Electronic Funds Transfer Point of Sale


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Electronic Funds Transfer Point of Sale

(business, real-time)
A method of electronic payment which allows money to be transferred from the account of the shopper to the merchant in close-to real-time. Generally the shopper will give the merchant a credit or debit card, which will be swiped to obtain the account information. The shopper will then be required to either sign a receipt or enter a PIN via a keypad to authorise the transaction.
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References in periodicals archive ?
The modems provide reliable, cost-effective packet data communications for applications such as automatic vehicle location (AVL), computing, dispatch, electronic funds transfer point of sale (EFTPOS) and two-way messaging, as well as telemetry applications such as metering, monitoring, security and vending.
ACN 002 519 986, and a leading Canadian designer and manufacturer of electronic funds transfer point of sale (EFTPOS) equipment, announced today that it will integrate the Motorola 505sd Wireless Modem into its ARDIS COMPak.
The modems are used in products serving applications such as automatic vehicle location (AVL), computing, dispatch, electronic funds transfer point of sale (EFTPOS), messaging, metering, security, telemetry and vending.

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