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

  • Existing Relationship

    There is an existing relationship between an originator and a receiver when there is either a written agreement in place or when the receiver has purchased goods...

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  • Merchant Account

    An account opened through a payment processor or financial institution that allows payees to accept credit card payments from a payer.

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