What is the Full Form of EDC?

2 minute read
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. 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

Type of EDC Machines

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

Also Read: Best International Money Transfer Apps 2023

Benefits of EDC Machines

There are a number of 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?

EDC Transaction Limits

Limitations apply to EDC transactions. It varies depending on the merchant’s kind of business and the particular bank. 

This was all about EDC full form. Visit the General Knowledge page to discover more intriguing articles about full forms. Get in touch with the experts at Leverage Edu in order to kickstart your study abroad journey. 

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