Merchant Account Services

Merchant Services Glossary - Letter E

All | A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

ECR
Electronic Cash Register
EDC
Electronic Draft/Data Capture - Used to indicate when the merchant submits his/her transaction electronically.
EDC Terminal
Also referred to as Electronic Data Capture terminal. A point-of-sale device that reads information encoded in the bankcard’s magnetic stripe, performs authorization functions, stores transaction data and batches and transmits that data to the acquirer for processing.
EFT
Electronic Funds Transfered - example: Direct deposit of payroll checks
EFTS
Electronic Funds Transfer System-An electronically-based system that eliminates the need for paper (such as a check) in the movement of funds, e.g., ATM withdrawal or a pay-by-phone transaction.
Embossed
The raised numbering/lettering on a credit card used to make an imprint on a sales draft.
Embossing
The process of printing data, in the form of raised characters, on the bankcard. Provides identification of the card and allows the imprinting of sales drafts.
Emergency Card Replacement Service
A service that replaces cardholder’s lost and stolen cards.
Emergency Cash Service
A service that provides cardholders with cash advances in emergency situations.
Encoding
The magnetized recording of data on the magnetic stripe of the bankcard.
Encryption
The method used to scramble financial information for security purposes. For example, all Personal Identification Numbers (PIN’s) are encrypted when transmitted for authorization.
Enhancement Services
Value-added services (such as extended purchase warranty, etc.) that increase the appeal of the bankcard program to the cardholder.
Exception Report
A summary detailing questionable charges and chargebacks.
Exceptions
Transaction in some way abnormal to the bankcard system, such as questionable charges and chargebacks.
Expiration Date
The date, embossed on a bankcard, beyond which the card becomes invalid.

All | A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z