| - A -
ABA Routing Number: Also referred to
as Transit Routing Number. Directs electronic ACH deposits to the proper bank
institution.
Account Number: Unique sequence of numbers
assigned to a cardholder account that identifies the issuer and type of financial
transaction card.
ACH (Automatic Clearing House): Nationwide
electronic funds transfer network which enables participating financial institutions
to distribute electronic credit and debit entries to bank accounts and to settle
such entries.
Acquirer: Bank that sponsors merchants
for the acceptance of credit card transactions.
Acquiring Bank: Financial institution
(also called a merchant bank, or acquirer) that processes a merchant's transactions
and credits payment to the merchant account. A merchant account at the acquiring
bank receives funds from a cardholder when a transaction is complete.
Approval: Code issued by a card issuing
bank allowing a sale to be charged against a cardholder's account. Approval
means that the amount is within the cardholder's remaining credit limit and
the card has not been reported lost or stolen. Approvals are requested via
an AUTHORIZATION.
Approval/Authorization: All participants
in the chain from the retailer to the cardholder have said that they are ready,
willing, and able to complete this Sale, Refund or PreAuth. The transaction
is queued for completion during the next batch closure.
AMERICAN EXPRESS (Amex): Organization
that issues cards and acquires transactions, unlike VISA and MasterCard, which
are bank associations.
Annual Fee: A fee charged to merchants,
which can be used to lower the discount rate.
Application Fee: A fee for processing
the paperwork and setting up the merchant account.
Auth Only: Transaction in which the
merchant does not intend to charge the cardholder until a later time, if at
all. See PRIOR AUTHORIZATION.
Authorization: The request to charge
a cardholder. If not used within a certain time period, the authorization will
expire. Time period determined by issuing bank.
Authorization Center: Department that
electronically communicates with a merchant's request for an authorization
on credit card transactions to the cardholders bank. Transmits the authorization
via voice authorization or electronic point of sale equipment.
Authorization Code: Numerical or alphanumerical
code sent by the card issuer, given to a sales transaction as verification
that the sale has been authorized. The authorization code is always included
on the merchant sales draft.
Average Ticket: The average amount of
a merchant's bank card transaction. Generally used in pricing decisions and
calculations.
AVS (Address Verification System): System
available to merchants who key transactions which matches the street number
and zip code of the cardholder with the information given to the merchant.
This allows the merchant to verify that the person requesting the goods or
services is the person who owns the cards.
- B -
Bank Card: A plastic card accepted by
merchants as a result of a standard set of rules for the authorization of its
use, clearing, and settlement of transactions. Used to credit an account for
processing a sales transaction.
Bank Identification Number: Digits of
a credit card that identify the ISSUING BANK. Sometimes the first six digits.
Often referred to as a BIN.
Bank Routing Number: First nine digits
that appear across the bottom of a personal check, they identify the financial
institution.
Basis Point: 1/100th of a percentage
point.
Batch: Collection of credit card transactions
saved for submitting at one time, usually at the end of each day. Batch fees
are charged to encourage a merchant to submit his or her transactions at one
time, rather than throughout the day.
Batch Fee: Incurred for settling each
batch from the terminal.
Batch Processing: Type of data processing
where related transactions are transmitted as a group for processing.
- C -
Cancellation Fee: Incurred if a merchant
cancels prior to the completion of the 3-year contract term.
Capture: Submission of a credit card
transaction for processing and settlement. POS terminals and real-time processing
software capture transactions to submit to merchant account providers or credit
card processors.
Card Present: A transaction evidenced
by the swiping a card through a terminal or by an imprinted and signed credit
card draft.
Card Issue: Financial institution (or
its agent), which issues the financial transaction card to the cardholder.
The card issuer remains unchanged throughout a transaction.
Cardholder: Person or company who has
an active credit card account with which transactions can be processed.
Card Validation Code (CVC): Unique encrypted
3-digit value that is encoded in the magnetic stripe and printed on the back
of a MasterCard. It is used as an additional means of Cardholder validation
during the authorization or referral process.
Card Verification Value 2 (CVV2): Unique
encrypted 3-digit value that is encoded in the magnetic stripe and printed
on the back of a Visa Card. It is used as an additional means of Cardholder
verification during the authorization or referral process.
Certification: Process during which
a terminal or software provider meets certain standards required by the certifier.
Chain: A series of merchant locations
that are managed/owned by the same entity.
Chargeback: Fee charged for transactions
that are successfully challenged by a credit card holder. After a charge is
disputed and adjudicated in the cardholder's favor, the transaction total and
chargeback fee are deducted from the merchant account.
Chargeback Reason Code: Two-digit code
identifying the specific reason for a chargeback.
Check Services: Authorization of a
check.
Clearing: Process of exchanging financial
details between an AQUIRER and an ISSUER to facilitate posting of a cardholder's
account and reconciliation of a customer's settlement position.
Close Batch: Process by which transactions
with authorization codes are sent to the processor for payment to the merchant.
Cookies: Small files that are automatically
downloaded from a web server to the computer of someone browsing a web site.
The data can then be accessed any time the user returns to the site.
Corporate Card: A bank card issued
to companies for use by company employees.
Credit (aka Refund): Transaction that
transfers money from the merchant to the cardholder's account.
Credit Card: A bank card establishing
the privilege of the person to whom it is issued to present it as payment to
a merchant. The card bearer must reimburse the credit card company the amount
of the sale.
Credit Card Processors (or third-party processors): Merchant
service providers that handle the details of processing credit card transactions
between merchants, issuing banks, and merchant account providers.
Credit Limit: Maximum amount the cardholder
may owe an issuer on the card.
- D -
Data Encryption: Scrambling of information
sent over the Internet. Data encryption ensures that only the intended recipient
has the ability to read and understand the information.
Database: File or file system containing
organized information and a filing and retrieval system for storing information.
Most database software (i.e., Oracle, Sybase, and Microsoft Access) also includes
tools for data analysis.
Debit: Charge to the customers bank
card account.
Debit Card: Used by consumers in place
of cash and purchases are deducted automatically from the cardholder's account.
Requires a PIN (Personal Identification Number) for use.
Decline: The processing network or
the cardholder's bank has refused to complete a transaction for Sale, Refund
or PreAuth. The processor passes back to the retailer any reason it receives
if a Decline is issued.
Deposit: When a merchant closes a batch
and sends the transactions to the host computer for settlement. Typically,
batches should be closed on a daily basis to ensure the lowest discount rates.
Digital Certificate: Online identification
that authenticates a consumer, merchant and financial institution. Digital
certificates are used during SET transactions.
Discount Rate: Amount charged to a
merchant for the daily processing of credit card transactions. This fee that
applies to all retail card present & magnetic stripe read items that are
authorized and batched out on a daily basis.
Doing Business As (DBA): Refers to
the specific name and location of the merchant establishment where credit card
purchases were made.
Domain: Designation for a particular
location on the Internet. A domain, for example "FastTransact.com," contains
files that make up the content of web pages under that address. Domain names
are associated with IP addresses.
- E -
E-Check: Electronic equivalent of a
paper check.
E-commerce: Processing of economic
transactions, such as buying and selling, through electronic communication.
E-commerce often refers to transactions occurring on the Internet, such as
credit card purchases via web sites..
EDC (electronic data capture): Use
of a POS terminal for validating and submitting credit card transactions to
a merchant account provider or other credit card processor. For online credit
card processing, software takes the place of the POS terminal.
EFT (Electronic Funds Transfer): Method
of transferring money from one bank account to another using a variety of electronic
methods such as bank wire transfer, federal wire transfer, international wire
transfer.
Electronic Banking: A form of banking
where funds are transferred via an exchange of electronic signals between financial
institutions instead of exchanging cash or checks.
Electronic Draft Capture: System in
which each transaction is routed to the host computer for processing and storage.
The stored transactions are used to create settlement files and transactions
reports.
Embossing: Raised characters that are
printed on all credit cards. Embossing provides the cardholders information
and allows the card to be imprinted.
Encryption: Process of encoding a PIN
pad with the processor's configuration and key injection for the purpose of
accepting debit cards. Most common formats are DUKPT (Derived Unique Key Per
Transaction) and Masterkey (MasterCard's debit key encryption format).
ESN: Unique serial number assigned
to a RAM Modem terminal by the manufacturer.
Expiration Date: Date embossed on a
bank card.
- F -
Facsimile Draft: Paper record that is
provided to an acquirer as a substitute for an actual sales draft.
Factoring: The term is often applied
to ISOs that offer to process credit card transactions through their own merchant
account rather than through an account established by the merchant, in exchange
for a percentage of the transaction or other fee.
FDIC (Federal Deposit Insurance Corporation): Federal
program that protects consumers by providing insurance for bank deposits in
the event that a bank becomes insolvent.
Financial Institution: Any organization
that provides an avenue to move, invest, lend or provide financial services.
This would include federal & state savings banks, savings and loan associations,
credit unions and commercial banks.
Financial Transaction: Transaction from
the acquirer to the card issuer containing all the necessary data elements
for authorization, posting and reconciliation.
Force Transaction/ Offline Transaction: Entry
of a transaction after a referral message is displayed on the POS terminal.
Network interruption of service that allows the merchant to enter a transaction
and the approval code as a forced entry with an authorization code.
Front End: User interface that appears
on a web page and allows a visitor to interact with dynamic features including
databases, shopping cart programs, and online purchase processing software.
FTP (File Transfer Protocol): Set of
standard codes for transferring files over the Internet. FTP is usually used
for retrieving large files or files that cannot be displayed through a browser.
Windows FTP and Fetch are examples of FTP software.
Fulfillment: The acquirer provides
the issuing bank with an original sales draft or a legible copy.
Funding: Payment a merchant receives
for his settled and captured deposits.
- G -
Gateway: An application that accepts
transactions from online merchant storefronts and routes them to a financial
institution's processing system.
GIF (graphic interchange file): File
type that contains a graphic, photo, or other image. GIFs are commonly found
on the Web, along with another graphic file format, the JPEG. GIFs tend to
take less memory and bandwidth than JPEGs, and can contain animation. JPEGs
offer greater image clarity, especially for photo images.
Gross Deposit: Total dollar amount
of bank card credit and sales drafts submitted for payment.
- H -
Hard Copy: Original document of an
application, credit slip, sales draft/slip.
Headquarters: Main office of a business.
Holdback (aka Reserve Account): A portion
of the revenue from a merchant's credit card transactions, held in reserve
by the merchant account provider to cover possible disputed charges, chargeback
fees, and other expenses. After a predetermined time, holdbacks are turned
over to the merchant. Note: Merchant account providers almost never pay interest
on holdbacks.
Host Capture: Type of transaction capture
in which transaction information is stored in the processor's host computer
and not at the merchant's POS system. Compare to Terminal Capture. Settlement
occurs at the host computer and is automatic: no merchant initiation is required.
Hot Card: A bank card that has been
used excessively. Usually indicating that the card has either been stolen or
counterfeit.
- I -
ICS (Internet Commerce Services): The
services an Internet commerce provider offers to enable clients to handle many
facets of their business on the Internet.
Imprint: Can be electronic (by swiping
a card thru a card reader) or manual (by obtaining a physical imprint using
an imprinter). One of the two is always required on a credit card transaction
to prove that the card was present.
Imprinter: Equipment used by merchants
to imprint embossed information off of a bank card onto a sales draft.
Interchange: Standard format for sharing
or transferring data electronically between parties that do not share a common
application. Usually a format that is platform-independent is agreed upon as
a standard. Examples of common interchange formats include EDI (electronic
data interchange), ASCII (American Standard Code for Information Interchange),
and GIF (graphics interchange format). Interchange is the operating system
of Visa/MasterCard for authorization, settlement, capture and passing through
of interchange and other fees in addition to monetary and non -monetary information
regarding bank card transaction/processes.
Interchange Fee: Servicing fees paid
by acquirers to issuers for transaction costs. Visa/MasterCard establishes
and periodically reviews interchange rates.
Internet Commerce: A broad term covering
all commercial transactional activities on the Internet. Internet commerce
can range from vendors selling software from a Web storefront (Web site) to
large corporate procurement systems using an Internet-based VPN (virtual private
network) to deal with trading partners. Internet commerce is not synonymous
with e-commerce, which covers all electronic commercial activities.
IP Address (Internet Protocol Address): Designation
for a particular location on the Internet, such as "140.23.719.6." IP
addresses are associated with domain names.
ISO (Independent Sales Office): Firm
or organization that offers to process online credit card transactions, usually
in exchange for transaction fees or a percentage of sales. Merchants must generally
establish a merchant account before contracting for ISO services, although
some ISOs claim not to require separate merchant accounts. See also factoring.
ISP (Internet Service Provider): Company
that provides access to the Internet, including Web browsing and e-mail. ISPs
often offer connections that can be accessed by dialing a telephone number
through your computer's modem.
Issuer/Issuing Bank: A licensed member
of Visa/MasterCard that holds the contractual agreements with other financial
institutions and issues bank cards.
Issuing Bank: The bank that maintains
the consumer's credit card account and must pay out to the merchant's account
in a credit card purchase. The issuing bank then bills the customer for the
debt.
- J -
Japanese Credit Bureau (JCB): Issuers
of the JCB bank card.
JPEG (or JPG ): File format used for
storing graphic images, usually photographs. JPEG files are larger than GIFs
of the same image but offer better color control and clarity. See also GIF.
- K -
Kiting: A scam in which a merchant submits
a sales draft from his or her personal account(s) to get cash advances from
their business.
- L -
Local Area Network (LAN): Data communication
network confined to a limited geographic area with moderate to high data information.
The area consists of single or cluster buildings. It is owned solely by its
user and does not use common carrier circuits although it may have gateways
or bridges to other public or private networks
- M -
Magnetic Stripe: Stripe on the back
of a bank card that contains magnetically encoded cardholder account information.
The name of the cardholder is stored on Track I and the account number and
expiration date are stored on Track II.
Mail Order/Telephone Order (MOTO)::
This type of account is used by mail order companies, anyone accepting phone
orders or any other system where the merchant can't physically see the card
and/or the cardholder. Currently this is the type of account is used for Internet
Businesses accepting credit cards online. The merchant and the cardholder do
not need to be in the same physical location. MOTO accounts are also known
as Card Not Present or CNP accounts.
Manual Entry: Credit card information
that is entered via terminal keypad or keyboard instead of swiping the card
through a card reader.
MAP (Merchant Account Provider): Bank
or other institution that hosts merchant accounts and processes online credit
card transactions. The term is also often used broadly to include any credit
card processing service, including ISOs.
MasterCard: Association of banks that
govern the issuing and acquiring of MasterCard credit card transactions and
Maestro debit transactions.
Member: Financial institution that
is a member of VISA USA and or MasterCard International. A member licensed
to issue cards to cardholders and to accept merchant sales receipts.
Merchant Account: Bank account established
by a merchant to receive the proceeds of credit card purchases. By establishing
a merchant account, the merchant bank agrees to pay the merchant for valid
credit card purchases in exchange for the right to collect on the debt owed
by the consumer.
Merchant Account Types: There are two
basic types of merchant accounts. A Retail account is
merchant account that is approved for use in a physical store where the cardholder
and the card are present. Typically the merchant swipes the card through a
card reader to get your card numbers so this account is sometimes referred
to as a "swipe" account or "cardholder present" account. Retail
accounts are the least risky type of account and therefore the merchant
account provider charges the merchant must less than the riskier "card
not present" type of accounts. A "card not present" account
is also called a Mail Order - Telephone Order (MOTO) account.
This is the account used by mail order companies, anyone accepting phone orders
or any other system where the merchant can't physically see the card and/or
the cardholder. Currently this is the type of account used for Internet Businesses
accepting credit cards online. Because there is increased risk for charge backs
and fraud with MOTO accounts, merchant account providers always charge the
merchant higher rates and fees for this type of account.
Merchant Acquirer: A member that has
entered into agreement with a merchant to accept deposits via bank card transactions.
Merchant Agreement: Written contract
between the merchant and the acquirer regarding their rights, rates, and responsibilities.
Merchant Bank: Bank that holds a merchant
account. After a consumer buys a product using a credit card, the merchant
bank places funds into a merchant account in exchange for the right to collect
on the debt owed by a consumer. See also merchant account provider.
Merchant Category Code (MCC): Merchant
classification code that identifies the merchant by business type and or processing
type, authorization and settlement.
Merchant Number: Number that identifies
each merchant to the processing company.
Merchant Services Provider (MSP): A
bank, ISO, or other firm that provides services for processing financial transactions,
usually credit card sales. Many MSPs provide merchant accounts, while others
require their clients to establish merchant accounts on their own. Some MSPs
claim that they do not require merchant accounts; this may indicate factoring,
which is illegal in many areas. See also holdback.
MID (Merchant Identification Number): Refers
to the Merchant Identification Number. This unique number identifies a merchant.
Mid-Qualified: Transaction that did
not interchange at the best rate because it was entered manually or was not
settled in a timely manner.
MID/TID: MID - Merchant ID number and
TID - Terminal ID numbers. For example, a grocery store typically has a single
MID but has a distinct TID for each cash register terminal. By sorting all
of that MID's traffic by TID, management can see which register contributed
which set of transactions. Most Web retailers have just one terminal, so all
traffic is associated with a single MID/TID. However, You may have more than
one account associated with the same MID/TID. In that event, you'll find that
batches often contain transactions from more than one account.
Minimum Discount Fee: A fee that is
assessed a merchant that does not process at least $25 per month.
MODEM: Stands for MOdulatorDEModulator.
An electronic telecommunications hardware device used by the terminal or PC
POS to dial up the processor.
MO/TO discount rate (mail order / telephone order
discount rate): The discount rate charged by the merchant account
provider for credit card transaction in which the actual credit card was
not available to the merchant.
Monthly Minimum: Amount in fees and
percentages charged by a merchant services provider in a given month. If account
activity does not generate the monthly minimum, the account holder must make
up the difference.
- N -
Net Payment: Payment to the merchant
for sales drafts less credits minus the specified discount fee.
Net Revenue: Discount income less interchange
expenses.
Net Settlement: The settlement through
an actual transfer of funds.
Non-Bankcard: A non-bank company that
deals directly with the cardholder i.e.: American Express, Diners, Discover,
Carte Blanche and JCB.
Non Face-to-Face Transactions: Any
transaction where the card is not present at the time of the sale.
Non-Qualified Rate: A fee that applies
to all retail, MO/TO Internet items without an AVS match, AVS Request, delayed
or incomplete transactions/batches/batch settlements for foreign cards, business
cards and or corporate cards.
Notification: A message where the sender
notifies the receiver of an activity taken, requiring no approval or response.
- O - Online Storefront: A commerce-enabled
Web site available on a public network, such as the Internet, that offers goods
and services for sale. An online storefront is the equivalent of a store or
place of business that a customer would visit to purchase goods and services.
Open to Buy: The amount of credit available
at a given time on a card holder's account
- P -
PIN (Personal Identification Number): Personal
Identification Number used by cardholder to authenticate card ownership for
ATM or debit card transactions. The cardholder enters his/her PIN into a PIN
pad. Customer entry of his/her PIN is required to complete an ATM/Debit card
transaction.
Point of Sale (POS): The place and time
at which a transaction occurs. This term also refers to the devices or software
used to capture transactions.
Post Authorization: A sale transaction
for which you received a VOICE AUTHORIZATION at an earlier time.
POS Terminal: A piece of equipment used
at a merchant location that is connected to the bank and or their authorization
service provider via phone lines to authorize, record and forward information
electronically. If the credit card is available, the merchant can swipe the
card through the terminal. See also swipe discount rate and MOTO discount rate.
Posting: The process of recording debits
and credits to individual cardholder account balances.
PreAuth: An event where no money flows
but the cardholder's account is asked whether a pending Sale is likely to be
successful. The authorization/approval of a PreAuth usually indicates that
a follow-up Sale will also be Approved, but do keep in mind that the favorable
condition of the cardholder's account may change before you can issue a Sale.
Presentment: The process the acquirer
uses to send transaction information to the issuer for reimbursement.
Prior Authorization: An authorization
that has been obtained previously, either through operator or through credit
card equipment.
Processor: A transaction processor;
a large computer center that processes data from credit card transactions and
settles funds to merchants.
- Q -
Qualification: A level at which a transaction
interchanges. Level of qualification (qualified, mid-qual, et cetera) is dependent
on how credit card number is entered, how quickly a transaction is settled,
the type of industry, specific information, etc.
- R -
Real-Time Authorization: Authorizes
a credit card in real-time, as a customer makes their purchase.
Real-time Processing: The verification
and processing of credit card transactions immediately following a purchase.
Real-time verification on the Web usually takes less than five minutes. Real-time
verification is especially important for Web sites that sell products and services
that consumers expect immediately, such as memberships to the site or software
downloads.
Reason Code: A code used to provide
additional information to a member regarding chargebacks, presentments, or
retrieval requests.
Receipt: A hard copy of an invoice or
sales draft that took place at the point of sale that includes a date, merchant
name and or location, account number, dollar amount, reference code and the
type of account.
Reconciliation: An exchange of messages
between two institutions (acquirer, card issuer, or their agents) to reach
agreement on their financial totals.
Recurring Fees: Regular, usually monthly,
charges for maintaining a merchant account. Recurring fees include the discount
rate, transaction fees, statement fee, and monthly minimum.
Recurring Transaction: A transaction
that is charged to the cardholder on regular scheduled intervals for goods
and or services provided.
Reference Number: A code given to a
transaction by Host based processors.
Replacement Authorization: An authorization
used when a previous authorization was approved and a subsequent authorization
is required because the amount of the transaction is now different from the
originally approved amount.
Representment: A financial transaction
originated by a merchant to recover funds charged back by a card issuer.
Request: A message where the sender
informs the receiver that a transaction is in progress and a response is required
to complete the activity.
Reserve Account (aka Holdback): A portion
of the revenue from a merchant's credit card transactions, held in reserve
by the merchant account provider to cover possible disputed charges, chargeback
fees, and other expenses. After a predetermined time, holdbacks are turned
over to the merchant. Note: Merchant account providers almost never pay interest
on holdbacks.
Retrieval Request: A request to a merchant
for documentation concerning a transaction, usually a cardholder dispute or
suspicious sale/return. A Retrieval Request can lead to a CHARGEBACK.
Reversal: A transaction from the acquirer
to the card issuer informing the card issuer that the previously initiated
transaction cannot be processed as instructed, i.e., is undeliverable, unprocessed
or cancelled by the receiver.
- S -
Sales Draft: An actual paper documentation
of a transaction.
Secure Serve: A Web server or other
computer connected to the Internet that is capable of establishing encrypted
communication with clients, generally using SSL or SET.
Security: An internal department within
the Credit/Risk Department that monitors the performance of the entire portfolio/merchant
client base by monitoring suspect accounts and or transactions for possible
fraudulent activity.
Settlement: The process by which transactions
with authorization codes are sent to the processor for payment to the merchant.
Setup Fees: Fees charged for establishing
a merchant account, including application fees, software licensing fees, and
equipment purchases.
Shopping Cart Program: A software package
that runs as part of a Web site to collect and record purchasing decisions
by a visitor. Shopping cart programs are stored on Web servers.
S.I.C. Code (Standard Industry Classification): Refers
to Standard Industry Classification. These codes are four digits used to identify
the business type.
Spam: Unsolicited e-mail. There are
two common usages: 1) mass e-mailings by commercial sites to recipients who
have not requested any contact, and 2) e-mail sent to intentionally annoy or
harass the recipient, including crashing his or her computer by overloading
its e-mail capacity.
Split Dial: The terminal dials direct
to AMEX for authorization and settles at the VISA/MASTERCARD Host.
SSL (Secure Socket Layer): A system
for encrypting data sent over the Internet, including e-commerce transactions
and passwords. With SSL, client and server computers exchange public keys,
allowing them to encode and decode their communication.
Starter Kit: Supplies that are shipped
to new merchants including sales drafts/slips, credit slips, batch header tickets,
Visa/MasterCard decals, imprinter plates, terminal overlays and instruction
guides.
Stored Value Card: A pre-paid card that
stores a monetary value from which the purchase amount is deducted after each
transaction.
Suspect Transaction: A transaction
that occurs one day prior to or directly after an account number is listed
in the Warning Bulletin or pick up list.
Swiped Card: Credit card information
that is read directly into the terminal as a result of swiping or sliding the
credit card thru a card reader. The information magnetically encoded in the
magnetic stripe is transmitted. This information includes secret data that
helps validate the card.
Swipe Discount Rate: The discount rate
charged by a merchant account provider for transactions in which a credit card
is swiped on the POS Equipment. It is also available for inspection by the
merchant. Swipe discount rates are generally lower than MOTO discount rates
because the merchant can match signatures and perform other checks for fraud
or misuse.
- T -
T & E Card (Travel and Entertainment): Travel
and entertainment card issued by a private, non-bank company that deals directly
with the cardholder and the merchant and typically requires full payment on
a monthly basis.
Terminal: An end-use device (usually
with display monitor and keyboard) with little or no software of its own that
relies on a mainframe or another computer (such as a PC server) for its "intelligence." A
variation of this kind of terminal is being revived in the idea of the thin
client or network computer. The term is sometimes used to mean any personal
computer or user workstation that is hooked up to a network.
T & E Merchant (Travel and Entertainment):
An airline, lodging, restaurant or card rental company whose main function
is to provide travel/entertainment related services.
Terminal Based: A system that captures
credit card transactions and holds them until settlement.
Terminal Capture: Type of software
in which transaction information is stored in software, not at the host computer.
Merchants using terminal capture must initiate SETTLEMENT at the end of each
day or shift. Compare to HOST SETTLE.
TMF (Terminated Merchant File): A file
listing the names of merchants and their principals whose bank card relationship
has been terminated by the acquirer.
Third Party Processor: A non-member
agent, employed by an acquiring bank, which provides authorization, settlement,
and merchant services to a merchant.
Ticket Size: The monetary value of
an order placed by credit card.
Transaction: Action between cardholder
and merchant that results in activity on a cardholder account.
Transaction Date: The actual date on
which a transaction occurs.
Transaction Fee: A per transaction
charge incurred by merchants. This is in addition to the percentage DISCOUNT
fees.
Truncation: An anti theft mechanism
in which the complete credit card number and expiration date does not appear
on the sales receipt. The last four digits of the credit card number will appear
on the sales receipt.
- U -
URL (Uniform Resource Locator): An
address for a file (or page) located on the Internet, usually the Web. Example:
http://www.fasttransactonline.com .
- V -
Valid Date: The date embossed by the
card issuer on the credit card.
VAR (Value Added Reseller): Third party
software vendors.
Voice Auth: A transaction authorization
that is provided by an operator, usually when an issuer sends a "Please
Call" message to the merchant instead of an authorization number.
- W -
Web Host: The computer which has your
active web site on it. To host a web site, a host computer must have proper
server software, connection capacity for the traffic that comes to the web
site and a unique and static internet protocol (IP) address. An IP address
looks like 4 sets of numbers separated by periods, i.e. "123.11.123.1" A
uniform resource locator, or URL, is a unique name that has been assigned to
a static IP of a specific host computer making it easier to find a web site.
Web Server: A computer dedicated to
storing the various files that make up Web pages and the protocols needed for
communicating with other computers via the Internet.
World Wide Web (aka Web): The entire
collection of files written in HTML and similar mark-up languages available
on the Internet. Clients on the Internet use their browsers to request these
files from Web servers and then display them as Web pages. The Web is only
a portion of the Internet; other parts include e-mail communication and FTP.
Wireless: Describing radio-based systems
that allow transmission of telephone and/or data signals through the air without
a physical connection.
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