All
| Term | Definition |
|---|---|
| Re-presentment |
The process of providing data to (a) reverse a chargeback to the Issuer or (b) make additional requests for the Acquirer to reimburse the Cardholder's account. |
| Sales Draft |
The paper or electronic evidence of a purchase. |
| Seller Account or Online Seller Account |
The bank account a Seller identifies as the sole account from which monthly and/or transaction fees are debited. |
| Seller Bank |
(Acquirer or Processor) The financial institution with which a Seller contracts to accept credit cards for payment of goods and services. |
| Seller Fees or 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: |
| Seller or Online Seller |
An individual or business that sells products or services and is capable of accepting payment for products and services via a Seller account. |
| Settlement |
The process of transferring funds for sales and credits between Acquirers and Issuers, including the final debiting of a Cardholder's account and crediting a Seller's account. |
| SIC or Standard Industry 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). |
| Stand-in Processor |
Discover®, MasterCard® or, VISA® systems that provide authorization services on behalf of Acquirers in case the Issuer is unavailable to give a response. |
| Transaction |
An act between a Seller and a Cardholder that results in either a paper or an electronic representation of the Cardholder's promise to pay for goods or services received from the act. |
| Unauthorized Transaction |
Any sale for which a Cardholder does not provide his/her specific authorization (This should not be confused with the failure to receive an authorization response from the Issuer.) |
| VISA® |
A registered mark for Visa U.S.A., Inc and Visa International, Inc. |
| Voiding a Transaction |
The process by which a Seller cancels a transaction prior to settling the transaction. For example, a transaction can be voided at a Customer's request, or in the event the AVS response does not meet the Sellers criteria. |
