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

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    ACH operator is the term used to describe the switching mechanism within the settlement network that provides information to the network participants. The ACH operator calculates the...

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  • EFTA (Electronic Fund Transfer Act)

    The Electronic Fund Transfer Act establishes the rights and liabilities of consumers in addition to the responsibilities of anyone who participates in electronic funds transfers.

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