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.
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.
A unique identification number assigned to a specific point of sale device by the Acquirer.
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.
A credit card sale or refund between the cardholder and merchant, or the processing of the exchange by the Acquirer.
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.
To shorten by or as if by cutting off.