The-definition.com

Definition

Point-of-Sale Transfers

Point of sale transfers allows, the user to pay funds (transfer) from their account to the merchants account for retail purchases with an EFT (or debit) card. In some instances, this card also may be his ATM card. This is similar to using a credit card, but with one important exception: the money for the purchase is transferred immediately-or very shortly from his bank account to the store’s account. An increasing number of merchants are accepting this type of payment.

 

Share it:  Cite

More from this Section

  • Schedule rating
    Schedule rating is a type of merit-rating method in which each exposure is individually ...
  • NCND
    NCND] is type of contract sometimes requested by international brokers or middlemen in ...
  • Temporal Method
    Temporal method refers to one of the method of two basic methods for the translation of ...
  • Bond of Indemnity
    Bond of Indemnity is an insurance policy that indemnifies the corporation, the shareholder ...
  • Ultimate net loss
    Ultimate net loss is the total amount that the insurer is legally obligated to pay in ...