Glossary
T
| Term | Definition |
|---|---|
| Terminal |
A POS device connected to the Visa and MasterCard payment network and/or to a proprietary network that authorizes payment card transactions and transmits card data to a receiving institution. |
| Terminal Capture |
A piece of software that acts as an online store's catalog and ordering process. Typically, a shopping cart is the interface between a company's Web site and its deeper infrastructure, allowing consumers to select merchandise; review what they have selected; make necessary modifications or additions; and purchase the merchandise. |
| Third Party Processor |
A company that lets a company process another merchants’ payments via their merchant account and then transfer the money to their bank account. |
| TID |
A unique identification number assigned to a specific point of sale device by the Acquirer. |
| Tiered Pricing |
Pricing structure that has set amounts for the different qualification levels. |
| TMF (Terminated Merchant File) |
A list when consumers do not honor the terms of their credit agreements, the creditor may report the default to a credit reporting agency. Also known as “MATCH”. |
| Touch Tone Capture |
Allows the manual keyed entry and subsequent authorization of a credit card over a cellular or land-line telephone. With this method, a merchant typically imprints their customer’s card with an imprinter to create a customer receipt and merchant copy, and then processes the transaction instantaneously over the phone. |
| Transaction |
A credit card sale or refund between the cardholder and merchant, or the processing of the exchange by the Acquirer. |
| Transaction Fees |
Service costs charged to a merchant on a per transaction basis. |
| Travel and Entertainment Cards (T&E Card |
Charge card used to pay for hotel, airline, and other business related expenses. |
| Truncation |
To shorten by or as if by cutting off. |
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