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EBT
Electronic Benefits Transfer - the automation
of government benefits through electronic authorization, data capture and settlement processes. Plastic cards with magnetic
stripes are used, eliminating paper benefits and coupon distribution. Learn more... (PDF, 384KB)
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ECA/ECP
Electronic Check Acceptance/
Electronic Check Processing - process that converts
a paper check into an electronic check at the point of sale. The check is electronically processed through the ACH network.
Learn more...
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E-Commerce
Electronic Commerce - the sale and purchase of goods or services over the Internet.
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ECR
Electronic Cash Register - a cash register that
also emulates a point-of-sale terminal for processing credit card transactions.
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EDC
Electronic Draft Capture - the use of a
point-of-sale device to authorize and settle credit card transactions.
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EFT
Electronic Funds Transfer - an electronic system
that automatically moves funds, e.g., an ATM withdrawal or pay-by-phone transaction.
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Encryption
Method of scrambling data to protect a cardholder's personal information.
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Entitlement
License or permission to accept a particular type of payment card or other payment vehicle.
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EPROM
Erasable Programmable Read
Only Memory - industry-initiated standards used to identify terminal types and
components.
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Exceeded Timeliness
A transaction that is deposited too late to qualify for the best interchange rate.
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Expiration Date
The embossed date on a bankcard. After that date, the card becomes invalid and should no longer be accepted.
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