What is the Full Form of EDC?

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EDC Full Form

The full form of EDC is Electronic Data Capture. EDC is a phrase frequently used in the banking industry. It describes the procedure of obtaining and keeping track of consumers’ credit or debit card information when doing a transaction. Moreover, the EDC device scans the card information, approves the sale, and electronically transfers the money from the customer’s account to the merchant’s account. The cards supported are Visa, Master, Rupay, and International cards.

Also Read: Things to Consider When Transferring Money Abroad

What are the Types of EDC Machines?

These are the types of EDC Machines:

  • Wired EDC Machines
  • Wireless EDC Machines
  • Mobile EDC Machines

Also Read: Best International Money Transfer Apps 2023

What are the Benefits of EDC Machines?

There are many benefits of using EDC machines. Let’s take a look at several benefits of using EDC machines in detail:

  • Due to the ability to accept cashless payments, EDC devices are practical for both customers and businesses. 
  • EDC machine transfers are considerably quicker than those made using other payment methods. 
  • EDC devices securely process payments, protecting consumer card information from fraud.
  • When it comes to recording the transaction data, accuracy rates are high. Errors and disagreements are less likely as a result. 
  • EDC devices can aid in boosting sales by providing clients with an extra, simple payment option. It is a really practical alternative. 

Also Read: What is the full form of CBS?

What are the EDC Transaction Limits?

Limitations apply to EDC transactions. It varies depending on the merchant’s kind of business and the particular bank. Transaction limits are put in place on purpose to protect people from fraudulent cases.

Other Full Forms of EDC

There are other full forms of EDC such as:

  • External Development Charge: This is a fee charged by a local government or a development administration to a real estate developer for the expansion of extra infrastructure exceeding the borders of a project.
  • Electronic Draft Capture: It captures transaction data for processing and repository at the merchant’s location.
  • Engineering Design and Construction: It is a graduate course in engineering design and construction. The EDC industry gives the infrastructure and processing technology that are necessary for a spectrum of industries to process raw materials.

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We hope this blog has helped you understand the full form of EDC and everything related to it. If you want to know more, find the 300+ full forms list on our blog. In the world of short forms, you can rely on the Leverage edu page to know about more full forms like this! Connect with us study abroad experts to achieve your international dream today!

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