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EFTPOS – Electronic Funds Transfer Point of Sale

Webopedia Staff
Last Updated May 24, 2021 7:41 am

Short for Electronic Funds Transfer Point of Sale, it means customers pay funds (transfer) from their account to the merchants account electronically while still in the shop (the point of sale). To use EFTPOS you must have a special plastic card that is the “key” to your account and will let you access your money from merchants shops.