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.

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.

The movement of monetary funds from one source to another utilizing electronic transmission over various telecommunications' networks. Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. In the late 1990s, this increasingly includes transfer initiated via the Web. The term also applies to credit card and automated bill payments.

Electronic acceptance of government benefits (e.g., food stamps and/or cash).

The way in which the credit card association sends money to the merchant account when a credit card authorization has taken place and goods and services have been delivered.

A process which allows the merchant' s dial-up terminal to receive authorization and capture transactions, and electronically transmit them to FDMS for processing. This eliminates the need to submit paper for processing.

A method of coding data, using an algorithm, to protect it from unauthorized access. There are many types of data encryption, and they are the basis of network security. Expected Monthly Volume: the amount of money a merchant plans to process in credit card transactions in one month.

The date embossed on the credit card beyond which the card is not acceptable by the establishment at the Point Of Sale (POS).