Glossary of Terms: E

Electronic Commerce - the sale and purchase of goods or services over the Internet.

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.

Electronic Cash Register - a cash register that also emulates a point-of-sale terminal for processing credit card transactions.

Electronic Draft Capture - the use of a point-of-sale device to authorize and settle credit card transactions.

Electronic Funds Transfer - an electronic system that automatically moves funds, e.g., an ATM withdrawal or pay-by-phone transaction.

Method of scrambling data to protect a cardholder's personal information.

Expiration Date
The embossed date on a bankcard. After that date, the card becomes invalid and should no longer be accepted.