Card acceptance
A bank or financial institution that issues merchant accounts for the acceptance of credit card transactions.
Acquirer
A credit card is a payment card issued to users (cardholders) as a method of payment. It allows the cardholder to pay for goods and services based on the holder’s promise to pay for them.
Credit card
A way to make sure the person presenting the card is the valid card holder. Options are signature or PIN.
Card Verification Method or CVM
A collection of transactions submitted for funding
The process of capturing authorized funds
Capture
Any association member, financial institution, bank, credit union, or company that issues card brand (Visa, Mastercard, etc.) payment cards directly to consumers.
Issuer
Type of stored-value payment card commonly issued by retailers and banks.
Gift card
A credit card security code that helps verify the legitimacy of a credit card. Depending on the card, the security code can be a three-digit or four-digit number, printed on either the front or the back of the card.
Card Verification Value or CVV
Altering a transaction’s original amount prior to closing the batch
· This is typically used when a customer was overcharged, or a tip needs to be added
Adjust
The transaction type defined as approval and capture in one motion.
Sale
Member-based corporations that connect consumers, businesses, and banks to transact through electronic payments instead of cash and check; also establish and enforce rules amongst members and promote the brands.
Cards brands/Card Network/Card Association
A payment card that provides the cardholder electronic access to their bank account at a financial institution; payments using a debit card are immediately transferred from the cardholder’s account.
Uninterrupted protection of the confidentiality and integrity of transmitted data by encoding it at its starting point and decoding it at its destination.
The process by which all captured transactions in a merchant’s batch are sent to the processor for payment
Batch Close
Verification that funds are available in a cardholder’s account (a request to charge the card holder)
Authorization
Company appointed by merchants to handle card transactions for merchant acquiring banks.
Payment Processor
A card with an embedded EMV-compliant chip containing memory and interactive capabilities used to identify and store additional data about a cardholder, the cardholder’s account, or both.
Chip card
Replacement of sensitive data with a unique identifier (token) that cannot be reversed mathematically; commonly used in payments to replace full card data (FCD).
Removing a transaction from the open batch
Void
The ability to partially authorize a transaction
Partial Approval
Person or entity that receives an account from a card company or issuer.
Card holder
an electronic system that allows a Supplemental Nutrition Assistance Program (SNAP) participant to pay for food using SNAP benefits.
EBT/Electronic Cash Benefits
Set of requirements designed to ensure all companies that process, store, and/or transmit card information maintain a secure environment.
Payment Card Industry Data Security Standards or PCI DSS
Allows a merchant to receive an authorization over the phone due to being unable to process the transaction normally. The merchant receives an approval code and can then process the transaction later.
Voice Authorization
Occurs when the transaction is removed from the (open) batch, and a request is sent to the issuer to cancel/remove the existing authorization.
· This is sometimes done by contacting the card issuer as not every POS has this functionality
Reversal