Consumer Electronics

POINT-OF-SALE TERMINAL

The point-of-sale terminal processes transactions that occur over and over again, such as deposits of pay checks or payments of monthly bills. The point-of-sale terminal may be anything from an ordinary telephone to a high-speed electronic cash register. Many retail stores have these for such things as payroll or accounts receivable. A point-of-sale terminal allows the customer to payfor goods purchased with automated account debits.

If the individual is using the point-of-sale terminal, the amount of the transaction must go to a regional switching centre. From there, the transction will go to either a regional automated clearing house, or a national switching centre, depending on whether the banks involved are in the same ...