| 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:
- Monthly Online Seller Account
- Discount rate
- Per item charges for credit card and electronic check
transactions
- Chargebacks
- ACH returns
|
| 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.
|
