A prefix meaning one hundredth (1/100). Example: 1/100th of a meter is called a centimeter (there are 100 centimeters in a meter).
EFT Debits (Normal Debit Orders) EFT Debits, previously known as Magtape debits or ACB, allows a business or organisation to debit the account of their client in order to fulfil the obligations of an underlying agreement.
EFT at the Point of Sale. As consumers became comfortable using debit cards for cash withdrawals and. other banking transactions, the next logical step in the expanding ATM networks was to. introduce the usage of debit cards for purchase at the point of sale.