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POS (Point-of-Sale)
A one time debit entry to the account of a receiver where the entry is initiated at an electronic terminal. POS transactions are generally initiated with a...
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Interchange
Interchange is a small fee paid by a merchant’s bank (acquirer) to a cardholder’s bank (issuer) to compensate the issuer for the value and benefits that merchants receive when they accept electronic payments.
Related Terms
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Remote Deposit
Remote deposit (or remote deposit capture) is the process of converting paper or mailed-in checks to an electronic file for processing.
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