Full Meaning of ATM and POS

Full Meaning of ATM and POS

We have all used an ATM machine before, or you have visited a retail store and paid for goods or services using a POS Machine, and you don’t know their full meaning. Read this article to learn the full meaning of ATM and also the full meaning of POS.

Full Meaning of ATM

The Full meaning of ATM is Automated Teller Machine.

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An ATM is an electronic machine that processes financial transaction like withdrawal bank transfer, check your account balance, and allow you to pay your bills through it.

ATM enables you to carry out bank transactions without the help of a bank representative or cashier. They are always open twenty-four (24) hours a day, seven (7) days a week (24/7).

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If you have a debit or credit card, you can transact using an ATM Machine.

Full meaning of POS

The Full meaning of POS is Point of Sale.

The POS Terminal is used in store to collect payment from their customer. Payment through the POS terminal is usually secured, fast, and convenient.

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 They ease the burden of carrying huge cash around, which is good in terms of security.

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