Visa/MasterCard

Visa and MasterCard have made important changes to merchant acceptance as part of a proposed settlement for merchants located in the U.S. and U.S. territories. For more information click here.

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
EDC
EDC Terminal
EDS
EFT
EFTS
Electronic Cash Register
Embossed
Embossing
Emergency Card Replacement Service
Emergency Cash Service
Encoding
Encompass
Encryption
Enhancement Services
Entity
Exception Report
Exceptions
Expiration Date


ECR

Electronic Cash Register
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EDC

Electronic Draft/Data Capture — Used to indicate when the merchant submits his/her transaction electronically.
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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.
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EDS

Company that Elavon uses for all merchant’s voice authorizations needs. Referral to as "The Voice Authorization Center."
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EFT

Electronic Funds Transferred — example: Direct deposit of payroll checks
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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.
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Electronic Cash Register


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Embossed

The raised numbering/lettering on a credit card used to make an imprint on a sales draft.
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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.
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Emergency Card Replacement Service

A service that replaces cardholder’s lost and stolen cards.
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Emergency Cash Service

A service that provides cardholders with cash advances in emergency situations.
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Encoding

The magnetized recording of data on the magnetic stripe of the bankcard.
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Encompass

Also known as Hybrid. Elavon platform that combines the features of the Host Based program and the Terminal Based program. Enables the merchant to accept debit cards. The name of the retail software. Encompass software is available on all terminal types except Zon Jr Plus and the Hypercom. Encompass follows the Hybrid protocol
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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.
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Enhancement Services

Value-added services (such as extended purchase warranty, etc.) that increase the appeal of the bankcard program to the cardholder.
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Entity

An alternative method of grouping merchants or chains.
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Exception Report

A summary detailing questionable charges and chargebacks.
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Exceptions

Transaction in some way abnormal to the bankcard system, such as questionable charges and chargebacks.
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Expiration Date

The date, embossed on a bankcard, beyond which the card becomes invalid.
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