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
| Name | Description |
| ABA Routing Number | Also referred to as a Transit Routing Number. Directs electronic ACH deposits to the proper bank institution. |
| Account Funding | VISA® program to transfer card amounts to online financial accounts or to add value to VISA Buxx cards. |
| Account Number | The credit card account number. A unique sequence of numbers assigned to a cardholder account that allows the issuer to identify the individual or entity responsible for the transactions on the account. |
| ACH Credit | An ACH transaction in which an agency's customer initiates the transfer of funds through their financial institution. The customer provides their financial institution with the amount to be transferred and the agency’s depository bank account information. The customer’s financial institution then initiates an electronic transaction through the ACH Network which debits the customer’s bank account and credits the agency’s bank account. |
| ACH Debit | An ACH transaction in which an agency's customer provides their bank account information and the amount owed to the agency to which they owe money. The agency then instructs its financial services provider to initiate an electronic transaction through the ACH network which debits the customer’s bank account and credits the agency's account. |
| ACH Network | A nationwide electronic funds transfer system governed by the ACH Operating Rules and Guidelines, which processes electronically originated credit and debit transfers for participating financial institutions. |
| ACH Transaction | Automated Clearing House transactions include both ACH Credit and ACH Debit which utilize the ACH network for the electronic payments of funds. |
| Acknowledgement (ACK) | A transmission control character used to indicate that a transmitted message was received uncorrupted. |
| Acquirer (ACQ) | A financial institution that maintains the merchant credit card processing relationship and receives all transactions from the merchant to be distributed to the Cardmember Banks. |
| Address Verification Service (AVS) | A service through which a merchant may verify a Cardholder’s billing address against the card issuer’s records during the authorization process and prior to completing a sale; helpful in preventing fraud when processing MOTO transactions. |
| Agent Bank | Smaller financial institutions that contract to become an issuing and/or acquiring agent of another member bank. These banks solicit merchants on behalf of their sponsoring member only. |
| American Express (AMEX) | An organization that issues American Express® cards and acquires transactions, unlike Visa® and MasterCard®, which are Associations. |
| American National Standards Institute (ANSI) | American National Standards Institute. |
| Analog Signal | Signal that varies in a continuous manner; usually associated with voice communication and shown by sin waves. |
| Application | A software program with special codes stored in a terminal’s memory for a specific purpose. |
| Approval number | See authorization code |
| Arbitration | The VISA/MasterCard process for determining which member (the issuer or acquirer) must accept financial responsibility for a disputed chargeback. The party who loses in arbitration pays the fees for both parties. |
| Assessments | Fees paid to MasterCard and VISA for marketing and administrative costs. This is a percentage of the sales passed through interchange. |
| Association Rules | The rules, regulations, releases, interpretations and other requirements imposed or adopted by the Visa or MasterCard associations. |
| Association Chargeback Fees | The card associations permit the cardholder bank to collect additional fees for items that result in a chargeback. You may be subject to these Association Chargeback Fees if you failed to follow card acceptance and authorization procedures and the card issuer has a valid chargeback. |
| Async Packet Assembler/ Disassembler (APAD) | Software product providing X.25 interface capability for IBM async hosts and terminals. |
| Authorization | The process of verifying that a credit card has sufficient funds available to cover the amount if the transaction. An approval response code is sent to the merchant from the card issuer that verifies availability of credit or funds on the cardholder account. |
| Authorization Code | A six-digit alphanumeric code assigned by the issuer to identify the approval for a specific authorization request. Also referred to as 'issuer's response code', 'authorization approval code', or 'authorization response code'. |
| Authorization Request | A request by an acquirer, on behalf of their merchant, for approval by the issuer to complete a sales transaction involving a payment card. |
| Automated Clearing House (ACH) | A regional organization used by member banks to electronically transfer funds directly from the sending bank through the Federal Reserve to the Merchant's bank. |
| Automated Fuel Dispenser (AFD) | A terminal device used to accept payment for fuel at a petroleum service station. |
| Automated Teller Machine (ATM) | An electronic device that performs basic teller functions such as accepting deposits, cash withdrawals, account transfers, loan payments, and account balance inquiries. |
| Automatic Call Distributor (ACD) | A switching system that automatically distributes incoming calls in the sequence they are received to a centralized group of receivers without human intervention. |
| Average Ticket | The average dollar amount of a merchant’s credit card transactions. |
| top | |
| Backbone | Major transmission path for a Packet-Data-Network; VPN (Virtual Private Network) is considered MasterCard’s backbone; each site is connected to a minimum of two other sites. |
| Bandwidth | Frequency range between the lowest and highest frequencies that are passed through a component, circuit, or system with acceptable attenuation. |
| Bank Identification Number (BIN) | A unique six-digit number assigned by Visa to identify processors, acquirers, issuers, and other financial institutions involved in the interchange process; it is the first six digits of the cardholder’s account number. |
| Bankcard | A card, issued by a financial institution, which cardholders can use to access their financial resources, such as a checking account or a line of credit. |
| Bankcard Association | MasterCard® and/or Visa®. Both license their members to issue bankcards with the bankcard association's brands and to sign merchants to accept cards with those banks. |
| Banknet® Data | MasterCard assigns a Banknet reference number and date to every authorization transaction. To qualify for the best rates, the deposit transaction must include the Banknet reference number and date obtained in the authorization. The authorization must have resulted from a complete and unaltered reading of the magnetic stripe, and the authorized and cleared amounts must be within defined tolerances. If any of these criteria are not met, the best the transaction can achieve is Merit 1. |
| Banknet® Telecommunications Network | The primary “data transport” communication facility that links all MasterCard® customers and MasterCard data processing centers into a single on-line financial network. |
| BASE I | A component of the VisaNet Integrated Payment System (V.I.P.) that provides authorization-related services for transactions that are subsequently cleared and settled through BASE II. |
| BASE II | A VisaNet system that provides clearing and settlement services to members. |
| Batch Authorization | An off-line authorization process used for a large number of transactions, which are batched and transmitted to a financial services provider on a scheduled basis. Batch authorization is best suited for non-face-to-face transactions. |
| Batch Number | The sequential number Global Payments assigns to each batch for reference purposes. |
| Batch | An accumulation of captured credit card transactions to be processed by the Acquirer; usually a day's worth of transactions (depending on how often the merchant settles their terminal). |
| Baud Rate | The speed at which information can be transferred through a Communication (serial) port (usually referred to as a ""COM Port""). |
| Baud | The number of signaling elements that occur each second. |
| Binary Synchronous Communications (Bisync) | Communication protocol developed by IBM that has become an industry standard. Uses a defined set of control characters and control character sequences for synchronized transmission of binary coded data between data communication stations. |
| Bisynchronous Control | Synchronous transmission protocol in which one or more synchronizing characters are sent at the beginning of each block. |
| Bit | Represents a one or zero value, the smallest unit of information in communication systems; the result of the conversion of a non-binary character to its binary equivalent. |
| Bit Error Rate Test (BERT) | Test data that is transmitted across a circuit and then looped back to determine if the data returns in exactly the same form as when it was sent. |
| Bit Rate | The speed at which bits are transmitted, usually expressed in bits per second (bps) |
| Bits Per Second (BPS) | Measure of transmission speed based upon the number of bits transmitted in one second. |
| Bolt, Beranek and Newman (BBN Nodes) | Processors used for packet switching, also known as nodes, that control all data flowing in and out of BankNet. |
| Business Card | A card that members may issue to corporate clients who provide them to their employees for reimbursable business expenses. The clients can establish individual spending limits for each employee. Also enables small business markets to extend payments and separate business expenses from personal expenses. |
| top | |
| Canadian Imperial Bank of Commerce (CIBC) | Canadian Imperial Bank of Commerce |
| Cancellation Code | The code that a lodging or car rental merchant gives to a cardholder. The cancellation code confirms that the cardholder did, indeed, cancel a reservation. |
| Capital Appropriation Request (CAR) | An approved C.A.R. and/or purchase requisition is the basis for the Purchasing Department to take action to procure the service or commodity needed. At the request of the business units, preliminary quotes may be obtained by the Purchasing Department to provide budget information prior to the creation of a C.A.R. |
| Capture | An action in which an electronic credit card sale transaction is submitted for financial settlement. Authorized credit card sales must be captured and settled in order for a Merchant to receive credit for their sales and a cardholder’s account to be debited/credited. |
| Card Activated Terminal (CAT) | A magnetic-stripe terminal that is activated by the cardholder swiping their card, i.e., gas pumps, telephones, etc. See also AFD. |
| Card Issuer | The entity which issues the credit or debit card to the cardholder. American Express and Discover directly issue cards to their cardholders. Visa and MasterCard cards are issued by financial institutions (issuing banks) which are members of the Visa and/or MasterCard association. Debit cards are issued to cardholders by the financial institutions in which they maintain their account. |
| Card Not Present | VISA interchange qualification program for keyed, card not present transactions. Requires order number and AVS attempt on ZIP code only or both street number and ZIP code. Product requires other market data requirements (i. e. Total Authorized Amount). Applicable to CNP Retail, MOTO and E-Commerce. |
| Card Present Transactions | Face-to-face transactions in which the credit card is present and the card information is captured from the magnetic strip by swiping the card into a point-of-sale device or, by entering the card information into the agency's payment device. |
| Card Reader | Device used to access information from the magnetic stripe of a plastic credit or debit card. The magnetic stripe contains essential cardholder and account information that is necessary for processing transactions. See also, Magnetic-Stripe Terminal |
| Card Verification Code (CVC/CVC2) | A unique 3 character numeric value calculated from the date encoded on the magnetic stripe of a MasterCard®, for the purpose of validating card information during the authorization process; used to enhance the authentication of the card. CVC 1 is a 3-digit value encoded in the discretionary data on tracks 1 and 2; CVC 2 is indent-printed in the signature panel of the card; printed in the signature area on the back of the card, but not present on the card’s magnetic stripe. Typically used for fraud control for card not present transactions. |
| Card Verification Value (CVV/CVV2) | A unique 3 character numeric value calculated from the date encoded on the magnetic stripe of a Visa Card, for the purpose of validating card information during the authorization process; printed in the signature area on the back of the card, but not present on the card’s magnetic stripe. Typically used for fraud control for card not present transactions. |
| Card-Not-Present Transactions (CNP) | Credit or debit card transactions in which the card is not present, from the merchant’s perspective, at the time of the actual transaction; e.g. e-commerce (internet) and mail/phone order transactions. |
| Cardholder | The authorized user to whom a credit or payment card has been issued. A person that uses a credit or payment card to purchase goods or services. |
| Cardholder and Payment Transaction Information | Any information evidencing either (a) a cardholder’s personal data, including without limitation evidence of the cardholder’s credit, debit, or other type of card, or (b) transactions consummated with credit, debit or other types of cards, including both electronic, written and other forms of data. This definition also incorporates other, similar terms, including “cardholder data” and “cardholder information;” This includes, but is not limited to, card imprints, transaction receipts, carbon copies, mailing lists, tapes, or other media obtained as a result of a card transaction. |
| Cardholder Information Security Program (CISP) | Visa’s Cardholder Information Security Program. Defines a standard of due care and enforcement for protecting cardholder information. |
| Card Truncation | Printer suppresses or masks the expiration date and all but 4 digits of account number on cardholder receipt. |
| Cash Advance | Cash that is received by a cardholder and appears as a charge on their credit card bill. Cash advances can be distributed by a bank teller or an ATM machine. |
| Chargeback | A bankcard transaction which is under dispute. This action is initiated by the card issuing bank to settle a financial claim between the Issuer and Acquirer resulting from the lack of adherence to the conditions of the Sales Agreement, Association regulations or the Operating Procedures. This claim may be initiated by the issuing bank directly or by their customer, the cardholder; and can result in the transaction being billed back to the merchant. |
| Chargeback Percentage | The percentage of chargebacks calculated by dividing the agency's total monthly chargeback items by the number of the agency's total monthly transactions. |
| Chargeback Reason Code | A numerical code, which identifies the specific reason for the chargeback. |
| Check Guarantee | This is the process of issuing approval codes for check acceptance for merchants. With Check Guarantee, if a check is returned to a merchant for any reason and they followed the proper acceptance procedures then they are automatically credited for the ‘bad’ check and Global Payments attempts any collection efforts directly with the check writer. |
| Check Verification | This is the process of issuing verification codes for check acceptance for merchants. With Check Verification, if a check is returned to a merchant they are not reimbursed by Global Payments. Collection efforts will be made on behalf of the merchant, at an additional cost, however there is no ‘guarantee’ of payment on uncollected items. |
| Check-In | A transaction authorizing a guest’s credit card for payment of final room and miscellaneous charges. |
| Check-In Batch | A file of pre-authorized transactions stored in the terminal until processed for approval during check-out. |
| Check-Out | A transaction approving a guest’s final bill. |
| CHIPS | Clearing House Interbank Payment System - an electronic payment system developed by the New York Clearing House that transfers funds and settles transactions in U.S. dollars among the world. The central clearing system in the United States for international transactions. |
| Circuit | Pathway over which information can be sent and received. |
| Class A Certified | Point-of-sale terminals or software which Global Payments has certified for use on its network and which is supported through its help desk services. |
| Class B Certified | Point-of-sale terminals or software which Global Payments has certified for use on its network but is not supported through its help desk services. |
| Clear to Send (CTS) | Signal activated by the modem to tell the terminal that it is ready to receive and retransmit data for the terminal. |
| Clearing | The process of exchanging financial transaction details between an acquirer and an issuer to facilitate posting of a cardholder's account and reconciliation of a customer’s settlement position. |
| Close of Business (COB) | Typically the end of the day for a merchant, when all batched transactions are uploaded and settled to the Host for outclearing. |
| Co-Branded Cards | A VISA or MasterCard that has the association logo as well as the merchant logo. Examples include GM® Card, Shel® Card, Target® Card, etc. |
| Code 10 | A unique term that allows the merchant to inform the authorization center of a possible fraudulent transaction without alerting the cardholder (or other person presenting the bankcard). |
| Commercial Card | MasterCard and Visa Business, Corporate, Purchasing, and Fleet cards issued to select business staff by their employer. Transactions originating from these cards have unique qualification requirements and interchange fees depending on the card and merchant type. |
| Commercial Rewards Card | A Corporate World Card, Corporate World Elite Card, Business World Card, and Business World Elite Card issued for Commercial use with additional perks. These cards may be subject to higher |
| Common Carrier | Communication organization that makes its circuits or facilities available to others for a fee. |
| Communication Links (Com-links) | Short haul modems; usually located at the members site between the MIP and the front-end processor. |
| Communication Pak (COMMPAK) | Communication Pak |
| Configuration (Config) | Symbolic picture which shows the hardware make up of a network; the organization of connectivity between installed devices. |
| Consumer Cards | Card programs that members offer to consumers for personal use as opposed to corporate cards. |
| Control Character Controller | Special nonprinting character that indicates special control functions such as end of transmission (EOT) or form feed (FF). |
| Convenience Fee | A payment mechanism by which, at the direction of and through fees imposed by an agency, a service provider (e.g., Internet or Interactive Voice Response service provider) or the agency is reimbursed indirectly by cardholders for costs associated with providing such services. |
| Credit | A refund or price adjustment given by a merchant to a cardholder for a previous sale. |
| Credit Card | A card that enables the cardholder to purchase goods or services against a line of credit established by the issuer. |
| Credit Draft | A document evidencing the return of merchandise by a card member to a merchant, or other refund made by the merchant to the card member. |
| Credit Limit | The maximum balance that an issuer has approved for the cardholder to carry on a credit card account. |
| Credit Qualification System (CQS) | A system that enables the sales representative to pre-qualify a merchant depending upon variables such as type of business, average ticket, annual volume, etc. |
| Cross Border Fee | A transaction where the merchant country and cardholder country are different. MasterCard cross border transactions subject to cross border fee are summarized on merchant statement. |
| Currency Conversion | The process by which the transaction currency is converted into the currency of settlement or the currency of the issuer for the purpose of facilitating transaction authorization, clearing, and settlement reporting. |
| Customer Interface Specification (CIS) | Customer Interface Specification; MasterCard manual containing authorization message formats. |
| Customer Number | A unique identification number assigned to a Global customer. A parent customer may have several customers. |
| Customer Purchased Equipment (CPE) | Hardware device that connects a terminal to a communications line. |
| CVC2 | Card Verification Code 2 (MC) – The numeric code indent printed on the cardholder signature panel following the full or partial (last 4 digits) account number is a security feature. When provided by the cardholder and contained in the authorization record, it allows the issuer to verify the physical presence of the card. Merchant has representment rights and additional protection for specific chargeback codes when issuer approval and authentication of this value occur.Applicable to Card Not Present, Retail, MOTO, and E-Commerce. |
| CVV2 | Card Verification Value 2 (VISA) – The numeric code indent printed on the cardholder signature panel following the full or partial (last 4 digits) account number is a security feature. When provided by the cardholder and contained in the authorization record, it allows the issuer to verify the physical presence of the card. Merchant has representment rights and additional protection for specific chargeback codes when issuer approval and authentication of this value occur. CNP Retail, MOTO, E-Commerce. |
| top | |
| Data Communication | The transmission, reception, and validation of data; data transfer between originating node and destination node through one or more data links according to appropriate protocols; also known as Data Circuit-Terminating Equipment. |
| Data Communication Equipment (DCE) | Equipment that provides for establishing, maintaining, and terminating a connection; the signal conversion and coding required for communications between data terminal equipment and a data circuit; a modem is an example of data communication equipment. |
| Data Encryption Standard (DES) | A cryptographic algorithm adopted by the National Bureau of Standards for data security; a symmetric-key encryption method that uses a 56-bit key and the block cipher method. |
| Data Time Slot Interchange Card (Data TSI Card) | Performs the basic data switching functions within a node; used in conjunction with either an RS-232-C or a V.35 card depending on line speed. |
| Dataphone Digital Service (DDS) | Communications service offered in the form of leased lines by AT&T that transmits data in digital rather than analog form, eliminating the need for modems. |
| Debit Card | A payment card where the funds are withdrawn directly from the cardholder’s checking account at the time of the sale (online), or after batch settlement (off-line debit); PIN entry required. Also called a check card. |
| Decline | The response given through the authorization approval process to indicate to the merchant that the transaction was not approved. |
| Decru | Company that secures networked data storage with robust, wire-speed encryption technologies that fit transparently into existing network infrastructure. Decru security technologies enable enterprises to protect networked storage from unauthorized access. |
| Dedicated Line | Communications circuit between two endpoints that is permanently connected and always available; also called leased or private line. |
| Deferred Installment and Recurring Billing | The same transaction amount billed to the cardholder at pre-determined timeframes. |
| Demodulation | Removal of data from a signal by stripping it from its carrier. |
| Deposit Account | A business checking account designated by the merchant through which all bankcard transactions and adjustments are processed by Global Payments. |
| Deposit Correction Notice (DCN) | This can be created by DCSI (a third party company) to debit a paper merchant for a processing error (i.e. an addition error, or invalid item for deposit). This term also refers to a front-end reject, where the Merchant Accounting System has deducted a transaction from the daily batch for a variety of reasons |
| Derived Unique Key Per Transaction (DUKPT) | Derived Unique Key Per Transaction, used in Debit Card processing. |
| Dial Back Up (DBU) | The process of replacing a "down" condition circuit with a stand-by circuit. |
| Dial-Up | The process of originating a phone call via an asynchronous modem to establish a communication circuit between the POS terminal and the authorization host. |
| Dial-up Line | Telephone line that is capable of accessing and routing calls through the switched network. |
| Dial-Up Terminal | An authorization device, which, like a telephone, dials the authorization center for validation of transactions. |
| Digital Access Cross-Connect Switch (DACS) | Type of internode link, which is not capable of carrying synchronization information and therefore cannot support asynchronous transmission; AT&T Central Office switching equipment. |
| Digital Signal | Signal usually associated with data communications and shown by block waves as opposed to sine waves of an analog signal. |
| Direct Deposit Account / Demand Deposit Account (DDA) | A business checking account designated by the merchant through which bankcard transactions and adjustments are posted. |
| Direct Marketing | A term that refers to a merchant or related transaction that occurs in a mail/phone order environment, or a non face-to-face environment. |
| Discount Rate | The fee charged to the merchant by the acquirer for the processing services that enables the merchant to accept bankcards as payment. |
| Downgrade | The step in the interchange fee qualification process, in which a transaction fails an attempt to qualify for a specific fee program, usually due to an invalid value or missing data for one of the mandatory/key fields required for qualification. In this case, the transaction interchange fee assignment is changed to represent the ‘next best’ fee program that the transaction can qualify under, based on the presence of key fields/values. |
| top | |
| E-Commerce Basic (ECI) | VISA authorization and clearing records support the Electronic Commerce Indicator (ECI) and Electronic commerce Goods Indicator (ECGI). Failure to comply will result in fines and penalties imposed by the card associations. |
| Electronic Benefits Transfer (EBT) | Electronic acceptance of government benefits (e.g., food stamps and/or cash). Instead of receiving paper food stamps and paper checks, government entities issue the benefits via a card. The cards may then be used to purchase food products and access cash benefits, depending on type(s) of benefits received. |
| Electronic Bill Payment | A program provided by banks and third party service providers whereby consumers can electronically pay their bills. The bank or third party provider sends funds that are submitted by the consumers electronically or by check to the payee. |
| Electronic Bill Presentment | A program whereby payees can electronically present a bill to a consumer so that the consumer can electronically pay the amount owed to the payee. |
| Electronic Cash (E-Cash) | A system by which consumers can transfer monetary value over the Internet or other online connection to pay for goods, services or information. Normally, this is associated with low transactions or is a method used between individuals when the seller does not accept credit/debit cards. The value is transferred directly from the consumer’s chip to the retailer’s chip. |
| Electronic Commerce (E-Commerce) | 1) Internet-originated transactions (except via E-mail); 2) The use of the Internet for commercial purposes such as banking, shopping (buying products/services from merchants and/or individuals), or purchases of financial services and products. |
| Electronic Draft Capture (EDC) | Acronym standing for Electronic Draft Capture. A system in which the transaction data is electronically captured at the merchant location for authorization and clearing processing. |
| Electronic Funds Transfer | The movement of monetary funds from one source to another utilizing electronic transmission over various telecommunications’ networks. Can be initiated from a terminal, computer, telephone, or magnetic tape. |
| Electronic Interchange Reimbursement Fee (EIRF) | A level of Visa’s interchange program. A transaction could downgrade to EIRF depending on the severity of the missing/erroneous information passed during interchange processing. |
| Electronic Value Transfer | Any transfer of funds which is initiated by the use of an electronic value transfer device so as to order, instruct or authorize a financing agency, device issuer or processor to initiate a transaction in any manner which results in a payment to a state agency. |
| Employer Identification Number (EID) | This is an IRS-assigned number given to a business after it files an application form called "SS-4." Once received, merchants put their EID on all business tax returns and other significant documents. |
| Emulator | Software or hardware that allows one computer to perform the functions of or execute programs designed for another type of computer. |
| Encryption | A method of coding data, using an algorithm, to protect it from unauthorized access. There are many types of data encryption, and they are the basis of network security. |
| Encryption Key | A data string used to encrypt or decrypt information. Acts as a "key", so that one user can "lock" a message and send it safely to another user, who can then "unlock" the message and read it. |
| End of Day (EOD) | The process of sending batch deposits to the Acquirer for processing. |
| End of Transmission (EOT) | End of Transmission character; A control character used to indicate conclusion of a transmission. |
| End of Transmission Block (ETB) | End of Transmission Block; a transmission control character used to indicate the end of a block of data. |
| Expiration Date | The date embossed on the credit card beyond which the card is not acceptable by a merchant; used in conjunction with the card number to request an authorization. |
| top | |
| Factoring or Draft Laundering | A merchant's presentation to Global Payments of what would otherwise be a sales draft but is not, because the underlying transaction is not between the merchant and the cardholder. This includes, but is not limited to, merchant's processing, debiting, negotiating or obtaining payment pursuant to the Global Payments merchant agreement in connection with a purported transaction if the merchant did not furnish, or agree to furnish at some later time, the goods or services comprising the purported transaction. |
| Face-to-Face Environment | An environment where a transaction is completed with the cardholder and credit card present at the time the transaction occurs. |
| Federal Reserve Bank | The central banking system of the United States, known as the Fed, has 12 main facilities within the United States. Membership in the Fed is obligatory for banks chartered by the U.S. Comptroller of Currency and voluntary for banks operating under state charters. |
| File Transfer Protocol (FTP) | File Transfer Protocol. Standardized procedure, or method, that facilitates the transfer of files between computers over communication lines. A batch file is deposited into a directory, processed off line, and the results are then retrieved during a communication session. |
| Financial Institution | Any commercial bank, federal or state savings and loan association, federal or state savings bank, or credit union. |
| Fixed Rate | When a merchant’s discount rate is fixed they are charged the same percentage each month. Rates are susceptible to change, depending upon VISA/MC increases, at which time the merchant will be notified by mail and Statement Message of such a change. |
| Fleet Card | Private label credit cards designed mainly for repairs, maintenance, and fueling of business vehicles. |
| Floor Limit | A specific dollar limit used to determine which bankcard transactions must be authorized. If a business has a floor limit of $1,000—you must get authorization for any transaction over that amount. |
| Form EVTA-1, Program Plan Application | A document prepared by a State agency seeking to implement an Electronic Value Transfer program or a non-State entity seeking to utilize any of the EVT Contracts. |
| Form EVTA-2, Work Order | A document mutually agreed upon by the authorized user and the EVT Contractor. The Work Order must be consistent with the Form EVTA-1, Program Plan Application, and shall contain the program specifications, design requirements and development timeframes for each Authorized Users’ electronic payment application. There are separate EVTA-2 forms for each EVT Contract. |
| Fractional T1 | Permits the user to buy DS0 channels individually rather than in T1 chunks of 24 |
| 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. |
| top | |
| Gateway (GW) | Global Payments’ endpoint for sending Debit and EBT transactions. |
| Gift Card | A magnetic-stripe or smart (chip) card that replaces traditional paper gift certificates that are most often used in retail, restaurant and lodging establishments. |
| Global Access @dvantage (GA@) | A Global Payments product that houses merchant masterfile information as well as transaction activity. Web portal allows viewing of transaction, settlement, and other information, and updates merchant master file information. |
| My.GlobalPay.Com Portfolio Management | Portal for ISO's to view merchant activity, net position reports, downgrades, etc. |
| top | |
| Hong Kong Regional Computer Centre (HKRCC) | Hong Kong Regional Computer Centre |
| Host Capture | The process by which a batch credit card settlement file is created on the financial services providers system, which capture's the necessary payment information for authorized transactions. |
| Host Draft Capture (HDC) | All data associated with a transaction is captured at the Host for later outclearing/settlement and billing. |
| Hypertext Markup Language (HTML) | This is the language, or code, that makes up a web page. The markup tells the web browser how to display words and images for the user. |
| Hypertext Transfer Protocol (HTTP) | HTTP is the set of rules used to transfer text, images,
sound and other multimedia over the Internet and Intranet. When a user enters the URL or clicks on a hyperlink, the users Browser, sends the HTTP request to the IP of the URL. Then the HTTP of the URL processes the request and sends back the page to the user. |
| Hypertext Transfer Protocol Secure (HTTPS) | A type of server software which provides the ability for “secure” transactions to take place on the Internet. |
| top | |
| Imprint | This is a physical impression made from a customer's card
which appears on the draft. This proves that the card was present when the
sale was made. Note: An imprint can be created electronically if a magnetic-stripe-reading terminal is used that includes the correct point-of-sale (POS) entry code. |
| Imprinter | A device utilized by merchants to manually emboss the cardholder data from a credit card onto the paper sales draft. Also known as a "knuckle buster". |
| Independent Sales Organization (ISO) | A non-member organization or individual that performs merchant solicitation and sales or service for a member. Also an organization that is sponsored by an acquiring bank to provide transaction processing services in exchange for fees. |
| Interac | The debit network in Canada. |
| Interbank | Original (1966) association of 14 banks exchanging transaction information. |
| Interbank Card Association (ICA) | Interbank Card Association Number; the unique identifier that MasterCard assigns to a member. |
| Interbank National Authorization System (INAS ) | The system owned and operated by MasterCard International for the purpose of relaying information about authorizations. |
| Interbank Network for Electronic Transfer (INET) | INET is a centralized clearing facility owned and operated by MasterCard for the daily processing, routing, and settlement value calculation of worldwide financial transactions between MasterCard and its members. |
| Interchange | The standardized electronic exchange of financial and non-financial Visa and MasterCard transaction data between acquirers and issuers. |
| Interchange and Assessment | Transaction fees set by the Visa and MasterCard that are passed through to the agency by their financial services provider. |
| Interchange Compliance | A process to ensure that the appropriate interchange rate is applied to a transaction in accordance with association requirements. |
| Interchange Fee | Fee paid (percentage of each transaction) by the acquirer to card issuing banks. Covers cost of fraud, accounts paying off monthly balance, etc. MasterCard and VISA have multiple interchange fees based on card type, merchant type, and market data requirements; covers the risk of loss and the cost of processing the transaction. |
| Internet Payment Gateway Service (IPGS ) | Provides a standard Internet connection for merchants and merchant aggregators (businesses that provide hosting and other e-commerce processing services for multiple merchants) to securely and reliably send and receive payment transaction messages. |
| Issuer | A financial institution that issues credit/debit cards. |
| Issuing Bank | A financial institution which issues Visa and/or MasterCard credit cards or on-line debit card to cardholder. |
| top | |
| Japanese Credit Bureau (JCB) | Credit cards issued by the Japanese Credit Bureau, established in Japan, 1961, which are now owned by American Express. |
| Julian Date | The day is expressed as a three-position number, with a range of 001 through 366 (for example, 001 = January 1). The date usually also includes a 2-digit year, e.g. 040001 = Jan 1 2004. |
| top | |
| Leased Line | A point-to-point communications method used for POS transactions starting at the customer location and ending at Global Payments which handles large volumes of messages and is highly secure. |
| Limited Acceptance | Due to litigation, VISA and MC have changed their
"honor all cards" rule, and Global has added the following
scripting to the contracts: "With respect to Visa and MasterCard products, Merchant may elect to accept credit cards or debit/prepaid cards or both. Merchant shall so elect on the Merchant Application being completed contemporaneously herewith. Merchant agrees to pay and Merchant's account(s) will be charged pursuant to Section 5 of this Agreement for any additional fees incurred as a result of Merchant's subsequent acceptance of transactions with any Visa or MasterCard product that it has elected not to accept." Also as required by MasterCard and Visa, it was necessary to modify all merchant applications to include distinct elections by each merchant to accept MasterCard credit cards, MasterCard debit cards, Visa credit cards and/or Visa debit cards. |
| top | |
| Magnetic Stripe | A stripe of magnetic information affixed to the back of a plastic credit or debit card. The magnetic stripe contains essential cardholder account information. |
| Magnetic-Stripe Terminal | A POS terminal that reads the magnetic stripe on a credit card. |
| Mail Order/Phone Order; Mail Order/Telephone Order (MOPO/ MOTO) | Refers to direct marketing, or card-not-present, transactions; initiated via mail, telephone, or the internet. |
| Market Data | Additional data elements required by card associations to qualify for the lowest possible interchange; allows for interchange qualification for certain markets. The market data requirements vary by merchant type; i.e. Lodging, Vehicle Rental, Passenger Transport, etc. |
| MasterCard Interface Processor (MIP) | A front-end communications processor that is placed on-site at a MasterCard customer’s facility by MasterCard for the purpose of providing access to the Banknet telecommunication network. |
| MasterCard® | An association of banks that governs the issuing and acquiring of MasterCard® transactions. |
| MC Premier/TIPS | Travel Industries Premier Service - MasterCard initiative for keyed transactions occurring at merchants with an Auto Rental, Lodging or Cruise Line MCC code Requires MC signup of merchant and must have a unique 3xxx MCC. |
| MC Recurring / SIIP | MasterCard Recurring Payments -RP – Card Not Present Recurring Transactions requirements for RP authorization data and clearing data are met. SIIP (Service Industries Incentive Program) requires MC signup for merchants and applies only to Insurance (5960, 6300), Utilities (4900), Telephone (4812, 4814)& Cable (4899) MCCs. |
| MC UCAF/SPA | Universal Cardholder Authentication Field - Cardholder Authentication process for MasterCard electronic commerce transactions. If transaction is fully authenticated by the issuer, then merchant has protection for specific chargeback codes when issuer approval and authentication occur. Requires MC certification. |
| Media Retrieval Requests | Media retrieval is the process of obtaining paper documents from a centralized location. There are two types of media retrieval requests that can be obtained: 1) requests for sales drafts from cardholders and 2) requests for documentation in defense of the chargeback from card issuers. Merchants must fulfill media within 12 days of receipt. If the media is fulfilled after 12 days of receipt, the status is fulfilled late. If the media is not fulfilled at all, the status is expired. |
| Member | A financial institution which is a member of MasterCard or Visa. |
| Memo Posting | Posting of transactions by a back-end processor to the merchant accounting system for the purposes of consolidated statements. Typically Diners, Amex, and Discover transactions, these transactions are not cleared by the back-end processor, but are sent by the front-end processor to the card associations directly.. |
| Merchant | Any business that accepts credit or debit cards as a form of payment. The party which offers goods for sale or provides services in exchange for payment. A merchant that accepts payment cards must have a relationship with a financial services provider. Agencies which accept credit cards for payments are "merchants." |
| Merchant Accounting System (MAS) | The back-end processing system through which Global Payments processes transactions and funds merchants. |
| Merchant Agreement | A contract between a merchant and an acquirer that contains their respective rights, duties, and obligations for participation in the MasterCard and Visa program. |
| Merchant Card Services Online (MCS) | CIBC's equivalent of GA@, but only on their intranet |
| Merchant Category Code (MCC) | A four-digit classification code assigned by an acquirer to a merchant to identify the merchant's principal trade, profession, or line of business and merchandise sold; MasterCard terminology – same as SIC (Visa). |
| Merchant Identification Number | A 6 to 16-digit number each merchant is provided under the Global Payments merchant agreement. |
| Merchant Initiated Settlement | The process by which an agency settles the stored transactions on their financial services providers system by transmitting the transaction totals (number of items and net dollar amount) to the provider. |
| Merchant Master File (MMF) | Merchant Master File (customer profile information). The current profile of a given customer or merchant that identifies the customer and its processing capabilities. |
| Merchant Number | A number that numerically identifies each agency, or each payment program within an agency, to the financial services provider for accounting and billing purposes. |
| Modulate / Demodulate (Modem) | A communications device that enables a computer to transmit information over a telephone line. An external modem is plugged into a PC serial port whereas an internal modem is mounted in a PC card slot. |
| top | |
| National Automated Clearing House Association (NACHA) | National Automated Clearing House Association, a not-for-profit banking trade association that promulgates the operating rules and guidelines for the ACH network. |
| National Bank of Canada (NBC) | National Bank of Canada |
| Negative Acknowledgement (NAK) | A transmission control character used to indicate that a transmitted message was corrupted. |
| Negative Deposit | What occurs when the dollar amount of a credit draft submitted for deposit to the deposit account exceeds the dollar amount of the sales drafts submitted for deposit. |
| Network | A computer network is a data communications system which interconnects computer systems at different sites or locations. A network may be composed of any combination of LANs, MANs or WANs. |
| Non-Qualified Surcharge (NQS) | See Surcharge. |
| top | |
| Offline Debit | Offline debit transactions take place using the dual message credit card processing method in which the authorization occurs at the time of the transaction using one message, and the transaction is settled later using another message. These transactions do not require a PIN (Personal Identification Number), but do require the cardholder's signature. This transaction is processed like a credit card with the posting to the cardholder's account within a few days of the transaction occurrence. These are often referred to as 'check card' transactions. |
| On-Us Transaction | A transaction where the issuer and acquirer are the same member; could also be the situation where the issuer and acquirer use the same processor. Also referred to as local transactions. |
| Online Debit | An online debit transaction occurs in a single message format that allows the transactions to be completely settled from an authorization request. This method requires a cardholder to enter their PIN (Personal Identification Number). The transaction must be approved online by requesting authorization from the financial institution. If the transaction is approved, funds are withdrawn from the cardholder's account at the time of the transaction. The funds for the transaction are guaranteed to the merchant. |
| Open Batch | A group of authorized authorizations that have not yet been submitted for settlement processing. |
| Open to Buy | Applies to credit cards with limits, and is the amount of the credit limit minus the amount of the credit limit used and the amount of authorized transactions. |
| Operating Regulations | Unless specifically referred to as the operating regulations of either Visa or MasterCard, the current operating regulations of both MasterCard, Visa and Discover. |
| Operating System (OS) | The basic software that provides a PC’s user interface and sets the architectural standards for all applications. |
| Originating Depository Financial Institution (ODFI) | Originating Depository Financial Institution - financial institutions participating in the ACH network that are qualified to originate ACH entries at the request of and by agreements with its device users. |
| top | |
| Payment Gateway | An entity logically located between an agency's Internet payment application and their financial services provider which supports the encryption of data transmitted over the Internet. |
| Payment Program | Any payment collection program which is authorized by law to be collected by means of currency, a credit card card, debit card or other electronic value transfer device. For state agencies these payment programs include, for example: fines, fees, rates, charges, taxes, interest, penalties, special assessments, revenue, financial obligations or other amounts. For local governments these payment programs additionally include, for example: civil penalties, rents, special assessments, or interest owed to local governments. |
| PCI Security Standards Council (PCI Co.) | An independent body founded by Visa International, MasterCard Worldwide, American Express, Discover Financial Services and JCB to govern the security standards for the payments industry. PCI Co. owns, develops, maintains and distributes the Payment Card Industry (PCI) Data Security Standard (DSS) which is located on their Web site at: https://www.pcisecuritystandards.org/ |
| Payment Card industry Data Security Standards (PCI DSS) | Common standards for merchants and third parties resulting from the alignment of MasterCard, Visa, and other card associations with the similar goal of protecting payment card account data wherever it is received or stored. |
| Peripheral Devices | Devices such as PIN pads or printers that attach to point-of-sale terminals. |
| Personal Identification Number (PIN) | A number that is that is assigned to consumers to identify them when they use debit cards at an ATM, point-of-sale device, or a home device. |
| PINless Debit | Debit Card Not Present transaction that applies to specific government regulated Utilities (4900) MCC only and does not require the use of a Personal Identification Number (PIN). Available through some EFT debit networks, E-Commerce and MOTO (IVR Telephone). |
| Point of Sale (POS) | The merchant location where a transaction originates between a cardholder and a merchant with the cardholder present; typically, the card magnetic stripe is read and the cardholder’s signature is obtained. |
| Point to Point Protocol (PPP) | A Data Link Layer (Layer 2) protocol. The PPP provides a standard method for transporting multi-protocol datagrams over the point-to-point links. |
| Port | The abstraction that transports protocols used to distinguish among multiple destinations within a given host computer. TCP-based protocols identify ports using small positive integers that are extensions to the 32-bit IP address. Usually, the operating system allows an application program to specify which port it wants to use. Some ports are reserved for standard services (“well-known ports”). |
| POS Terminal | A device placed at the point of sale and connected to a system via telecommunication lines, which is designed to authorize, record and/or forward sales transactions to the Host by electronic means. |
| Pre-authorized payments | A transaction where a customer authorizes an agency to make one or more future charges to the customer’s credit card account or to initiate ACH Debit transactions at a future date. |
| Presentment | Transaction data presented initially from an acquirer to an issuer. |
| Primary Account Number (PAN) | The number that is embossed, encoded, or both and that identifies an issuer to which the transaction is to be routed and the account to which it is to be applied. |
| Private Label (P/L) | Private Label |
| Processing Fee | A fee charged by financial services providers to agencies for processing services. |
| Processor | A member, MC and/or VISA, or a MC/VISA approved non-member acting as the agent of a member, that provides authorization, clearing, or settlement services for merchants and members. Processors must have a sponsoring bank in order to gain access to interchange networks and provide for the settlement of funds. A business entity that receives a Monetary Destination file for clearing purposes. This entity can also receive or an Auth log, and/or Non-Monetary files. |
| Purchase Card | A type of card intended to enable corporations to reduce the costs associated with authorizing, tracking, paying, and reconciling purchases. Transaction processing can include itemization of purchases. |
| Purchase Card Level II | Provides businesses with sales and tax level of a purchase(s). |
| Purchase Card Level III | Provides business detail-level of purchase description. |
| top | |
| Quasi-Cash Transaction | A term that refers to a merchant or transaction where the sale is directly convertible to cash, such as Gambling Transactions, Money Orders, and Wire Transfers. |
| top | |
| Real Time Credit Card Processing | Online processing of credit cards delivering authorization. |
| Real-time (On-line) Authorization | A process of transmitting credit card information on-line to the agency's financial services provider to receive approval that the cardholder's account is open, and has the appropriate credit limit to allow authorization of the transaction. |
| Rebuttal | A written reply to a chargeback that provides documentation proving that the transaction was valid and the proper procedures were followed. |
| Receiving Depository Financial Institution (RDFI) | Financial institutions participating in the ACH network that are qualified to receive ACH entries. HSBC is an RDFI. |
| Reconciliation | The method of checking the amount processed against the amount funded to a merchant. Also to make compatible or consistent, with regards to numbers and accounting. |
| Recurring Payments | An arrangement in which a customers agrees to allow an agency to bill against a specific account at predetermined time intervals for a predetermined amount using credit cards or ACH Debit transactions. |
| Recurring Transaction | A series of transactions for which sales drafts will be processed by the merchant on an ongoing basis, unless and until canceled by the cardholder. Typically on a monthly or quarterly basis, such as insurance premiums or membership fees. |
| Reference Number | A combination of the member ID (ICA/BIN), processing date, and locator number assigned by the acquirer; this data is key in transaction tracking and retrieval throughout the transaction life-cycle. |
| Referral (Soft Decline) | The message received from an issuing bank when an attempt for authorization requires a call to the Voice Authorization Center or Voice Response Unit (VRU); used as a fraud prevention tool. |
| Representment | The second stage in the chargeback process, occurring when the acquirer responds to an issuer’s chargeback by returning a disputed transaction to the issuer. |
| Request for Funding Application (OFT) | A document prepared by a State agency seeking central funding to support the development and implementation of e-Commerce/e-Government Initiatives which may include an EVT component. |
| Research Fee | A fee charged by financial services providers to the agency for chargebacks that require extraordinary research. |
| Retail | See face-to-face environment |
| Retail 2 | VISA CPS - Program for select developing markets and card not present- Government (9211, 9222, 9399), Schools (8211, 8220, 8299), Utilities (4900), Insurance (5960, 6300) & Cable (4899) - Authorization date and completion date are captured and purchase date must be within 1 day of authorization. Additional market specific program requirements apply. |
| Retail Key Entry | VISA CPS - For card present transactions, if the magnetic stripe cannot be read and the encoded verification value passes to the issuer, AVS and check for a zip code match is performed. |
| Retrieval Request | The issuer’s request to the acquirer for a copy of the original sales draft or terminal receipt, usually for the purpose of resolving a disputed transaction. A retrieval request occurs when a card issuer requests a copy of the transaction information document (e.g., charge slip) for a transaction. The request may be the result of a cardholder inquiry, or it may be required to initiate a chargeback or for use in investigating a credit or fraud problem. |
| Reverse PIP | The process that routes (via a non-American Express terminal or software) Visa, MasterCard and Discover transactions to a financial services provider and American Express transactions directly to American Express for both authorization and settlement. See also |
| Roll Printer | A dot matrix printer connected to a point-of-sale terminal used to print receipts and reports on carbonless roll paper (not an imprinter). |
| Routing Number | A nine digit number (eight digits and one check digit) that uniquely identifies a financial institution. The routing number is printed on checks, deposit slips, etc. and is used to route all financial transactions (e.g., ACH Debits) to the appropriate bank. |
| top | |
| Sales Draft | A paper or electronic record of a sale, rental or service transaction which the merchant presents to a processor for processing, through the Interchange System or otherwise, so that the cardholder’s account can be debited and the deposit account may be credited. Also, the paper form used by the merchant, and signed by the cardholder, to document the transaction. |
| Second Chargeback | The third stage of the chargeback process; occurs when the card issuer determines a representment is unsupported by the documentation provided by the merchant, and then presents the chargeback to the merchant a 2nd time. |
| Secure Electronic Transaction (SET) | A protocol developed by MasterCard International, Visa International and others to protect the security of credit card transactions conducted over the Internet, via an encryption method. |
| Secure Socket Layer (SSL) | A software encryption system developed by Netscape Communications Corporation that encodes information so that it can be read only by the intended recipient. |
| Self-Service Terminal | A customer activated terminal, especially one including the functions both of delivering and paying for goods (for example, in an automatic fuel vending system or a movie ticket vending system). See also Card Activated Terminal, or CAT. |
| Service Establishment (SE) | Merchant numbers assigned by American Express. |
| Settlement | The process of sending a merchant’s batch to the network for processing and payment, and ultimately for cardholder billing. For non-bankcards, the issuer pays the merchant directly (less any fees) and then bills the cardholder. For bankcards, the acquirer pays the merchant (less any fees) with funds from Visa/MasterCard; the issuer then bills the cardholder for the transaction amount. Also used to refer to the actual transfer of funds from the issuing bank to the acquiring bank’s settlement account via wire transfer. |
| Signature Capture | Electronic capture of the signature of a cardholder, which eliminates the need for paper storage/retrieval. |
| Simple Object Access Protocol (SOAP) | SOAP is a protocol specification for invoking methods on servers, services, components and objects. SOAP codifies the existing practice of using XML and HTTP as a method invocation mechanism. The SOAP specification mandates a small number of HTTP headers that facilitate firewall/proxy filtering. The SOAP specification also mandates an XML vocabulary that is used for representing method parameters, return values, and exceptions. |
| Smart Card | A stored value card. A computer chip embedded in the card stores account information on the card. When a transaction occurs with a merchant that has a Smart Card terminal, the amount of the purchase is transferred from the card to the terminal. Credit card sized micro-processors, which can be programmed to perform multiple functions. Many of the smart card based systems currently being developed will use smart cards as "stored value" cards or "electronic purses". These cards will carry electronic money as a substitute for cash, which can be used for small retail purchases, telephone calls, travel on public transport and a host of other small value transactions. Smart cards can store identification information about the owners (e.g., health care information). |
| Society for Worldwide Interbank Financial Telecommunications (SWIFT) | A bank-owned global financial telecommunications payment network utilized by customer financial institutions. |
| Soft Decline (Referral) | An authorization response message requesting the agency to call to the card issuers voice authorization center. |
| Split Dial | A process which allows the authorization device to dial directly to different card processors (e.g., American Express) for authorization. In this instance, the merchant cannot be both EDC and Split Dial. Split Dial is also utilized for Check Guarantee. |
| Split Sale | Preparation of two or more sales drafts for a single transaction on one card account in order to avoid authorization procedures. |
| Split Tender | A transaction split between a pre-paid card and another card or another form of payment. |
| Stand-in | Allows for processing of authorization requests when the link to the card association is unavailable. A pre-determined method outlined by each issuing member of MasterCard and VISA, for the MasterCard/VISA authorizations system to handle authorization requests when the issuing member is unable to respond. |
| Standard Industry Classification Code (SIC) | A four-digit classification code assigned by an acquirer to a merchant to identify the merchant's principal trade, profession, or line of business and merchandise sold; Visa terminology – same as MCC. |
| Store and Forward Processing | Used by Central Platform; applications setup as Host-based, but merchants must settle (upload) each batch of transactions. |
| Submission | The process of sending batch deposits to the Acquirer for processing. See also End Of Day. |
| Surcharge | Fee charged when merchant's transactions do not clear as priced. Merchant's discount rates are based on certain product and operating guidelines. When these guidelines are not met, Global Payments will charge an additional fee (surcharge) on the transactions that do not clear as priced. In addition, rewards cards and commercial cards have higher interchange costs that merchants may incur a non-qualified adjustment, or surcharge on. |
| Swiped Transaction | To approve a transaction by sliding the customer’s credit card through a POS terminal’s magnetic stripe card reader. |
| top | |
| Terminal | Equipment used to capture, transmit, and store credit/debit card transactions. |
| Terminal Capture | The process by which a credit card settlement file is created on the agency's payment device or third party processors device (such as an Internet payment gateway), which captures the payment information for all authorized transactions. |
| Terminal Draft Capture (TDC) | A system in which a POS terminal collects and stores monetary data for balancing, settlement, and reporting at a later time. The merchant is responsible for settling their terminal at the end of the day to send the transactions to the acquirer for processing. |
| Terminal Identification Number (TID) | A unique identification number assigned to a specific point of sale device by the Acquirer. |
| Third Chargeback | A third chargeback occurs when the card issuer determines the second representment is unsupported by the documentation provided by the establishment. Also known as Arbitration. |
| Third Party Provider | Any organization, software integrator, or service provider (such as third party terminal provider) that assists merchant in completing credit card transactions. Third party is not a member of the card associations, is not directly connected to the card associations, is not directly connected to the card association for authorization or capture of transaction data, and provide(s) the following service(s): Authorization and/or transaction processing (including pre-authorization, authorization, AVS CVV2/CVC2/CID, cardholder authentication (Verified by VISA, MasterCard Secure Code) Data Capture |
| Track 1 | The 1st magnetic track on a credit/debit card. Track 1 is read-only, and contents are defined by ISO 7813. |
| Track 2 | The 2nd magnetic track on a credit/debit card. Track 2 is read-only, and contents are defined by ISO 7813-1995. |
| Trade Association | Global Payments partners with many trade associations to offer specially priced merchant services (credit, debit, and check) to their members. |
| Transaction | Transactions between a merchant and a cardholder for the sale or rental of goods, the provision of services evidenced by a sales draft or credit draft, or where permitted by agreement between Global Payments and merchant, or by an electronic equivalent of a sales draft or credit draft, which is presented to Global Payments by the merchant for processing through the Interchange Systems. |
| Transaction Code | A two-digit number which identifies what action the POS terminal is to complete. |
| Transaction Date | The date on which a cardholder makes a card purchase of goods, services or a cash advance. |
| Transaction Fees | Service costs charged to a merchant on a per transaction basis. |
| Transaction Information Document | See sales draft |
| Transaction Type | A code indicating the environment in which the transaction occurred (for example retail, restaurant, hotel/motel, …) |
| Transactions Per Second (TPS) | Refers to the system capability for transaction processing throughput. |
| Travel & Entertainment (T & E) | A term that refers to a unique group of merchants and their transactions. T&E merchants are airlines, lodging, car rental, cruise lines, and restaurants. Also an industry or market segment classification (e.g., lodging transactions) sometimes used in the interchange fee qualification process in selecting the appropriate interchange fee program. |
| top | |
| Uniform Resource Identifier (URI) | The generic set of all names/addresses that are short strings that refer to resources. |
| Uniform Resource Locator (URL) | A standardized naming convention for identifying a Web document or file, in a sense the address of a link. |
| top | |
| Valid Date | The date embossed by the card issuer on the credit card. An establishment cannot accept a card for payment of goods or services prior to this date. |
| Value Added Reseller (VAR ) | Third-party vendor that enhances or modifies existing hardware or software, adding value to the services provided by the processor or acquirer. Also called a Certified Application Provider (CAP). |
| Variable Rate | Refers to cases where a merchant’s discount rate can be different each month based on monthly volume and average ticket. |
| Vendor | Typically, a provider of software and/or hardware to a merchant. |
| Verified by Visa® (VPAS ) | This is a program offered by Visa to increase security and reduce fraud on Internet initiated purchases. The merchant’s Web site interfaces with Visa to obtain the specified fields at the time of purchase. These values are then submitted with the authorization request to verify that this is an authentic cardholder purchase. |
| Virtual Private Network (VPN) | A service Global Payments provides which enables transaction processing through an Internet Service Provider (ISP), whether it is dial-up or high speed. Allows users to derive their own private network from the public service. A private communications network often used within a company to communicate confidentially over a public network. |
| Visa® | An association of banks that governs the issuing and acquiring of Visa credit card transactions. |
| VISA Preferred / 3D Secure | 3 D Secure (Verified by Visa) – Cardholder Authentication process for Visa electronic commerce transactions. If transaction is fully authenticated by the issuer, then merchant has protection for specific chargeback codes when issuer approval and authentication occur. Requires VISA certification. |
| Visa Preferred Lodging | VISA - CPS Hotel and Car Rental CNP - For keyed transactions occurring at merchants with Hotel (7011, 3501-3999), Cruise Line (4411) and Car Rental (7512, 3350-3499) MCCs. An ACI of P must occur in the authorization and clearing record. Duration and a market specific auth data indicator is required in the authorization record. Other requirements apply. |
| Visa Recurring | Card Not Present - AVS not Required. Meets requirements to pass special indicator that transaction is AVS-exempt. Recurring, Healthcare, Emerging Market, Purchasing and Commercial Cards. |
| VisaNet | The systems and services, including the VIP System and Base II, through which VISA delivers authorization, clearing, and settlement services to members. |
| VisaNet Integrated Payment System (VIP) | The VisaNet authorization, clearing and settlement services provided to members. |
| Voice Authorization | A means of obtaining authorization via live operator. When a merchant calls to obtain a verbal credit card authorization rather than using a terminal or credit card software to obtain the authorization. The merchant must, in addition to the voice authorization, submit the credit card information via terminal or software to close out the transaction and transfer the funds to the merchant's bank account. This is performed by manually entering the transaction information into the terminal or software. |
| Voice Response Unit (VRU) | Technology employed at various call centers that handle simple customer requests (e.g., account balance inquiries) that do not require personal assistance. Ordinarily, customers are provided with instructions and they respond by pushing keys on a touch-tone telephone keypad. |
| top | |
| Warning Bulletin | A descriptive term for the data files and printed notices that MasterCard/VISA or members provide to advise merchants not to honor transactions on certain cards. |
| Wide Area Network (WAN) | Communications system that is capable of sending and receiving information over communications circuits. |
| Worldwide Web (WWW) | Collection of globally distributed text and multimedia documents and files and other network services linked in such a way as to create an immense electronic library from which information can be retrieved quickly by intuitive searches. |
| top | |
| X-Modem | A file transmission protocol that allows for processing of a batch file line-by-line, in real-time mode, with results available before closing communication session. |
| top | |
| Zero Floor Limit | A term that refers to a merchant being required to obtain authorization for all transactions. This is the only acceptable floor limit for Global Payments merchants. |
