Which term refers to the software and hardware that connects merchants to credit/debit card authorization networks?

The term that describes the software and hardware used to connect merchants to credit and debit card authorization networks is the Electronic Payment Gateway. This system plays a crucial role in facilitating transactions by securely transmitting card information from the merchant's website or point-of-sale system to the payment processor and then communicating back the authorization result.

An Electronic Payment Gateway is designed to handle sensitive cardholder data, ensuring it is encrypted and secure. It operates in real-time, allowing for immediate transaction approvals or declines, which is vital for a smooth customer experience. This technology is fundamental in e-commerce and physical retail environments, as it serves as the bridge between consumers, merchants, and financial institutions.

The other options represent different systems and organizations unrelated to the specific function of connecting merchants to authorization networks. For instance, the Electronic Funds Transfer System involves the direct transfer of funds electronically, the Electronic Payments Association is a trade organization for payment industry professionals, and the Electronic Federal Tax Payment System is a government system specifically for federal tax payments. Each of these serves unique roles within the financial ecosystem, but none fulfill the specific connection function attributed to the Electronic Payment Gateway.