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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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Merchant
A merchant is business that exchanges goods for monetary funds.
Related Terms
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WEB (Internet Initiated Entries)
A standard entry class code that enables an originator to debit a consumer’s account pursuant to an authorization obtained from the receiver via the internet.
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