EFT-POS (Electronic Funds Transfer at the Point-of-Sale)

The automatic transfer of funds, using a debit card at a retail point of sale, from a consumer's demand deposit account to the retailer's account. EFT-POS transactions pass through the retailer's back office computer and, if the retailer is part of a chain, may also pass through the data center of the retailer on its way to the EFT processor.

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