Glossary E

E.C.C.: Elliptic curve cryptography. Approach to public-key cryptography based on elliptic curves over finite fields.

E-Commerce: Business that takes place between companies using electronic services such as the Internet, Electronic Data Interchange, or Electronic File Transfer. Two entities, 1) the supplier and 2) the customer, can transmit inquiries, orders, invoices, or payments directly through computer systems.

E-commerce Transaction: A transaction that takes place between companies using electronic services such as Internet, Electronic Interchange, or Electronic File Transfer.

Effective Date: The first day your card is activated and is prepared for use, or when new terms take effect.

Egress: Traffic exiting a network across a communications link - into the customer's network.

Electronic Benefits Transfer (EBT): The processing of federal and state welfare programs through electronic methods. Typically E.B.T. systems replace paper-based processing.

Electronic Commerce: Non-face-to-face payment for goods or services by use of electronic media over a public network, such as the Internet, or private network, such as an extranet.

Electronic Draft Capture (EDC): (Generic) A system where the transaction data is electronically captured at the merchant location for authorization and clearing processing.

Electronic Funds Transfer: A paperless transfer of funds initiated by terminal, computer, telephone instrument, or magnetic tape.

Electronic Point of Sale: The exchange of goods and services for purchase between the cardholder and merchant. The transaction is performed (completely or partially) via electronic communication.

E-mail: Electronic Mail. A method of sending other people messages from your computer. Basically, email sends addressed messages over a network.

Emergency Card Replacement Service (ECR Service): The MasterCard worldwide service designed to provide temporary cards to all MasterCard cardholders that do not have their cards in their possession. This card is issued to a cardholder in need of a temporary replacement card sooner than it takes to get a permanent card.

Employer Identification Number (EIN): This is an IRS-assigned number to a business upon filing an application form called "SS-4." Once you receive the number, put your EIN on all business tax returns and other significant documents.

Encryption: The scrambling of sensitive information for security purposes. PIN numbers are encrypted prior to transmission to prevent unauthorized interference. Also known as the process of converting data into "unreadable code."

Equal Credit Opportunity Act: The Equal Credit Opportunity Act requires that U.S. financial institutions and other creditors make credit equally available to all creditworthy customers regardless of race, color, religion, national origin, sex, marital status or age. For example, a creditor may not ask you to reapply, close your account, or change terms of a loan if you become widowed or divorced. Income from pensions, annuities or part-time employment may not excluded by a creditor in evaluating a consumer's creditworthiness.

Equity: The final amount after subtracting your business’ debt from its current market value. For example, if your debts come to $75,000, but your business could sell today for $275,000, you have $200,000 worth of equity.

Escrow: A kind of holding pen for money, and released after a specific event has occurred. A buyer might put money into an escrow account, which is monitored by a neutral party, such as a financial institution. The financial institution, which would be called the "escrow agent", which releases the money to the seller only after the seller has carried out certain agreed-upon tasks (e.g., delivering a product, completing work, etc.).

Expense Account: Account that business individuals use expressly to pay for business-related travel and entertainment costs.

Extranet: Very similar to an intranet, but with and added feature that the information contained can be accessed externally by business partners.