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 merchant issued plastic card.

Related Terms

  • Payment Gateway

    A payment gateway is an application service provider that authorizes credit card, debit card and electronic check payments for businesses. A payment gateway facilitates the transfer of...

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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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