Now called First Data® Payment Software. ICVERIFY software is a fully integrated PC-based credit, debit, and purchasing card authorization and settlement system. The ICVERIFY system communicates directly with the First Data Merchant Services (FDMS) platforms to authorize payment transactions, then stores them for end-of-day settlement.
A device that enables the stamped characters on a bank card to be imprinted on a sales slip for the use of processing.
|Independent Sales Agent (ISA)||
|Independent Sales Organization (ISO)||
Also referred to as a Merchant Member Service Provider, a type of Member Service Provider (MSP) that supports a member’s acquiring program by soliciting merchants and presenting the member merchant agreement.
|Integrated Point of Sale (IPOS)||
This acronym refers to conventional terminals that are "smarter" and more sophisticated in that they may be set-up to communicate with like terminals owned by the same merchant even if they are located at different locations and with different merchant numbers.
Term used to refer to the clearing and settlement system as a whole.
Acquirer pays interchange fees to the issuer. They reimburse the issuer for the risk of loss (fraud and credit losses) and the cost of processing the transaction.
|Interchange Plus Pricing||
A pricing structure in which the interchange and dues/assessments are passed directly through to the merchant. Basis points are added for profit and a charge per transaction for authorization is added to cover the cost and secure profit. This structure is sometimes also referred to as cost-plus pricing. This type of pricing is usually used for larger volume merchants.
Refers to the connection type of a merchant’s point of sale set-up. Examples of IP connections are high-speed Internet connections, T1 lines, cable modems, DSL, etc. In order to be considered an IP merchant, the merchant must only use an IP connection. If an IP merchant’s terminal needs to be reprogrammed, the download must be performed on a dedicated analog phone line, not an IP line.
Abbreviation for Independent Sale Agent. See “Agent”.
See “Independent Sales Organization”.
Cardmember's bank, or the bank which has issued a MasterCard or Visa card to a cardholder.