The process by which the processor, working on behalf of the acquirer, debits the issuer for a transaction and credits the acquirer, and where the acquirer then credits the merchant. Settlement also involves payment to the card brands, calculating discount and qualifying a transaction for the appropriate interchange. Other aspects include exception processing, returns and disputes.

Code assigned by an Acquirer to identify a merchant's business type.

A method of stealing credit card information using a small, handheld electronic device that scans and stores card data from the magnetic strip. This process can be done manually by criminals who place a skimming device on top of a regular credit card reader (usually at gas stations or ATMs machines) and retrieve it later.

A plastic card containing a computer chip with memory capabilities used for identification purposes or to store information, financial amounts or other forms of data.

A credit-card-sized device that is implanted with a computer chip with stored money value which can be reloaded reused by transferring a dollar value to it from an automated teller machine or other device.

A correction to an establishment's deposit made by the Acquirer when there is an error in the submitted deposit.

A check card rewards a mid-qualified or non-qualified bump selection that is part of tiered pricing structure.