This indicates that a financial institution is meeting the requirements of the Payment Card Industry Data Security Standard, below, and is therefore in compliance. This proprietary standard for information security is a requirement for organizations that deal with ca [...]

A term that can be used in reference to credit cards, debit cards, prepaid card and EBT cards, the indicator payment card is used as a shorthand way of referring to any or all of those kinds of cards that may be involved in transactions initiated by a merchant and pr [...]

An electronic transaction presented to a bank for payment is paid through a process called funding. When a merchant is paid for the deposits he has submitted, the deposits are said to have been funded.

An organization that provides authorization and settlement of financial transactions on behalf of its members, a processor is connected to VISANet, Banknet and similar services to provide its clearing or settlement services.

An independent payment solution provider that specializes in global card payments for the ecommerce marketplace, Payvision was founded by Rudolf Booker in 2002. It focuses on technology that provides acquirers, agents, payment service providers, ISOs, MSPs and others [...]

Used to complete most kinds of transactions in public sales locations like stores, gas stations and restaurants, a POS or point of sale system is the software and hardware that together allow merchants to process credit cards and other transactions that come in from [...]

Very simply the place where goods are retailed, the point of sale is where the world’s in-person credit card and other transactions take place. This is the location where POS systems, including hardware, software and manual components, come together to make the sal [...]

The payment environment is the collective term for all the manual and automatic processes involved in completing a payment and all the software and hardware involved. For a payment environment to be EMV compliant, every aspect must comply with specified EMV standards [...]

Short description of Merchant Agreement The merchant agreement is the entirety of the agreement between a merchant and an acquirer and spells out in great detail the responsibilities, rights and warranties involved in the relationship. When written properly, the merc [...]

Also called a post author prior sale transaction, a force transaction is one for which the merchant gets a voice authorization only over the phone. This low-tech processing option is often used by low-volume merchants and is time-consuming since phoning an authorizat [...]

Part of a recurring billing solution’s ability to manage credit card payment declines, dunning management services may involve notifying a customer of a failed charge and possibly retrying the charge a predetermined number of days later. This process is essential f [...]

Any sort of account where a customer makes deposits and withdrawals is classified as a deposit account, including checking accounts, savings accounts, share drafts and others as defined by law. Deposit accounts are maintained by a banking institution so that members [...]