Point of Sale (POS) Glossary
A debit transaction is a point of sale purchase that is processed using a bank card linked to a checking account. Unlike a credit transaction, a debit transaction usually requires that the customer have the money available in their bank account to cover the transaction.
Debit transactions are similar to checks in that they work against a checking account balance instead of credit. A debit card transaction may allow a customer to simultaneously make a cash withdrawal from their account and then receive the money from the merchant.
A POS terminal may prompt the customer for a secret personal identification number (PIN) for debit transactions or withdrawals. The use of a PIN depends on the conditions of the card and merchant preferences. Debit cards can also usually be used at an automatic teller machine (ATM) to access a customer’s bank account.
An eCommerce website is open 24/7 and accessible from all over the world. Being online and having physical store opens your business to a global market.
You’ve probably been at the register at the grocery store and asked if you wanted to contribute money to a charity as you checked out. Maybe you donated, or perhaps you found it was annoying. It might have depended on your mood that day, or possibly the charity was a deciding factor.