All
| Term | Definition |
|---|---|
| Clearing |
The transfer of data between Issuers and Acquirers. |
| Credit Slip |
A paper or electronic representation of credit that is issued to a Cardholder on a prior credit card sale. |
| Discount Rate |
A fee associated with collecting, assessing, approving, processing and settling credit card transactions. The SecureSourceSM payments service reflects Discount Rates that include the RiskAssessorSM system. |
| Factoring |
One Seller's depositing to its account drafts that have originated from the sales of another Seller, generally one that cannot obtain a Seller account in its own name. |
| Fees or Seller Fees |
Sellers are charged several types of fees for screening and
processing online payments. Fees for products and services
include, but are not limited to costs for the following: |
| Front-end Processor |
A company/vendor that provides communication and data processing services for authorization of card payments and the transfer of data between Sellers point of sale equipment to the back-end clearing and settlement processor. The SecureSource payments service has a proprietary, or in-house front-end processor. |
| Fulfillment |
An Acquirer's notice, sent in its outgoing clearing record, that the requested draft has been supplied, either through the appropriate Card Association's online or fax systems or by registered mail. |
| Future Services |
Any sale in which the complete product or service is not delivered at the time of the sale transaction. The term may apply to either face-to-face transactions or mail/phone orders. |
| Interchange Fees |
Fees generally collected from Acquirers on the value of their card sales and paid to Issuers. |
| Interchange Network |
An electronic network maintained by DIscover®, MasterCard® or, VISA® that exchanges data relating to the value of card sales and credits among Issuers and Acquirers. |
| Issuer |
Any Discover®, MasterCard® or, VISA® member, or a commercial organization that establishes and maintains customer credit lines that are accessed through the use of a card. (Public and private companies and financial institutions that offer card-accessed lines of credit to consumers and businesses.) |
| MasterCard® |
A registered mark for MasterCard International, Inc. |
| MATCH |
A shared database maintained by the Card Associations that lists all Sellers terminated for cause by Acquirers. |
| MCC or MCC Codes |
Special numbers assigned by the Card Associations to Seller types for identification and tracking purposes. MasterCard® uses MCC (Seller Category Code), while VISA® uses SIC (Standard Industry Codes). |
| Payment Gateway or Gateway |
An Internet service that transports credit card information from a computer terminal or Web site to the credit card processor, where it can be verified. |
