Electronic Funds Transfer at Point of Sale

Definition

• 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.

Notes
Also written as EFT/POS.

Acronyms
EFTPOS

Related Terms and Acronyms

• Electronic Funds Transfer (EFT) — Acronym, Important,
  • 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) — Acronym,
  • A location where a sales transaction takes place.
  • An electronic payment system for retail goods and services, through the use of credit cards or debit cards that directly access and deduct funds from a customer's chequing account. Also known as POS.