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Credit Card Glossary
A glossary of terms that you will come across when applying for a credit card.
A B C D
E F G H I
J K L M N O
P Q R S
T U V W X Y Z
A
ABA - See American Bankers Association.
Access Control - The process of ensuring that systems are only accessed
by those authorized to do so, and only in a manner for which they have been
authorized.
Account Number - A primary cardholder account number that is embossed and
encoded on a plastic card. This number identifies the issuing agent and the
cardholder.
ACH - See Automated Clearing house.
Acquiring Bank - A Bank that receives the credit card transactions and
then settles with the issuing banks. (Also referred to as an acquirer).
Address Verification Service (AVS) - A service to help combat fraud in
mail order/telephone order transactions by use of cardholder billing address
information in the authorization request.
American Bankers Association (ABA) - The trade association of American
bankers. This body also has the responsibility of assigning the registration
authority for identification numbers.
American Express - A company that specializes in the issuance of
Travel and Entertainment (T&E) credit cards. They are in competition with Visa,
MasterCard, and other card issuing companies. They offer many different cards
ranging from their Classic card to a Small Business card. American Express
services the cards that they issue. They are their own transaction processor
with their own processing network.
API - Application Program Interface.
Approval Response - An authorization response when a transaction is
approved.
Arbitration - The procedure used to determine responsibility for a
chargeback-related dispute between two members. To file an arbitration case, a
completed Summary of Arbitration Documentation form is submitted after
unsuccessful dispute resolution through a three-step chargeback/presentment
cycle. This usually occurs between the transaction processors or institutions
and a card company such as Visa or MasterCard.
ATM - See Automated Teller Machine.
ATM/Debit Card - A plastic card that is used to access the cardholder’s
monetary accounts (checking or savings).
Authentication - The process of assuring that data has come from its
claimed source, or of corroborating the claimed identity of a communicating
party.
Authorization - A process where an issuer, an authorizing processor, or
stand-in processor approves an authorization request. An approved authorization
places a hold against the cardholder’s account for the dollar amount approved.
Once the transaction is settled, the transaction is complete and the hold turns
into a charge.
Authorization Code - A code that an issuer, its authorizing processor, or
stand-in processing provides to indicate approval or denial for an authorization
request. The code is returned in the authorization response message and is
usually recorded on the transaction receipt as proof of authorization.
AVS - See Address Verification Service.
Automated Clearing House (ACH) - A group of processing institutions
linked by a computer network to exchange (clear and settle) electronic payment
transactions. They electronically process payment of funds and government
securities among financial institutions and businesses.
Automated Teller Machine (ATM) - An unattended, magnetic stripe reading
terminal that requires the entry of a personal identification number (PIN). It
disburses currency and performs other teller functions, such as transfer of
funds and deposits.
B
Bank Card - A debit or credit card issued by a bank.
Bank Card Association - A group of banks formed either for the purpose of
sponsoring a program, (MasterCard or Visa) or to use common processing and
administrative facilities.
Bank Identification Number (BIN) - A six-digit number assigned by
MasterCard or Visa and used to identify a card issuing institution, who issues
plastic cards with their logos. This number is the first six numbers embossed on
the cards. The ranges are governed by ISO standards. (See International
Organization for Standardization).
BASE I - The data processing systems, networks, and operations that are
used to support and deliver authorization-related services for transactions that
are subsequently cleared and settled through BASE II at Visa.
BASE II - The VisaNet data processing systems, networks, and operations
that are used to support and deliver the clearing and settlement services
related to the interchange of paper with Visa.
Batch - A group of approved credit card transactions that occurred during
a given time interval. A batch is introduced by a batch header record, contains
one or more batch detail records, and is summarized in a batch trailer record.
Within one batch the following fields are homogeneous: batch sender, batch
receiver, settlement currency. Batches of transactions are subsequently
transmitted to a third-party transaction processor for funds transfer.
Batch Deposit - Process by which batch file data has been electronically
transmitted to the transaction processor and is being processed.
Batch File - A computer disk file containing one or more batches of
transaction data.
Batch Processing - A type of data processing operation and data
communications transmission where related transactions are grouped together and
transmitted for processing, usually by the same computer and under the same
application; generally regarded as non real-time data traffic comprising large
files; type of data traffic where response time is not critical.
Batch Settlement - Process by which batch file data is electronically
transmitted to a transaction processor.
BIN - See Bank Identification Number.
C
Cardholder - An individual to whom a card is issued, or who is authorized
to use an issued card.
Card Issuer - Any financial institution that issues, or causes to be
issued, plastic cards to cardholders. (Also referred to as Issuer).
Card Reader - Any device that is capable of reading encoding on plastic
cards. See Magnetic Stripe Reader.
Card Verification Code (CVC) - A unique check value encoded on the
magnetic stripe of a card to validate card information during the authorization
process. The card verification value is calculated from the data encoded on the
magnetic stripe using a secure cryptographic process. This method is used by
MasterCard.
Card Verification Value (CVV) - A unique check value encoded on the
magnetic stripe of a card to validate card information during the authorization
process. The card verification value is calculated from the data encoded on the
magnetic stripe using a secure cryptographic process. This method is used by
Visa.
Carte Blanche - A T&E credit card that competes mainly with American
Express, JCB, and Diners Club. See T&E.
Cash Advance - A cash disbursement obtained by a cardholder through
presentation of their card at a financial institution in person, by mail, or
through an ATM.
Cash Disbursement - A transaction that is posted to a cardholder’s
monetary accounts when they receive cash from a teller, an ATM, or by mail.
Certificate - A digital identifier linking an entity and a trusted third
party able to confirm the entity’s identity.
Chargeback - A transaction returned through interchange by an issuer to
an acquirer. A transaction is returned because of rules and regulations
violations or because it is disputed by a cardholder.
Chargeback Period - The number of calendar days from the endorsement date
of a transaction receipt (or processing date, as applicable), during which time
the issuer may exercise a chargeback right.
Check Authorization - An authorization request being sent to a check
processing organization to validate a check presented as payment for services.
The processor usually approves or declines the authorization request based on
the presenter’s check writing history.
Check Guarantee - A system providing merchants with varying degrees of
insurance against bad check losses by guaranteeing payment of the check by the
financial institution or the third party processor.
Check Reader - A device that reads the numbers encrypted on the bottom of
most checks.
Check Verification - A system providing merchants with varying degrees of
insurance against bad check losses by verifying the authenticity of the check
and/or its presenter by using a check processing organization.
Cirrus - Cirrus System Incorporated, a wholly-owned subsidiary of
MasterCard International Incorporated, operates the international ATM sharing
association known as “MasterCard/Cirrus ATM Network”.
Clearing - All of the functions necessary to collect a clearing record
from an acquirer in the transaction currency and deliver it to the issuer in the
billing currency. It is used to reverse transactions as well. It can also
process a fee collection transaction. Clearing is part of the settlement
process.
Clearing Processor - A processor that provides clearing and settlement
services for merchants or other members.
Co-Branded Card - A plastic card that is issued to a cardholder where
there is a joint sponsorship of that card between a merchant and the issuer.
Both of their names usually appear on this type of card.
Commercial Cards - The formal name for the following three types of
plastic cards: Corporate Card, Purchase Card, and Business Card.
- A Corporate card is usually issued to the employees of a corporation, where the corporation assumes all liability for the card’s usage.
- The Purchase card is issued to corporations. It allows the corporation numerous parameters to control daily and monthly spending limits, total credit limits, and where the card may be used. Many employees may be issued the same card number.
- The Business card is similar to the Corporate card, but issued to a business with a few employees and where each employee is responsible for their purchases.
Communications - Collective term for any
electronic transfer of data between a merchant and a third-party transaction
processor.
Compliance - A process where MasterCard or Visa resolves disputes between
members arising from violations of the International Operating Regulations, when
the requesting member can certify that a financial loss has occurred, or will
occur for a specific amount, and no chargeback right is available.
Correspondent Bank - A depository institution that holds an account with, or
on behalf of, a settlement bank, and engages in an exchange of services with
that bank.
Counterfeit Card - One of the following:
- A device or instrument that is printed, embossed, or encoded so as to purport to be a card, but that is not a card because an issuer did not authorize its printing, embossing, or encoding.
- An instrument that is printed with the authority of the issuer and that is subsequently embossed or encoded without the authority of the issuer.
- A card that an issuer has issued and that is altered or re-fabricated, except one on which the only alteration or re-fabrication compromises modification of the signature panel or cardholder signature.
CPS - See Custom Payment Service.
Credit Card Number - Unique number assigned to credit card.
Credit Limit - A dollar amount assigned to a cardholder as the limit of
credit that they are approved to borrow. Credit card purchases are actually
loans to the cardholder by the issuer.
Custom Payment Service (CPS) - Visa’s regulations for the information
that must be submitted with each transaction. Transactions must meet CPS
criteria in order to qualify for lowest transaction processing fees available.
Similar to MasterCard’s Merit. Approved transactions will deduct the dollar
amount from the cardholder’s “open to buy” or credit available.
CVC - See Card Verification Code.
CVV - See Card Verification Value.
D
Data Capture - Also known as electronic draft capture (EDC) or draft
capture. A data processing term for collecting, formatting, and storing data in
computer memory according to predefined fields, for example, customer name,
account number, and dollar amount of purchase. When a terminal reads this
information from a plastic card or from entries at a terminal, the information
is stored in computer memory for later output as a hard copy printout or as soft
copy on a CRT display. See Electronic Draft Capture.
Data Communications - High-speed communications between computers, or
between a computer and an associated input terminal or financial service
terminal (ATM, POS). Data communication involves telephone lines, interfacing
equipment, plus the computer and the terminal.
Data Encryption Standard (DES) - A cryptographic algorithm adopted by the
National Bureau of Standards for data security. Encryption scrambles personal
identification numbers (PINs) and transaction data for safe transmission.
Debit - A charge to a customer’s bankcard account. A transaction, such as
a check, automated teller machine (ATM) withdrawal, or point-of-sale (POS) debit
purchase that debits a demand deposit account. On-line transactions require the
use of a personal identification number (PIN) and debit the amount, usually the
same day. Off-line transactions, which use separate authorization and clearing
messages, require a signature, and the account is debited within a few days.
Debit Card - This term is used to identify an ATM card as well as a Visa
Check card or a MasterCard MasterMoney card. It can also refer to any private
label card that might debit a cardholders cash accounts. Simply it is a plastic
card used to initiate a debit transaction. In general, these transactions are
used primarily to purchase goods and services and to obtain cash, for which the
cardholder's asset account is debited by the issuer.
Deposit - Process of transmitting a batch of transactions from the
merchant to the acquiring institution in preparation for settlement.
Digital Signature - A data element allowing the recipient of a message or
transaction to verify the content and sender.
Diners Club - Diners Club International is another T&E credit card. They
compete mostly with American Express, JCB, and Carte Blanche for their credit
card usage.
Discount Fee - Transaction fees, assessments, and interchange fees paid
by the merchant.
Discount Rate - The percentage rate that a merchant pays for transaction
fees, assessments, and interchange fees.. The discount fee is the dollar amount
charged.
Discover
- Owned by Dean Witter, Discover & Co., this corporation issues credit cards to
individual cardholders and manages those accounts in-house. They are a
for-profit organization in competition with MasterCard and Visa other credit
card Issuing Corporations They are closely tied to the Novus Financial
Corporation, another Dean Witter company. See Novus.
Draft Capture - The act of electronically capturing transactions. See
Electronic Draft Capture.
E
EBT - See Electronic Benefits Transfer Card.
EDC - See Electronic Draft Capture.
EFT - See Electronic Funds Transfer.
EFTA - See Electronic Funds Transfer Act.
EFTS - See Electronic Funds Transfer System.
EIRF - See Electronic Interchange Reimbursement Fee.
Electronic Authorization - Obtaining authorization for use of a credit
card by electronic means, as via computer equipment and telephone line.
Electronic Benefits Transfer Card (EBT) - This card may have a magnetic
stripe or a small microprocessor on it. The card is used to replace the paper
distributed by the government for programs like the food stamps program. The
cardholder may use this card and have the charges deducted from their available
benefit dollars for the program that they are participating in.
Electronic Credit Application (ECA) - A credit application that is
transmitted electronically to a credit evaluation for approval recommendations.
Electronic Draft Capture (EDC) - Use of electronic communications to
deposit credit card transactions for funding. This method routes the
transactions to Visa, MasterCard, American Express, Discover, other card
companies, or third-party processors.
Electronic Funds Transfer (EFT) - Process of electronically transferring
funds to or from an account. This evolved to eliminate the costly and time
consuming paper method.
Electronic Funds Transfer Act (EFTA) - The federal regulation which
governs the electronic transfer of funds between all parties concerned. It sets
the guidelines or parameters for transferring funds electronically.
Electronic Funds Transfer System (EFTS) - An electronic system that moves
financial data, designed to eliminate the paper instruments normally associated
with such fund movement. Examples classified as EFT’s are ACH, POS, ATM, direct
deposit, telephone bill paying, ECR’s, automated merchant authorization systems,
and pre-authorized payments.
Electronic Interchange Reimbursement Fee (EIRF) - An intermediate Visa
program for transactions that do not meet CPS criteria but are cleared within
three days.
Electronic Warning Bulletin - A data file containing all of the
restricted accounts or ranges on the Account Management System. This is a file
comprised of Visa and MasterCard account numbers that have restrictions against
them. An example would be a lost or stolen card. This file is updated daily and
is formatted to include each restricted account number or range, chargeback
effective date, and purge dates. This was mainly used prior to telephone and
electronic authorizations for credit card transactions.
Encryption - The technique of modifying a known bit stream on a
transmission line so that it appears to be a random sequence of bits to an
unauthorized observer. It often is done automatically in the terminal or
computer before data is transmitted.
Encryption Key - When used in the context of encryption, a series of
numbers which are used by an encryption algorithm to transform plaintext data
into encrypted (cipher text) data, and vice versa.
Expiration Date - The date, expressed numerically as month and year,
after which a plastic card is considered invalid.
Expired Card - A card on which the expiration date has passed.
F
Floor Limit - Dollar amount under which a merchant does not have to call
for authorization of the credit transaction. Many companies have their own floor
limits and some merchants have agreements with their merchant banks that include
floor limits. The two types of floor limits are:
- Standard Floor Limit - Transaction amounts above this limit must request an authorization.
- Zero-Floor Limit - All transaction amounts must request an authorization.
Fraudulent User - An individual who is
not the cardholder or designee and who uses a card or account number to obtain
goods or services without the cardholder’s consent.
Fraudulent Transaction - A transaction unauthorized by the cardholder of
a bankcard. Such transactions are categorized as lost, stolen, not received,
issued on a fraudulent application, counterfeit, fraudulent processing of
transactions, account takeover, or other fraudulent conditions as defined by the
card company or the member company.
Fulfillment - The satisfaction of a retrieval request. The acquirer
supplies the issuer with the original slip, a legible reproduction thereof, or a
substitute draft if applicable. The fulfillment record confirms the completion
of that action and effects reimbursement to the acquirer. See Retrieval Request.
H
Host Capture - Method where transaction data is stored in batches on the
host computer at the third-party transaction processor.
I
Independent Sales Organization (ISO) - Also known as a Member Service
Provider (MSP). An organization that markets credit card services on behalf of a
transaction processor or bank.
INET - The MasterCard clearing and settlement system which is a
centralized facility owned and operated by MasterCard International.
Integrated - When two or more automated systems work together and share
data, as when a point-of-sale system works with a credit card processing module
as one unit.
Interchange - The clearing of bankcard financial transactions and
information between acquirers and issuers through Visa or MasterCard in
accordance with their rules and regulations.
Interchange Fee - Charge levied and collected by either the acquiring
bank or card issuer for the processing of interchange credit card transactions.
International Organization For Standardization - An international
organization that provides industry standards for financial transactions and
telecommunications messages. They work with other committees to maintain
financial services standards, such as bank identification numbers and merchant
category codes. The standards set by this organization are sometimes referred to
as ISO standards (not to be confused with Independent Standards Organization).
ISO - See Independent Sales Organization.
Issuer - See Card Issuer.
J
JCB Card - Card issued by JCB (Japanese Credit Bureau) International
Credit Card Company, Ltd. Most of the card’s usage takes place in Japan, but
they are now concentrating on the US and other countries. Their merchant base
now rivals American Express. This card is a T&E credit card.
M
Magnetic Ink Character Recognition (MICR) - The process used to read the
numbers on a check. The MICR characters (0-9 and 4 special characters) are
printed in special toner or ink. When the check is passed through a
reader/sorter, it passes by two magnetic heads. The first one magnetizes the
MICR character and the second one reads the (now) magnetic MICR character. The
character quickly loses its magnetic charge after that.
Magnetic Stripe - A stripe of magnetic information affixed to the back of
a plastic credit or debit card. It contains customer and account information
required to complete electronic financial transactions. The physical and
magnetic characteristics of this stripe are specified in the International
Organization for Standardization standards 7810, 7811, and 7813.
Magnetic-Stripe Reader - A device that reads information from the
magnetic stripe and transmits that information to a transaction processor or
computer terminal. Also referred to as card reader.
Mail/Phone Order Merchant - A merchant that transacts business by mail or
phone.
Mail/Phone Order Transaction - A transaction where a cardholder orders
goods or services from a merchant by telephone, mail or other means of
telecommunication, and neither the card nor the cardholder is present at the
merchant location.
MasterCard - MasterCard International Inc., and all of its subsidiaries
and affiliates.
MasterCard Card - A card that bears the MasterCard symbol, enabling a
MasterCard cardholder to obtain goods, services, or cash from a MasterCard
merchant or an acquirer. A MasterCard card is always one of the following:
MasterCard Card, Gold MasterCard, Platinum Class MasterCard, MasterCard
BusinessCard, MasterCard Corporate Card, MasterCard Corporate Purchasing Card,
MasterCard Corporate Fleet Card, or MasterCard MasterMoney Card.
Member - An entity that is a member of Visa or MasterCard and refers to
acquirer, associate, ATM acquirer, charter member, disbursing member, electron
acquirer, electron issuer, group member, issuer, merchant bank, participant,
principal, Visa or MasterCard acquirer, and Visa or MasterCard issuer.
Merchant - An entity that contracts with a bank card plan for accepting
bank cards in payment for goods and/or services.
Merchant Agreement - A written agreement between a merchant and a bank
containing their respective rights, duties, and warranties with respect to
acceptance of the bankcard and matters related to the bankcard activity.
Merchant Bank - A bank that has entered into an agreement with a merchant
to accept deposits generated by bank card transactions.
Merchant Depository Account - Demand deposit account established by a
merchant with the acquiring bank to receive payment for sales drafts submitted
to the bank card plan.
Merchant Discount - Compensation received by a bank from a merchant for
processing and accepting credit card risk on the merchant’s credit card sales.
Merchant Number - A series or group of digits that uniquely identifies
the merchant to the merchant bank for deposit, account, and billing purposes.
Merit - MasterCard’s latest series of regulations that are similar to CPS
requirements by Visa.
MICR - See Magnetic Ink Character Recognition.
Multi-Trans (Multiple Transaction Processing) - Electronic communications
process where multiple authorization requests and responses are exchanged during
a single phone connection with the third-party transaction processor. If no
transactions are sent within the time-out window, the line will disconnect until
the next transaction is sent. This saves time by avoiding the need to dial out
for each transaction.
Multi-Threading - The process of transmitting multiple transaction
requests on one communications device, and receiving multiple responses
simultaneously, relating them each back to each original request.
N
Notification - Written notice delivered by mail, courier, facsimile,
telex, or hand. Notification is effective when posted, sent , or transmitted by
Visa or MasterCard to the member or its agent.
Novus - The Novus Network is a Dean Witter company and is the third
largest credit card network in the United States. Their cards include the
Discover Card and Bravo brands.
NSF - This stands for Non-sufficient funds. It refers to a check or check
card transaction that exceeds the amount of funds available in a person’s
checking or share draft account.
O
Offline - This refers to requesting an authorization non-electronically.
Offline Debit - A debit transaction that is processed the same as a
credit card transaction and must be settled. The funds are deducted from the
cardholder’s checking account.
Online - A method of requesting an authorization through a communications
network other than voice, to an issuer, an authorizing processor, or stand-in
processing.
Online Debit - A debit or ATM transaction that has a real-time
(immediate) affect on the cardholder’s account. The cardholder must enter a PIN
number to process the transaction.
On-Us Transaction - A transaction where the issuer and the acquirer are
the same.
Open To Buy Amount - The dollar amount of credit remaining for a customer
at the time of authorization.
P
PbAdmin - A screen based, add-on product to ProtoBase, developed by
Southern DataComm, Inc. PbAdmin stores the approved transactions and provides an
easy way to run reports, settle transactions, and access the transaction
database. PbAdmin also provides a screen interface to ProtoBase Configuration.
Personal Identification Number (PIN) - A number (alpha or numeric code)
that identifies a cardholder in an authorization request originating at a
terminal with authorization-only or data capture-only capability.
PIN - See Personal Identification Number.
PIN Encryption - The technique of scrambling a personal identification
number, so that it is illegible to unauthorized observers.
PIN Pad - A numeric key pad, which is connected to a terminal or POS,
used by the cardholder to enter the PIN and/or other information.
PIN Verification - A procedure that enables the issuer to validate the
cardholder identity when making a comparison with the PIN and cardholder account
number.
Point Of Sale (POS) - Location in a merchant establishment at which sale
is consummated by payment for goods or services received.
POS System - Point-of-sale system that processes sales and other
transactions, such as an electronic cash register with specialized software.
Posting - The process of updating individual cardholder accounts to
reflect transactions.
Presentment - A clearing record that an acquirer presents to an issuer
through interchange, either initially (a first presentment) or after a
chargeback (a re-presentment).
Private Label Card - A merchant’s proprietary card that is accepted only
at its own locations. A merchant whose cards are considered private label must
be member sponsored and also accept Visa and MasterCard.
Processor - See Third-Party Transaction Processor.
ProtoBase - An integrated, data communications software module developed
by Southern DataComm, Inc., which is used to transmit electronic payment
information to transaction processors and back. ProtoBase provides the link
between the POS system and the transaction processor.
Q
Quick Payment Service - A MasterCard interchange program designed for
cash, convenience stores, fast food, movie theaters and parking lots. Specific
processing requirements are applicable to qualify for this program.
R
Real-Time Transaction - An online transaction, such as an ATM withdrawal,
which is usually settled immediately.
Receipt - A hard copy document recording a transaction that took place at
the point of sale, with a description that usually includes information such as
date, merchant name/location, account number, amount, and reference number.
Reference Number - Number assigned to each transaction in a descriptive
billing system. Each reference number is printed on the monthly statement to aid
in retrieval of the document, should it be questioned by the cardholder.
Regulation E - This federal regulation governs the electronic access to a
person’s account or funds. See EFTA for additional information.
Regulation Z - This federal regulation governs all aspects concerning
credit cards. It pertains to the issuer and cardholder, as well as any
organization involved in the processing of credit cards.
Representment - A clearing record that an acquirer presents to an issuer
through interchange after a chargeback.
Retrieval Request - An issuer’s request to a merchant for a transaction
receipt, which could include the original, a paper copy or facsimile, or an
electronic version thereof.
S
Sales Draft - A paper record evidencing the purchase of goods or services
by a cardholder from a merchant using a plastic card.
Settlement - The reporting of settlement amounts owed by one member to
another, or to a card issuing concern, as a result of clearing. This is the
actual buying and selling of transactions between the merchants, processors, and
acquirers; along with the card issuing entities.
Settlement Bank - A bank, including a correspondent or intermediary bank,
that is both located in the country where a member’s settlement currency is the
local currency, and authorized to execute settlement of interchange on behalf of
the member or the member’s bank.
Settlement of Transaction - A process in which the Property Management
System software requests a Deposit transaction to send or release the current
batch of transactions to the transaction processor.
SofTrans - A module developed by Southern DataComm, Inc. which provides
an interface that is specific to each third-party transaction processor.
ProtoBase uses the SofTrans module to determine the correct format in which to
send transaction data to the processor.
Stand-Beside Terminal - A terminal that is separate from the POS system,
used for the purpose of communicating with transaction processors. (Also
referred to as non-integrated.)
Stand-In Processing - The V.I.P. system component that provides
authorization services on behalf of an issuer when the Positive Cardholder
Authorization System is used or when the issuer or its authorizing processor is
unavailable.
Stored Value Systems (SVS) - A subsidiary of Nation City Corp., SVS
delivers end-to-end solutions for private label retail cash card applications
such as gift certificates, gift cards, and promotional coupons.
T
T&E - An abbreviation for Travel and Entertainment.
T&E Merchant - An airline, car rental company, or hotel whose primary
function is to provide travel-related services. A travel agency (excluding one
that is primarily engaged in the sale of transportation or travel-related
arrangement services by mail/phone order) is a T&E merchant to the extent that
it acts as the agent of an airline, car rental company, or hotel.
Terminal Capture - Method where transaction data is stored in the POS
terminal until the batch is settled.
Third-Party Transaction Processor - An institution that validates and
switches transactions to card cooperatives for authorization and to ACH for
settlement.
Track 1 - Bank discretionary data encoded on a magnetic stripe. Includes
credit card account number, card holder name, and expiration date.
Track 2 - Bank discretionary data encoded on a magnetic stripe. Track 2
includes credit card account number and expiration date.
Transaction - An act between a cardholder and a merchant, or between a
cardholder and a bank, which creates an obligation; for example a credit, check,
or debit processing record. A transaction may or may not be stored for
settlement.
Transaction Fees - Fees paid by the merchant to the transaction processor
on a per-transaction basis.
Transaction Processor - See Third-Party Transaction Processor.
U
Unbundled Fees - Other fees paid by the merchant to the merchant bank or
other contracted party for transaction processing.
V
Visa - Visa International Service Association and all of its subsidiaries
and affiliates.
Visa Card - A card that bears the Visa symbol, enabling a Visa cardholder
to obtain goods, services, or cash from a Visa merchant or an acquirer. A Visa
Card is always one of the following: Visa Business Card, Visa Classic Card, Visa
Corporate Gold, Visa Gold Card, Visa Premier Card, Visa Purchasing Card, or Visa
Check Card.
Visanet - The systems and services, including the V.I.P. system and BASE
II, through which Visa delivers online financial processing, authorization,
clearing, and settlement services to members.
Voice Authorization - An approval response obtained through interactive
communication between an issuer and an acquirer, their authorizing processors,
or stand-in processing, through telephone, facsimile, or telex communications.
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