Common Terminology and Acronym's
100% Reserve
Definition: A situation where the merchant's bank withholds 100% of the daily processing volume, meaning the merchant does not receive immediate deposits.
ABA (American Bankers Association)
Definition: The trade association for American bankers, which also has the authority to assign identification numbers to banking institutions.
ABA Routing Number
Definition: A unique nine-digit number assigned to banking institutions, used to identify the bank in ACH transactions. It's typically found at the bottom of personal and business checks.
ACH (Automated Clearing House)
Definition: A network of financial institutions that processes electronic payments and money transfers.
Acquirer, Acquiring Bank
Definition: A financial institution that processes credit and debit card transactions for merchants. It's a member of card networks like Visa and/or MasterCard and distributes transactions to the issuing banks.
ADC (Account Data Compromise)
Definition: A situation where sensitive account information has been accessed or exposed, potentially leading to fraud.
Altered Card
Definition: A card on which the original information has been fraudulently altered.
American Express
Definition: A financial services company specializing in the issuance of Travel and Entertainment (T&E) cards and operates its own transaction processing network.
AMEX (American Express)
Definition: A common abbreviation for American Express.
AO (Additional Officer)
Definition: An additional officer associated with a business account or transaction.
API (Advanced Programming Interface)
Definition: A set of protocols and tools for building software applications, allowing different systems to interact.
App (Application)
Definition: Software designed for specific tasks or functions, often on mobile devices.
Approval Response
Definition: An affirmative response from a card issuer following a transaction authorization request.
Arbitration
Definition: A dispute resolution process used by acquirers to settle chargeback disputes with card issuers on behalf of merchants.
ARU (Automated Response Unit)
Definition: A system that provides automated responses in various telephone-based customer service scenarios.
ASP (Application Service Provider)
Definition: A company that hosts software applications on its own servers and provides access to these applications over the internet or private networks.
Association
Definition: Refers to major card associations like MasterCard International, Visa U.S.A., or Visa International, which regulate bankcard activities.
ATM (Automated Teller Machine)
Definition: A machine allowing cardholders to perform financial transactions like cash withdrawals, deposits, and account inquiries.
ATM/Debit Card
Definition: A card used for automated teller machine transactions and, in some cases, point-of-sale purchases.
Authorization
Definition: The process of verifying and approving a transaction by the card issuer or a card network on behalf of the issuer.
Authorization Approval Code
Definition: A numerical code given by the issuer as proof that a sale transaction is authorized.
Authorization Only (Auth Only)
Definition: A transaction type where an estimated amount is authorized against a card's credit limit, commonly used in industries like hospitality and car rental.
Authorization Request
Definition: A merchant's request to a card issuer to approve a cardholder's transaction, either electronically or via telephone.
Auto Representment
Definition: The automated process of responding to a chargeback on behalf of a merchant without requiring their direct involvement.
Automated Clearing House (ACH)
Definition: A network facilitating electronic payments and automated money transfers between financial institutions.
Average Ticket
Definition: The average amount of a merchant's credit card transaction.
AVS (Address Verification Service)
Definition: A service provided by Visa/MasterCard to verify the cardholder's billing address, used mainly in non-face-to-face transactions to reduce fraud.
B2B (Business to Business)
Definition: Transactions or interactions occurring between two businesses.
Back-End Network
Definition: The network responsible for finalizing credit card transactions, routing payments to merchants, and generating financial statements.
Balance Sheet
Definition: A financial statement showing a company's assets, liabilities, and net worth at a specific point in time.
Bankcard
Definition: A credit or debit card issued by a banking institution, typically branded with Visa or MasterCard.
Batch
Definition: A collection of credit card transactions processed together, usually accumulated during a business day.
Batch Deposit
Definition: The process of electronically submitting a batch of transactions to a payment processor for settlement.
Batch Processing
Definition: Processing credit card transactions at a later time rather than instantly, typically used for mail/telephone order transactions.
Baud Rate
Definition: The rate at which data is transmitted through a telephone line by a modem, usually measured in bits per second.
BBB (Better Business Bureau)
Definition: An organization that focuses on marketplace trust, including business accreditation, dispute resolution, and consumer education.
BF (Business Financials)
Definition: Financial documentation related to a business, such as balance sheets, income statements, and cash flow statements.
BIN (Bank Identification Number)
Definition: A unique series of numbers assigned by Visa/MasterCard to a member institution, identifying it in transaction processing.
Bisynchronous Communication
Definition: A continuous communication method without start and stop bytes between information bytes.
BL (Bank Letter)
Definition: A letter from a bank confirming a client's account details and creditworthiness.
BRAM (Business Risk Assessment and Mitigation)
Definition: A program or process to assess and mitigate risks in business operations, particularly in financial transactions.
Browser
Definition: Software used to access and display web pages on the internet.
BS (Bank Statements)
Definition: Official statements from a bank detailing transactions, balances, and other financial activities in an account.
Business Card
Definition: A credit card issued to businesses, typically with fewer employees, where each employee is responsible for their purchases.
Call Center
Definition: A facility that handles authorization requests and other customer interactions for credit card processing.
Capture
Definition: The process of receiving and storing transaction data at the processor's host computer for later processing and payment.
Card Present
Definition: A transaction type where the physical card is present and swiped through a card reader.
Card Reader
Definition: A device that reads the information stored on the magnetic stripe of a payment card.
Cardholder
Definition: The individual to whom a payment card is issued or an additional person authorized to use the card.
Cardholder Account Number
Definition: A unique sequence of numbers assigned to a cardholder's account, identifying the issuer and payment card type.
Cardholder-Initiated Chargeback
Definition: A chargeback initiated by a cardholder who disputes a charge on their statement.
Card-Not-Present
Definition: A transaction type where the card is not physically present at the point of sale, such as online transactions.
Cash Advance
Definition: A transaction where a cardholder obtains cash from a financial institution or ATM using their credit card.
CB (Chargeback)
Definition: A dispute initiated by the card issuer or cardholder, returned to the acquirer for resolution.
CBG (Chargeback Guardian)
Definition: A system or service that helps manage and prevent chargebacks for merchants.
CBMR (Chargeback Maintenance Request)
Definition: A request to maintain or update chargeback records and processes.
CBR (Credit Bureau Report)
Definition: A report from a credit bureau that provides detailed information on an individual's or business's credit history.
CDPD (Cellular Digital Packet Data)
Definition: A method of transmitting data over cellular networks, used in wireless credit card processing.
CFI (Consumer Fraud Insight)
Definition: Insights or analysis related to consumer fraud patterns and prevention strategies.
Chargeback Fee
Definition: The amount charged by the acquirer for processing a chargeback.
Chargeback Reason Code
Definition: A numerical code identifying the specific reason for a chargeback, with unique codes for MasterCard and Visa.
Check Card
Definition: A bank card that can be used with a PIN at an ATM or without a PIN at the point of sale.
Check Digit Verification (MOD-10 Check)
Definition: A verification method using the check digit (last position) of a card number to validate its authenticity.
Check Guarantee
Definition: A service that guarantees payment on checks to merchants up to a specified amount.
Check Reader
Definition: A device that reads the numbers encoded at the bottom of checks.
Check Verification
Definition: A service that offers some protection against bad checks by verifying the writer's history.
CID (Card Identification Number/Card Identifier)
Definition: A security feature on credit cards, such as a three or four-digit code, used for verification.
Ciphertext
Definition: Encrypted text of a message that can only be decrypted by someone with the correct key.
Close
Definition: The process of sending a merchant's completed transactions to the host for processing, also known as "Settlement."
CMM (Chargeback Monitored Merchant)
Definition: A designation for merchants who are monitored for excessive chargebacks by MasterCard.
Code 10 Authorization
Definition: A special authorization request made when a merchant suspects a card is stolen or counterfeit.
Commercial Cards
Definition: Credit cards issued to businesses and corporations, encompassing a range of card types like Corporate Cards, Purchasing Cards, and Business Cards.
Compliance
Definition: Adherence to the regulatory bylaws set forth by Visa and MasterCard.
Corporate Card
Definition: A credit card issued to employees of a large corporation, with the corporation assuming all liability for the card's usage.
Counterfeit Card
Definition: A fraudulent card that has been printed, embossed, or encoded to appear genuine but is not authorized by Visa or MasterCard.
CPS (Custom Payment Service)
Definition: A payment service tailored to meet specific needs of merchants or businesses.
Credit
Definition: A refund or price adjustment given for a previous purchase.
Credit Card
Definition: A plastic card with a credit limit used for purchasing goods and services or obtaining cash advances, with the cardholder being billed by the issuer for credit extended.
Credit Slip
Definition: A document indicating a refund or price adjustment will be credited to a cardholder's account.
Cryptography
Definition: The process of encrypting information into an unreadable format for security, which can later be decrypted.
CSP (Commerce Service Provider)
Definition: An organization that hosts commerce-related software applications on its servers.
CVC (Card Verification Code)
Definition: MasterCard's term for the three-digit code next to the card number in the signature panel, used in authorization processes.
CVC2 (Card Validation Code)
Definition: A MasterCard term referring to the card validation code.
CVV (Card Verification Value)
Definition: Visa's term for the three-digit code next to the card number in the signature panel, used in authorization processes.
CVV2 (Card Verification Value)
Definition: Another term used by Visa for the card verification value.
DBA (Doing Business As)
Definition: The operating name a business uses, different from its legal name.
DC/IP (Dual Communication/Internet Protocol)
Definition: A technology that supports dual modes of communication, including internet protocols.
DDA (Demand Deposit Account)
Definition: A type of bank account from which funds can be withdrawn at any time, like a checking account.
Debit Card
Definition: A bank card used for purchases and cash withdrawals, debiting funds directly from the cardholder's checking account.
Debit Switch
Definition: A system that transmits debit card data between banks and card issuers, part of the Debit Network.
Decline
Definition: A response from the card issuer denying a transaction.
Dep (Deposit)
Definition: The act of placing funds into an account.
Dial-Up Terminal
Definition: An authorization terminal that uses a telephone line for communication with the authorization center.
DID (Device Identification)
Definition: A unique identification used for devices in internet protocol (IP) transactions.
Digital Certificate
Definition: An encrypted electronic document used to verify a message sender's identity.
DIP Switches (Dual In-Line Package Switches)
Definition: Switches used to set configurations for electronic devices like payment card terminals.
Direct Response
Definition: A term for merchants who primarily process transactions where the card is not physically present.
Disc (Discover)
Definition: Refers to Discover Card, a major credit card brand.
Discount Rate
Definition: The fee charged by the card acquirer to the merchant for processing payment card transactions.
Display
Definition: The part of a payment device that shows transaction details and prompts.
DL (Driver's License)
Definition: A document issued by a government authority granting permission to drive.
DR (Direct Response)
Definition: A type of transaction processing for non-face-to-face interactions.
DSS (Data Security Standard)
Definition: A set of standards for protecting and securing sensitive data.
Duality
Definition: The state of a financial institution being a member of both MasterCard and Visa networks.
DUKPT (Derived Unique Key Per Transaction)
Definition: An encryption method used for securing PIN data.
EBT (Electronic Benefits Transfer)
Definition: A system for electronic distribution of government benefits.
ECA/ECP (Electronic Check Acceptance/Electronic Check Processing)
Definition: The process of converting paper checks into electronic checks at the point of sale.
ECM (Excessive Chargeback Merchant)
Definition: A designation for merchants with a high level of chargebacks, as identified by MasterCard.
E-Commerce
Definition: Electronic commerce, or the buying and selling of goods and services over the internet.
ECP (Excessive Chargeback Program)
Definition: A MasterCard program targeting merchants with excessive chargebacks.
ECR (Electronic Cash Register)
Definition: A cash register that can also process credit card transactions.
EDC (Electronic Draft Capture)
Definition: The use of a point-of-sale device to authorize and settle credit card transactions.
EFT (Electronic Funds Transfer)
Definition: A system that electronically moves funds from one account to another.
EIRF (Electronic Interchange Reimbursement Fee)
Definition: A fee associated with certain types of electronic transactions.
Encryption
Definition: The method of converting data into a code to prevent unauthorized access.
Entitlement
Definition: Permission or license to accept specific types of payment cards or vehicles.
EPN (Electronic Processing Network)
Definition: A gateway for processing electronic transactions.
EPROM (Erasable Programmable Read Only Memory)
Definition: A type of memory chip used in electronic devices, including payment terminals.
ETF (Early Termination Fee)
Definition: A fee charged for ending a contract or agreement prematurely.
Exceeded Timeliness
Definition: A situation where a transaction is deposited too late to qualify for optimal interchange rates.
Expiration Date
Definition: The date after which a bankcard is no longer valid.
Factoring
Definition: The practice of processing transactions for another merchant, which is prohibited by card associations.
FDMS (First Data Merchant Services)
Definition: A company that provides debit card processing services.
FDR (First Data Resources)
Definition: A company involved in processing financial transactions.
Financial Institution
Definition: An organization that deals with financial transactions, such as banks and credit unions.
Fleet Card
Definition: A payment card mainly used for fueling, maintenance, and repairs of corporate vehicles.
Folio
Definition: A number assigned by a lodging merchant for tracking guest charges.
Force
Definition: The process of key-entering a voice-authorized transaction for electronic settlement.
FPO (Flexible Payment Options)
Definition: A product that allows merchants to create flexible payment plans.
Frame Relay
Definition: A high-speed data transmission technology.
Fraud Investigation
Definition: The process of identifying and investigating suspicious activities in merchant or cardholder transactions.
Front-End Network
Definition: The network responsible for authorizing and capturing transactions before forwarding them for settlement.
FTP (File Transfer Protocol)
Definition: A protocol used for transferring files over a network.
GAA (Global Access Advantage)
Definition: A service or feature that provides global access or advantages in financial transactions.
Gateway
Definition: A system managing the electronic connection between consumers and financial institutions for data transmission.
Gift Card
Definition: A reusable, stored-value card used as an alternative to paper gift certificates.
GMAP (Global Merchant Audit Program)
Definition: A MasterCard program for auditing merchant activities.
Good Faith
Definition: An effort by a card association member to resolve a dispute with another member before escalating to formal proceedings.
Hard Decline
Definition: A declined authorization attempt due to reasons such as a lost or stolen card. In such cases, a Code 10 call is recommended.
HCS (Host Capture System)
Definition: A system where transactions are captured at the host level, enabling settlement without additional merchant actions.
Hologram
Definition: A three-dimensional image used as an anti-counterfeiting measure on payment cards.
Health Savings Account (HSA)
Definition: A health card that can be used for medical purposes, requiring registration with the SIG-IS for acceptance.
ID/AV (Identification/Address Verification)
Definition: The process of verifying a cardholder's identity and address.
Idle Prompt
Definition: The default display on a payment card terminal when it is ready for the next transaction.
Imprinter
Definition: A device used to imprint embossed card information onto a sales draft.
Interchange
Definition: The process of exchanging transaction data between acquirers and issuers.
Interchange Fees
Definition: Fees paid by acquirers to issuers to cover the costs associated with handling transactions.
ISDN (Integrated Services Digital Network)
Definition: A digital telephone service that supports various types of communications.
ISO (Independent Sales Organization)
Definition: An organization that sells merchant services on behalf of banks and processors.
ISP (Internet Service Provider)
Definition: A company that provides internet access to customers.
JCB (Japanese Credit Bureau)
Definition: A major credit card company based in Japan, widely accepted around the world.
Leased Line
Definition: A dedicated telecommunication line providing a point-to-point or multipoint connection.
Level I Data
Definition: Basic transaction data typically captured in a credit card transaction, including total purchase amount, date, merchant category code, and supplier/retailer name.
Level II Data
Definition: Enhanced transaction data for corporate and government purchases, including Level I data plus sales tax amount, customer's accounting code, merchant's tax ID number, and business status.
Level III Data
Definition: Detailed transaction data required for corporate and government purchasing cards, including Level I and II data plus quantities, product codes, descriptions, and more detailed cost data.
Line of Credit
Definition: The maximum amount of credit a lender will extend to a borrower over a specified period.
Lockbox
Definition: A service used by businesses to expedite the collection and processing of check payments.
Magnetic Stripe
Definition: A stripe on the back of a payment card that contains encoded cardholder account information.
Magnetic Stripe Reader
Definition: A device at point-of-sale terminals that reads information encoded in the magnetic stripe of a payment card.
MasterCard International Incorporated
Definition: A global bankcard association that licenses members to issue MasterCard cards and accept merchant transactions.
MATCH (Member Alert to Control High Risk)
Definition: Also known as TMF, a system used to screen potential merchants against a database of businesses with known issues.
MBWE (MasterCard Business World Elite Card)
Definition: A high-tier business credit card offered by MasterCard with additional benefits and features.
MC (MasterCard)
Definition: A multinational financial services corporation known for its range of credit card products.
MCBS (MasterCard Business)
Definition: Refers to MasterCard's suite of business credit card products.
MCBW (MasterCard World Business Card)
Definition: A premium credit card product targeted at business customers, offered by MasterCard.
MCC (Merchant Category Code)
Definition: A four-digit code used to classify a business by the type of goods or services it provides.
MCMP (MasterCard Chargeback Monitoring Program)
Definition: A program designed to monitor and reduce chargebacks in the MasterCard network.
Media
Definition: The documentation of monetary transactions, like sales drafts, credit slips, and computer printouts.
Media Retrieval Requests
Definition: Requests made to obtain transaction documentation, either from cardholders or in defense of chargebacks.
Member
Definition: A financial institution that is a member of Visa and/or MasterCard and licensed to issue cards or accept merchant transactions.
Merchant
Definition: A business or individual that sells goods or services and accepts card payments.
Merchant Agreement
Definition: A contract between a merchant and an acquirer detailing their rights, responsibilities, and warranties.
Merchant Bank
Definition: See Acquirer.
Merchant Discount
Definition: A fee charged by the acquiring bank to a merchant for handling credit card transactions.
MICR Number (Magnetic Ink Character Recognition)
Definition: Numbers encoded at the bottom of checks used for automated processing.
MID (Merchant Identification)
Definition: An identification number assigned to a merchant by the acquirer.
MM (Monthly Minimum)
Definition: The minimum amount a merchant is required to generate in transaction fees each month.
MOP (Method Of Payment)
Definition: The various payment methods a merchant accepts, like credit cards, electronic checks, etc.
MOTO (Mail Order/Telephone Order)
Definition: Transactions conducted via mail or telephone, typically involving card-not-present scenarios.
MPA (Merchant Processing Agreement)
Definition: A contract between a merchant and a payment processor outlining the terms of payment processing services.
MQ (Mid-Qualified Discount Rate)
Definition: A pricing tier for processing credit card transactions, often for specific types of cards or transaction circumstances.
CBCAL (Commercial Bank of California)
Definition: Refers to a specific banking institution, included in the context of payment processing partnerships or networks.
Network
Definition: The entire system of communication infrastructure used to transfer electronic information for payment processing.
NMI (Network Merchants Inc)
Definition: A gateway provider offering payment processing solutions.
Non Face-to-Face Transaction
Definition: Transactions where the card is not physically presented, such as online or phone sales.
No-Show
Definition: A fee charged to a cardholder by a lodging merchant for not arriving or canceling a reservation.
NQ (Non-Qualified Discount Rate)
Definition: The highest pricing tier for processing credit card transactions, often applied to transactions that do not meet certain criteria.
OFAC (Office of Foreign Asset Control)
Definition: A U.S. Treasury Department agency responsible for enforcing economic and trade sanctions.
Offline Debit
Definition: A debit transaction where a Visa/MasterCard check card is processed through the credit card system.
Offline Transaction
Definition: A transaction authorized via voice and later entered into a POS terminal.
OK Number
Definition: A validation number confirming a successful batch deposit from a host computer.
Online Transaction
Definition: A transaction authorized electronically, usually in real-time, from a front-end network.
pBRAM (Potential BRAM Violation)
Definition: Indicates a potential violation of the Business Risk Assessment and Mitigation program.
PBX Access Code
Definition: A code dialed to access an outside telephone line from a private branch exchange system.
PCI (Payment Card Industry)
Definition: The payment card industry as a whole, encompassing all entities involved in payment card processing.
PCI DSS (Payment Card Industry Data Security Standards)
Definition: A set of security standards designed to ensure that all companies that accept, process, store, or transmit credit card information maintain a secure environment.
PG (Personal Guarantee/Guarantor)
Definition: An individual's legal promise to repay credit issued to a business for which they are a guarantor.
Pick Up Card
Definition: A response from a card issuer requesting the merchant to retain the card, often due to suspected fraud.
PIN (Personal Identification Number)
Definition: A unique code used to verify the identity of the cardholder during a transaction.
POB (Proof of Business)
Definition: Documentation or evidence confirming the existence and legitimacy of a business.
POS (Point Of Sale)
Definition: The location or system where a payment card transaction occurs.
POS Terminal
Definition: A device used at the point of sale to process card transactions.
Posting
Definition: The process of recording financial transactions in accounting records.
PPS (Prior Processing Statements)
Definition: Previous statements that show a merchant's card transaction history.
Prenote
Definition: A non-monetary transaction in electronic check processing used for account verification.
Private Label Card
Definition: A credit or debit card issued by a retailer for use only at specific stores or locations.
Processing Fees
Definition: Charges associated with the processing of credit card transactions.
Processor
Definition: A company that handles the processing of credit card transactions for merchants.
Protocol
Definition: A set of rules governing data communication.
Purchasing Card
Definition: A type of credit card used by businesses to streamline purchasing processes.
Qual (Qualified Discount Rate)
Definition: The rate charged for standard credit card transactions under typical conditions.
RAM (Random Access Memory)
Definition: A type of computer memory used for short-term data storage.
Reason Code
Definition: A code identifying the reason for a chargeback or other transaction dispute.
Re-authorization (Re-auth, Add Auth)
Definition: A request for additional authorization on an existing transaction, often in hospitality settings.
Recurring Transaction
Definition: Regular transactions charged to a cardholder's account for ongoing goods or services.
Referral
Definition: A response from a card issuer indicating that the merchant should contact the authorization center.
Refund
Definition: A transaction in which the merchant returns all or part of the original transaction amount to the cardholder.
Representment
Definition: The process by which a merchant or acquirer challenges a chargeback.
Card-Present Transaction
Definition: A face-to-face transaction where the cardholder presents a card to the merchant.
Retrieval Request
Definition: A request by a card issuer for a copy of the original sales transaction document.
Retro-TMF (Terminated Merchant File)
Definition: A TMF listing received after a merchant has already been approved.
Reversal
Definition: The process by which a successfully contested chargeback is overturned, and funds are returned to the merchant.
RIS (Risk Identification Service)
Definition: A service provided by Visa to identify and manage transactional risks.
RM (Received Message)
Definition: A message or notification received, typically in the context of transaction processing.
ROM (Read-Only Memory)
Definition: A type of non-volatile memory used in computers and electronic devices.
RS232
Definition: The standard port on Point Of Sale (POS) equipment used to support a traditional phone line for data communication.
Sales Transaction Fee
Definition: The fee charged by a financial institution to a merchant for each sales transaction processed.
SAQ (Self Assessment Questionnaire)
Definition: A questionnaire specifically designed for PCI compliance, helping businesses assess their payment card security practices.
SAR (Suspicious Activity Report)
Definition: A report filed by financial institutions to report suspicious or potentially fraudulent activity.
SDK (Software Development Kit)
Definition: A collection of software tools and libraries that developers use to create applications for specific software, frameworks, hardware platforms, or operating systems.
Settlement
Definition: The process where a merchant sends batches of transactions to the acquirer, which are then exchanged with issuers for financial data processing.
SIC (Standard Industrial Code)
Definition: A universal four-digit code that classifies a merchant's industry type, similar to a Merchant Category Code (MCC).
Smart Card
Definition: A payment card equipped with a microprocessor (chip) that stores data, used for a variety of purposes including credit transactions, stored-value, and security access.
Soft Decline
Definition: A declined authorization attempt that may not indicate a problem with the card itself (e.g., issuer unavailable, over limit), allowing for possible resubmission of the transaction.
Split Dial
Definition: The capability of a payment terminal to dial different phone numbers for obtaining authorization or settlement for different types of card transactions.
SSN (Social Security Number)
Definition: A unique number assigned to U.S. citizens and some residents to track earnings and benefits.
Stored Value Card
Definition: A card issued by merchants to represent a specific monetary value for purchases, often used as a gift card or loyalty card.
Submission
Definition: A file sent by a merchant containing one or more transactions for processing.
Summary Adjustment
Definition: A correction made to a deposit by the acquirer, typically when an error is found in the submitted deposit amount.
Synchronous Communication
Definition: A method of electronic communication in which data is transmitted continuously without start and stop bytes.
T&E Merchant (Travel and Entertainment)
Definition: Businesses primarily providing travel-related services, such as airlines, car rentals, and lodging establishments.
TCS (Terminal Capture System)
Definition: A system in which transactions are stored in the terminal until the batch is settled to the host, often used for tip adjustment in restaurants.
TDES (Triple Data Encryption Standard)
Definition: An advanced encryption standard used for securing electronic transactions, particularly in debit card processing.
Telemarketing
Definition: The practice of selling products or services over the phone, often involving payment by credit card.
TID (Terminal Identification)
Definition: A unique number identifying a merchant's terminal to the front-end network for transaction processing.
TIN (Tax Identification Number)
Definition: A number used to identify a person or entity for tax purposes.
TMF (Terminated Merchant File)
Definition: A file listing merchants whose credit card processing privileges have been terminated.
Track One
Definition: Information stored on the magnetic stripe of a credit card, including the cardholder's name, account number, and expiration date.
Track Two
Definition: Information stored on the magnetic stripe of a credit card, typically including the account number and expiration date.
Transaction
Definition: Any action between a cardholder and a merchant that results in activity on an account, such as purchases or cash advances.
Transaction Date
Definition: The actual date on which a transaction takes place.
Transaction Fee
Definition: A fee charged to the merchant for processing each transaction.
TRO (Temporary Restraining Order)
Definition: A court order issued to temporarily prohibit specific actions until a hearing can be held.
UR (Under Review)
Definition: A status indicating that a transaction or account is being reviewed for accuracy or compliance.
URL (Uniform Resource Locator)
Definition: The address of a resource on the Internet, commonly known as a web address.
UW (Underwriting)
Definition: The process of evaluating and assuming the risk of a financial transaction or agreement.
Valid Date
Definition: The date embossed on a payment card indicating when it can first be used.
VAR (Value Added Reseller)
Definition: A company that adds features or services to an existing product and resells it as an integrated product or complete solution.
VC (Voided Check)
Definition: A check that has been canceled or invalidated.
VDBT (Visa Debit)
Definition: A debit card brand offered by Visa.
Visa USA
Definition: A member-owned bankcard association that licenses members to issue Visa cards and accept merchant drafts.
VM (Voice Mail)
Definition: An electronic system that stores voice messages for later retrieval.
Voice Authorization
Definition: A process where transactions are authorized by a voice operator over the phone.
WEX (Wright Express)
Definition: A company specializing in payment solutions, particularly for fleet and corporate spending.
Zero Floor Limit
Definition: A policy requiring that all transactions, regardless of size, must receive authorization.