electronic funds transfer at point-of-sale (EFT-POS)
Definition
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.
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electronic funds transfer at point-of-sale (EFT-POS) is in the Banking, Commerce & Finance and E-Commerce subjects.
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