Glossary of Terms

Electronic Commerce Transaction

A non-face-to-face online transaction that uses electronic media over a public (such as the Internet), or private (such as an Extranet) network.

Electronic Draft Capture (EDC)

A system in which transaction data is electronically captured at the merchant location and transmitted for authorization and clearing processing.

Electronic Funds Transfer (EFT)

A paperless transfer of funds initiated from a bankcard terminal, computer, telephone instrument, or magnetic tape.

Expired Card

A card in which the embossed or encoded expiration date has passed.

Expiration Date

The date embossed on the card beyond which the card must not be honored.