100+ Payment Industry Terms Explained in Plain English
Clearly Payments
MAY 22, 2025
EFT (Electronic Funds Transfer) Same as ACH, used more often in Canada. EMV Chip technology on credit cards. Chip & PIN EMV transaction that requires a PIN instead of a signature. ACH (Automated Clearing House) The U.S. Same Day ACH A faster version of ACH that settles payments the same business day.
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