• 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.


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.
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