Source : Free On-Line Dictionary of Computing

Electronic Funds Transfer Point of Sale
     
         A method of electronic payment which
        allows money to be transferred from the account of the shopper
        to the merchant in close-to real-time.  Generally the shopper
        will give the merchant a credit or debit card, which will be
        swiped to obtain the account information.  The shopper will
        then be required to either sign a receipt or enter a {PIN} via
        a keypad to authorise the transaction.
     
        (2003-06-22)