Computing Dictionary
Electronic Funds Transfer Point of Sale definition
business, real-time A method of electronic payment which allows money to be transferred from the account of the shopper to the merchant in close-to real-time. Generally the shopper will give the merchant a credit or debit card, which will be swiped to obtain the account information. The shopper will then be required to either sign a receipt or enter a
PIN via a keypad to authorise the transaction.
(2003-06-22)
