What does Electronic Draft Capture Mean ?
Electronic Draft Capture – Submission of credit card receivables payment instruments (drafts) using a software application often hosted on a point of sale terminal device.
When running business and accepting credit card payments, a lot people don’t know what happens behind the scene. There is a reason for this as it’s not really all that important if a person knows what is going on behind the scenes. However, to know the workings better, some will want to know what an electronic draft capture, or EDC is. With that being said, here is a brief explanation.
Without a doubt, when accepting credit cards and credit card processing payments, one will need to use a system to accept payments. With that being said, merchant accounts often provide a point of sale, or POS system to allow a person to run their cards. In the end, this is the easiest way to sell products or services in person from a retail location. However, one has options if they want to sell online or with their smartphone.
How they get equipment:
When running a company, one will need to use the right equipment. When doing so, it’s easy to run the cards and do so quickly. Luckily, credit card processing is not hard, and a small business owner who has the right tools will succeed with his or her merchant accounts. Remember, an electronic draft capture needs a computer or POS setup to run the transaction. Then, when doing so, one can get the money for the product or service they are selling to clients. While this is all true, one must also either buy or rent the equipment, and it’s wise for a small business owner to consider his or her unique wants and needs.
How to use:
Sadly, a lot of older or less tech-savvy people may be intimidated by a POS setup and electronic draft capture, and this is serious problem for some small business owners and employees. However, the truth is, they are not hard to use, and a person with minimal computer experience should have no trouble running a credit card and getting everything taken care of in a quick and easy manner.
When running a company and accepting payments, one should know how things work. That is to say, to get the best deal on merchant accounts and get what one needs, it’s wise to understand the process and talk to people in the industry who can help with the situation, which is ever-changing as new technologies are introduced.