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EFT (Electronic Funds Transfer)
The electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems.
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Discount Rate
Merchants are charged a fee for the processing services that enable them to accept cards as payment. This fee, called the “merchant discount” or “discount rate,” is negotiated with each merchant during the sales process. The discount rate is usually a percentage of the merchant’s sales volume.
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TILA (Truth in Lending Act)
The Truth in Lending Act requires the full disclosure of finance charges and terms with regard to costs associated with borrowing.
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