electronic funds transfer at point of sale

Definitions

Accounting

  • noun the payment for goods or services by a bank customer using a card that is swiped through an electronic reader on the till, thereby transferring the cash from the customer’s account to the retailer’s or service provider’s account.

Economics

  • 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.
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