Merchant Services Glossary - Letter E
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- 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.
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