electronic funds transfer at point of sale

electronic funds transfer at point of sale
= EFTPOS
The automatic debiting of a purchase price from the customer's bank or credit-card account by a computer link between the checkout till and the bank or credit-card company. The system can only work when the customer has a debit card or credit card recognized by the retailer. In the increasingly widely used 'chip and PIIN' system the transaction is ratified by use of the customer's personal identification number (PIN), rather than by signature of a printed voucher.

Big dictionary of business and management. 2014.

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  • Electronic Funds Transfer at Point of Sale — ➔ EFTPOS * * * electronic funds transfer at point of sale UK US noun [U] BANKING, COMMERCE ► EFTPOS(Cf. ↑EFTPOS) …   Financial and business terms

  • electronic funds transfer at point of sale — EFTPOS The automatic debiting of a purchase price from the customer s bank or credit card account by a computer link between the checkout till and the bank or credit card company. The system depends on a customer s plastic card, which is ‘swiped’ …   Accounting dictionary

  • electronic funds transfer at point of sale — /ˌelɪktrɒnɪk fʌndz trænsfɜ: ət ˌpɔɪnt əv seɪl/ noun a system for transferring money directly from the purchaser’s account to the seller’s, when a sale is made using a plastic card. Abbr EFTPOS …   Marketing dictionary in english

  • Electronic funds transfer — or EFT refers to the computer based systems used to perform financial transactions electronically.The term is used for a number of different concepts: * Cardholder initiated transactions, where a cardholder makes use of a payment card * Direct… …   Wikipedia

  • Electronic Funds Transfer Act — A federal law that gives consumers the right to correct errors in ATM or bank statements relating to electronic funds transfers (such as ATM use, point of sale purchases, and preauthorized withdrawals from a bank account) and limits a consumer s… …   Law dictionary

  • electronic transfer of funds — ETF The transfer of money from one bank account to another by means of computers and communications links. Banks routinely transfer funds between accounts using computers; ETF is also used in home banking services. In the USA, the Electronic… …   Accounting dictionary

  • electronic transfer of funds — ETF The transfer of money from one bank account to another by means of computers and communications links. Banks routinely transfer funds between accounts using computers; ETF is also used in home banking services. In the USA, the Electronic… …   Big dictionary of business and management

  • Network for Electronic Transfers — The Network for Electronic Transfers (Singapore) Pte Ltd (Abbreviation: NETS; Chinese: 电子转帐体系) was founded in 1985 to operate and manage an online debit payment system pioneering Singapore s shift to a cashless society. It has since grown to a… …   Wikipedia

  • Electronic commerce — Part of a series on Electronic commerce Online goods and services Streaming media Electronic books …   Wikipedia

  • Electronic Cash — Vorder und Rückseite einer EC Bankkarte mit Chip und Magnetstreifen electronic cash ist das Debitkarten System des Zentralen Kreditausschusses (ZKA), der Vertretung der kreditwirtschaftlichen Spitzenverbände Deutschlands. Karten mit dem… …   Deutsch Wikipedia

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