S
| Term | Definition |
|---|---|
| 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. |
