Glossary - EFTPOS (Electronic Funds Transfer at Point of Sale)

EFTPOS (Electronic Funds Transfer at Point of Sale)

EFTPOS is an Australian network for processing credit cards, debit cards and charge card payments at the 'point of sale'. EFTPOS also allows users of the system to withdraw cash at the time of purchasing a product or service through the merchant's EFTPOS terminal. This function is known as 'debit card cashback' in many other countries.

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Last updated: 23 Aug 2011