E-Check:
The electronic equivalent of a paper check.

E-commerce:
The processing of economic transactions, such as buying and selling, through electronic communication. E-commerce often refers to transactions occurring on the Internet, such as credit card purchases at Web sites. See also Internet commerce.

EDC (electronic data capture):
The use of a POS terminal for validating and submitting credit card transactions to a merchant account provider or other credit card processor. In online credit card processing, software takes the place of the POS terminal.

EDI (electronic data interchange):
EDI is a global computer network, separate from the Internet, used to handle financial transactions between banks and other institutions.

EFT (Electronic Funds Transfer):
A method of transferring money from one bank account to another using a variety of electronic methods such as bank wire transfer, federal wire transfer, international wire transfer.

EIRF (Electronic Interchange Reimbursement Fee):
A VISA classification level that is charged to the merchant when a credit card is not present, swipe not read, card number is manually key entered.

Electronic Banking:
A form of banking where funds are transferred via an exchange of electronic signals between financial institutions instead of exchanging cash or checks.

Electronic Commerce (E Commerce):
Conducting business electronically instead of using paper.

Electronic Draft Capture:
A system in which each transaction is routed to the host computer for processing and storage. The stored transactions are used to create settlement files and transactions reports. 

Electronic Financial Services:
(EFS) financial services that are provided electronically via personal computers, ATM machines, etc.

Electronic Funds Transfer:
The paperless act of transmitting money through a computer network. Usually does not refer to CHECK GUARANTEE

Electronic Wallet:
Software that enables a cardholder to conduct online transactions, manage payment receipts and store digital certificates.

EMC (export management company):
A firm that provides exporting services to other firms. The export management firm will either take title to act as an intermediary merchant or provide export management services in exchange for fees or a commission.

Embossing:
The raised characters that are printed on all credit cards. Embossing provides the cardholders information and allows the card to be imprinted.

Encryption:
The process of encoding a PIN pad with the processor's configuration and key injection for the purpose of accepting debit cards. Most common formats are DUKPT (Derived Unique Key Per Transaction) and Masterkey (MasterCard's debit key encryption format). “The Debit Process” - The transformation of data for the purpose of privacy into an unreadable format until reformatted with a decryption key.

ESN:
The unique serial number assigned to a RAM Modem terminal by the manufacturer.

Euro:
The common currency shared by most of the members of the European Union (Britain, Greece, and Denmark are not participating). Introduced in January 1999, the euro will eventually replace national currencies such as the German mark, French franc, and Italian lira.

Expiration Date:
The date embossed on a bankcard.

Export License:
Permission granted to ship a product to a foreign recipient. In the United States, export licenses are either general licenses or IVLs (individual validated licenses).