E-Commerce words Glossary

E

EFT Electronic Funds Transfer

A method of crediting or debiting an account through electronic means. Eliminating the need for paper, such as a check or withdrawal slip.

Electronic Check

An electronic version of the traditional paper check. It includes all the components of a paper check and can be used as a method of payment on the Internet. Currently the Payment Gateways that are integrated with ecBuilder do not support Electronic Checks.

Electronic Check Security

A combination of state of the art technology and established business practices to prevent fraud on electronic checks. Electronic check pilots are currently being conducted using a combination of technology tools, data encryption, digital signatures, certificates, secure e-mail and smart card technology to ensure that the security of the system is not compromised.

Electronic Check Verification

The validation of an electronic check using certificates and digital signatures. Once the electronic check is deposited, the bank will perform additional verification against internal databases.

Electronic Wallet

Also called a virtual wallet, a software mechanism that allows commerce server users to store and use credit card and electronic payment information. Typically, information in the wallet is encrypted and is persistent from session to session. Currently the Payment Gateways that are integrated with ecBuilder do not support the use of Electronic Wallets

Encryption

The process of scrambling a message to ensure data secrecy. The message is encoded using an electronic key, which makes it unintelligible to anyone except to the holders of the other half of the key. There are two main types of encryption methods, private key and public key encryption.