Merchant Services Terms Beginning with E

e-Commerce: This is a generic term denoting business done over the web and/or processed electronically.

EDC Terminal: An EDC terminal – sometimes 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.

Electronic Funds Transfer: Electronic Funds Transfer – or EFT – is a system of transferring money or funds from one bank account directly to another without any paper money or funds changing hands in the exchange.

Electronic Ticket Capture (ETC): Electronic Ticket Capture (ETC) systems are the devices with which a retailer “swipes” your card when you make a credit card purchase. The device reads your account information from the magnetic strip on the back of the card, adds the amount, date and type of purchase being made, then codes and sends that information to the processing system.

The Electronic Transactions Association: The Electronic Transactions Association – or ETA – is an international trade association based in Washington, D.C. that represents merchants and offers electronic transaction processing products and services. The purpose of the ETA is to influence, monitor and shape the present and future of the merchant acquiring industry by providing distinct leadership through merchant education, advocacy and the exchange of information.

Embossing: Embossing is a hybrid printing/production process whereby numbers and letters are pressed into the surface of the receiving material, either paper, plastic or metal, and can be felt as well as read optically.

Encryption: Encryption is an advanced technology that effectively changes and scrambles information to prevent it from being changed, copied or stolen.