Commerce Glossary

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What is an Electronic Funds Transfer at Point of Sale (EFTPOS)?

e - lec - tron - ic trans - fer at point of sale
noun
Represents an electronic payment system where electronic funds are transferred based on the use of payment cards (debit or credit), at payment terminals located at points of sale. Also called a “card present” transaction, the transfer of funds or payment information takes place from a shopper’s bank account to the merchant’s bank account via a payment ecosystem.

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