GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

EFT/POS


Synonyms:e-transfer
Filed Under: financial-banking
Tags: banking
 

Definition of eft/pos

eft/pos
1. Electronic funds transfer (EFT) at the point of sale (POS). A payment option that allows consumers to make purchases by transferring funds directly from their accounts to merchant accounts.

Related Terms and Acronyms:

  • acquiring financial institution   Merchants must maintain an account with an acquiring financial institution to receive credit for credit card transactions. Daily credit card totals are deposited into the merchant's account minus any fees.
  • electronic funds transfer (EFT)   The transfer of money between accounts by consumer electronic systems such as automated teller machines (ATMs), and electronic payment of bills.
      ➥  Also known as e-Transfer.
  • point of sale (POS)   A location where a sales transaction takes place.

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