Glossary of Terms A-B C-D E-F I-J L-M N-O P-R S-T U-Z

CheckGateway.com’s Glossary of Financial Terms (E-F)

Use CheckGateway.com as your information resource. Look through our glossary to get the details you need about merchant services, fraud protection and ACH processing.

Electronic Check

A check or bank account payment submitted and/or processed electronically.

Electronic Data Capture

The use of a Point Of Sale (POS) terminal for submitting credit card transaction information to a merchant account provider.

Electronic Funds Transfer

The transfer of money initiated through an electronic terminal, automated teller machine, computer, telephone, or magnetic tape. EFT also applies to credit card and automated bill payments.

Electronic Funds Transfer Act

The federal law governing the use and administration of electronic funds transfer services.

Electronic Signatures in Global and National Commerce Act

A federal law governing the use of digital signatures and records in e-commerce.

Federal Reserve Bank (FRB)

The governing financial institution of the United States of America. Also referred to as "The Fed."