Glossary
F
| Term | Definition |
|---|---|
| Factoring |
See “Card Laundering”. |
| Federal Reserve |
The central banking system of the U.S., comprised of the Federal Reserve Board, the 12 Federal Reserve Banks, the Federal Open Market Committee, and the national and state member banks. |
| Finance Charge |
Fee assessed by the issuer on a cardholder’s ongoing balance, providing the financial institution with income. |
| Fleet Cards |
Private label credit cards designed mainly for repairs, maintenance and fueling of business vehicles. |
| Floor Limit |
An amount of payment at which credit and debit card transactions must be authorized; this amount is specified in each merchant's processing agreement. |
| Four Tier Pricing |
a pricing structure offering four distinct tiers - one qualified rate for credit cards, one qualified rate for check cards, a mid-qualified surcharge, and a non-qualified surcharge. |
| Fraud Investigation |
The process of identifying suspicious merchant and/or cardholder activity. |
| Front-End |
The front-end is responsible for collecting card information in various forms (terminal, gateway, software) and processing it to conform to a specification the back-end can use. The front-end is a kind of interface between the user and the back-end, which allows merchant to request authorization for transactions. Example: Global Payments utilizes the front end Global East, Global Central, and Vital front-end. First Data utilizes the Omaha, North, Nashville, Memphis/Stratus, and Atlanta/Buypass front-end. |
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