgage