Commentary

42 Point-of-sale terminals

BILLS OF EXCHANGE vol 4(1)

42 Point-of-sale terminals

42 Point-of-sale terminals

Point-of-sale terminals can accept debit1 as well as credit and charge cards. Since a debit card operates the holder’s current account it may be regarded as equivalent to a cheque. The terminal may be online, in which case the cardholder’s account is debited instantaneously, but may also be offline, in which case the debit occurs later. A fee is deducted when a debit card is used even though a cheque would have been collected for nothing, though typically the fee is a low fixed amount. Merchants are generally required not to charge a premium for

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