Final answer:
EDC, standing for Electronic Draft Capture, is the correct term for electronic draft capture in debit processing, streamlining the transaction process for debit and credit card purchases.
Step-by-step explanation:
The term for electronic draft capture in debit processing is EDC, which stands for Electronic Draft Capture. EDC is a system where debit card transactions are electronically captured and processed by merchants, allowing for faster and more secure payment processing. It eliminates the need for paper drafts and manual processing, making it a more efficient and convenient method of transaction processing.
The term for electronic draft capture in debit processing is known as EDC. This acronym stands for Electronic Draft Capture, a system widely used by financial institutions, retailers, and credit card processing services to electronically capture transaction data. Instead of manually processing transactions, this technology allows for the automatic capture and settlement of debit and credit card transactions, enhancing speed and accuracy. The EDC system transmits transaction details to the bank for authorization and ultimately facilitates the transfer of funds from the customer's account to the merchant's account.