Payment Glossary

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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    A payment gateway is an application service provider that authorizes credit card and electronic check payments for businesses. A payment gateway facilitates the transfer of information between...

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  • TEL (Telephone Initiated Entries)

    A standard entry class code that enables the originator to initiate a single entry debit to a consumer’s account pursuant to a consumer’s oral authorization obtained over...

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