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.
A number of merchants permit customers using a debit card to withdraw cash as part of the EFTPOS transaction. In Australia, this facility (known as debit card cashback in many other countries) is known as cash out. For the merchant, cash out is a way of reducing their net cash takings, saving on banking of cash.