See “Interchange Plus Pricing”.

An e-commerce application service provider service that authorizes payments for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. It is the equivalent of a physical point of sale terminal located in most retail outlets; see also “Gateway”.

See “Payment Card Industry Data Security Standard”.

See “Personal Identification Number”.

A pioneer of Internet payment solutions that enable customers to maximize online and point-of-sale profits, reduce risk of fraud and build customer loyalty with a wide array of leading-edge premium products and services. All of North American Bancard’s products are simple to use, fast to integrate and highly cost effective.

See “Point of Sale”.

The process of updating individual cardholder account balances to reflect a merchants sales, instant cash, cash advances, adjustments, payments and any other charges or credits.

A payment card with a set amount of money that has been preloaded onto it for future use by the consumer. It is not a credit card or debit card. Prepaid cards can be used in an open-loop (branded by Visa, MasterCard and so forth) or closed-loop (merchant or mall-branded). The most common type of prepaid card in use today is the gift card.

Unique cards branded for a specific retailer, independent dealer or manufacturer. If the retailer does not manage the private label card, a third party issues the cards and collects the payments from cardholders. Terms and conditions for private label credit cards are made through contracts between the retailer and the third party. Retailers prefer to have private label cards because it offers customers another way to shop in their store, thus increasing sales.

A purchasing card is a form of company charge card that allows goods and services to be procured without utilizing a traditional purchasing process.