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EFT POS is an acronym for "Electronic Funds Transfer Point Of Sale." It allows a retailer to directly debit a customer's bank account by using a debit card. The debit card, generally the same as an ATM card, is swiped through a reading device, just like a credit card, after a customer enters his or her PIN number. It should be noted that EFT POS is an Australian term and is not widely used in the United States.
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