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electronic funds transfer at point of sale

A Dictionary of Business and Management | 2006 | Â© A Dictionary of Business and Management 2006, originally published by Oxford University Press 2006. (Hide copyright information) Copyright

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.

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"electronic funds transfer at point of sale." A Dictionary of Business and Management. 2006. Encyclopedia.com. 26 Dec. 2009 <http://www.encyclopedia.com>.

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