Point of Sale

Definition

  • An electronic payment system used for purchasing retail goods and services where the funds are immediately debited from the customer's bank account when a credit or debit card is swiped, a PIN is entered, and the customer gives approval. Also known as POS.
  • Point of sale refers to the physical location, such as storefront, where a sales transaction occurs.

Synonyms
point of purchase, transaction

Acronyms
POS

Related Terms and Acronyms

  • Air Miles Company,
    • One of the most popular rewards issued by airline-affiliated co-branded cards. Air miles are earned with every use of the card, and then transferred monthly to the cardholder's account with that airline.
  • Automated Teller Machine (ATM) Acronym, Canada,
    • A terminal activated by a magnetically encoded card that allows customers of a bank or other financial institution to conduct everyday banking tasks such as deposits, withdrawals and transfers between accounts. An interconnection of these terminals allows customers to conduct certain transactions around the nation and the world; usually subject to a surcharge fee.
    See also Automated Banking Machine (ABM).
  • Co-branded Card Definition,
    • A type of affinity card issued through a partnership or alliance between a bank and another retail company. For instance, a large department store may co-brand a card with a bank. The card would have two brand names on it -- the bank's name and the store's name. Usually, the attraction of the card is special deals with the retail partner. Many -- particularly the ones affiliated with airlines that offer air miles -- are popular enough to command a hefty annual fee.
  • Credit Card (CC) Acronym, Very Important,
    • A plastic card with a coded magnetic stripe that, when signed, entitles its bearer to a revolving line of credit, with a credit limit and interest rate determined by the borrower's income and credit report.
    A payment card that gives customers access to a revolving line of credit.
  • Debit Definition,
    • Another name for withdrawal of funds from your account.
  • Debit Card (DC) Acronym, Important,
    • A payment card that is linked directly to a customer's bank account. Some cards require a personal identification number. Others require a customer's signature. A PIN-based or direct debit card removes a purchase price from a customer's chequing account almost immediately. A signature-based or deferred debit card has a Visa or MasterCard logo and removes the purchase price from a customer's bank account in two or three days.
  • EFT/POS Definition,
    • Electronic funds transfer (EFT) at the point of sale (POS).
  • Electronic Cash Definition,
    • Also known as e-cash. A system used to transfer cash over the Internet to pay for goods and service.
  • Electronic Commerce Definition,
    • The purchase or sale of products and services through an electronic system such as the Internet.
  • Electronic Funds Transfer at Point of Sale (EFTPOS) Acronym,
    • Electronic funds transfer (EFT) at the point of sale (POS).
    Also written as EFT/POS.
  • Interac Definition,
    • Canada's largest shared network of ATMs. It allows cardholders to access their accounts from any ATM on the network regardless of which financial institution owns the machine.
  • Interac Direct Payment (IDP) Acronym,
    • A method of paying for goods and services electronically with the funds taken immediately and directly from your bank account and transferred directly into the merchant's account. You use your banking card to do this.
  • Personal Consumption Spending Definition,
    • What households collectively spend on goods and services.
  • Personal Identification Number (PIN) Acronym, Important,
    • A unique, confidential number or pass code, usually consisting of four to six digits, entered by a customer when using an Automated Teller Machine (ATM) or Interac Direct Payment, that gives the customer access to his or her account.
  • Smart Card Definition,
    • A card with an embedded computer chip which stores more information, performs more functions and is more secure than a credit card or debit card.
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