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’ through a terminal reader machine at the point of sale. This gives authorization and prints a voucher for the customer to sign; alternatively, the transaction may be ratified by use of a personal identification number (the so-called ‘chip and PIN’ system). Transfer of funds to the retailer can take place within 48 hours.

Accounting dictionary. 2014.

Look at other dictionaries:

  • 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 — /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 at point of sale — Fin the payment for goods or services by a bank customer using a card that is swiped through an electronic reader on the register, thereby transferring the cash from the customer’s account to the retailer’s or service provider’s account. See also …   The ultimate business dictionary

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