Electronic Funds Transfer Point of Sale

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)

The Free On-line Dictionary of Computing, © Denis Howe 2010 http://foldoc.org
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