ELECTRONIC DRAFT CAPTURE (EDC) MODE definition

ELECTRONIC DRAFT CAPTURE (EDC) MODE shall refer to Credit Card electronic transaction processing method which does not require the submission of paper drafts by the MERCHANT to METROBANK for posting into the Cardholder accounts or interchange settlement with other issuing banks.
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ELECTRONIC DRAFT CAPTURE (EDC) MODE pertains to the electronic means by which a Card transaction is processed via a point-of-sale (POS) terminal. There is no need for the EDC Slips to be forwarded to BPI for manual posting to the Cardholder’s account. The transaction is posted automatically to the account of the Cardholder at the end of the day after batch settlement, for as long as the MERCHANT performs the settlement process via the POS terminal during the day.
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Related to ELECTRONIC DRAFT CAPTURE (EDC) MODE

  • Electronic Data Room means the electronic data room established by or on behalf of the Company in connection with the transactions contemplated hereby.

  • Mobile electronic device means any hand-held or other portable electronic equipment capable of providing data communication between two or more individuals, including, but not limited to, a text messaging device, a paging device, a personal digital assistant, a laptop computer, equipment that is capable of playing a video game or a digital video disk, or equipment on which digital images are taken or transmitted.

  • Electronic Data Interchange or “EDI technology” means the computer-to-computer exchange of business transactions in a standardized, structured electronic format.

  • Covered electronic device or "CED" means any computer,

  • Electronic filing system means a system provided by the State Court Administrative Office that permits electronic transmission of data and documents.