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



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.

Related Videos


Have a question about this term? Ask for help in the
Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z