I hope somebody from beginners will be useful as in due time was useful to me Original was taken from the archive of the old Planet. (Unfortunately, the author does not have me Hope he does not mind)
Access Provider: A company that provides Internet access services to its customers. A user usually connects to an Internet Provider’s server by modem, using a telephone dialer.
Acquirer: A member of a credit card company, such as Visa or MasterCard, who receives transaction data from IT and/or the Payment System and transmits that information to the issuing bank through closed financial channels.
Acquiring Bank: An authorized bank (member of the payment system) that performs initial processing of transactions and undertakes the full range of card transactions with merchants that are within its scope: transferring funds for goods and services to merchants’ current accounts, receiving, sorting and mailing receipts, distributing stop letters (list of cards whose transactions are suspended as of the transaction date)
Acquiring Processor: The processor provides credit card processing, billing, reporting and coverage services to the acquirer. Many financial institutions typically outsource such issues to a third party for more cost-effective processing of bank cards.
Address Verification Service (AVS)/Address Verification: A service provided by IT to verify the cardholder’s address. It is done to combat fraudulent mail, telephone, and Internet purchases. This service is not a guarantee that the transaction is valid.
Application Program Interface (API) –
The interface ( call agreement) through which the application program accesses the operating system and other services.
Approval is a code sent by the issuing bank to confirm that the customer’s plastic card exists, is usable and that the amount requested is within the permitted limit.
Confirmation is requested during the authorization process.
Architecture is the form and format of controlling elements of a standard transaction.
Authentication/Authentication is a security measure that uses the Data Encryption Standard (DES) to ensure that EDI transmissions and messages are not tampered with or altered.
Authorization: The process by which the availability of funds in a cardholder’s account is verified and authorization is obtained from the issuing bank to conduct transactions using the payment card. Successful authorisation means that funds have been reserved in the cardholder’s account to cover the transaction. If the authorization is not completed in a time period determined by the issuer, it is cancelled and the previously blocked amount is released from purchases.
Authorization Code – a code consisting of letters and numbers sent by the issuing bank, confirming authorization. The authorisation code must be included in the receipt issued by the merchant.
Available Credit: The difference between the cardholder’s credit limit and the existing account balance.
Average Ticket: Average size (amount) of IT transactions.
Automated Teller Machine / ATM/ An ATM is an electronic-mechanical device enabling the holder of a bank payment card to withdraw cash by entering a personal identification number (PIN/PIN).
Bank Identification Number: A unique number assigned to the issuing bank of the Visa or MasterCard system to identify the member in processing transactions. It is usually the first 3 or 6 digits of the cardholder’s credit card number, often referred to as a bin (BIN).
Bankcard/ Bank payment card is a plastic identification means by means of which the recipient of the card is provided with the possibility to perform transactions of payment for goods and services, as well as to receive cash. Identification of the recipient of the card shall be ensured by affixing to the card the card number, its expiration date, as well as the name, surname and specimen signature of the cardholder.
Issuing Bank: see Issuing Bank
Backorder is a delayed product or order resulting from out of stock.
[Backbone]Backbone is the logical core of a network. Usually refers both to the physical means of connecting computers ( e.g., fiber optic cable) and to a particular addressing and routing protocol on the network ( e.g., X.400).
Bandwith is the capacity of the telephone line to transmit data. The higher the bandwidth, the more data can be transmitted in the same time. For modems connecting to an ISP over a telephone line, this is a maximum of 56.6 Kps (kilobits per second). Bankwire Transfer: Transferring money to any bank in the Central Bank system.
Batch]A Batch is a set of transactions accumulated over a certain period of time, usually not more than one day, waiting to be settled by the acquiring merchant’s financial institution. A Batch can be completed either automatically or through a POS terminal.
Batch Close is the sending of transactions with authorization codes to the payment processor in order to transfer money to the merchant’s account.
Batch Processing is a type of data processing and transmission in which related transactions are grouped together and transmitted for processing, usually by one computer and one application.
Browser A program that allows the user to navigate the Internet. A browser allows you to view the contents of web hosts (or pages) and to navigate from one host to another. The most popular browsers (windows) are Netscape Navigator and Microsoft Internet Explorer.
B2B (business-to-business)- electronic commerce systems, where the subjects of sales and purchases processes are legal entities (enterprises, organizations).
B2C ( business-to-customer) are Internet commerce systems where the seller is a legal entity (company, organization) and the buyer is an individual.
Bit is a binary digit, the smallest component of information stored or transmitted by a computer.[/DATAENCODE
Bps (Bits per second) is a unit of computer processing speed.
Byte is the amount of memory required to store one character, which is usually 8 bits. A computer’s memory capacity is measured in kilobytes, with 1 kilobyte being equal to 1024 bytes.
Capture/Purchase – a decision that this transaction will be presented for payment. Such a transaction initiates the movement of funds from the issuer to the recipient and then to the merchant’s account. All transactions submitted for payment are included in the Batch and sent to the payment processor or Payment Gateway. Transactions cannot be booked if they have not been authorized and if the product/service has not been delivered/serviced to the customer.
1. The financial institution that authorizes the issuance of the card to the customer (or entity) and that is responsible for the use of the card. The issuer supervises the use of the card by the person to whom the card has been issued.
2. Any bank or organization that issues bank cards to those who request them.
3. Any entity that uses or issues a Personal Identification Number (PIN).
Cardholder/Cardholder – a natural or legal person who has opened an account with the issuer of a credit or debit card. The Cardholder has the right to initiate a payment transaction on it.
Cardholder Bank: The bank that issued the card to the cardholder. The term is commonly used to refer to the issuing bank.
Cash Advance: The amount issued by a bank teller or ATM to a cardholder based on the availability of funds or credit limit on the cardholder’s account.
Charge Per Transaction: The charge levied on any authorized transaction to cover the costs associated with completing the authorization.
Chip Card is a card also called an IC (integrated circuit card). A plastic card with a microprocessor inside that can store electronic money. Unlike credit cards, these cards allow you to spend only what is in them.
Chargeback is an amount deducted from the merchant’s account at the request of the cardholder. If the cardholder is found to be in the right, the amount of the payment plus a Chargeback fee is deducted from the merchant’s account. For tangible items, the dispute is often resolved in favor of the merchant. For non-material items, the ruling is in favor of the buyer. Frequent Chargeback customers can end up on blacklists. Chargeback is initiated by the issuer after the acquirer has completed the transaction.
Chargeback Reason Code is a two-digit number that encodes the reason for the chargeback.
Chargeback Period: The number of calendar days (counted from the transaction processing date) during which the issuer may return the transaction to the acquirer. The number of days varies from 45 to 180 days depending on the type of transaction.
Clearing/Clearing: The process of exchanging details of a financial transaction between an acquirer and an issuer to facilitate the billing of a cardholder. Part of what is called Settlement.
Clearing Bank: The bank that the credit card company member has assigned to receive daily coverage reports. The clearing bank also handles the transfer of funds and the maintenance of the clearing account. This bank may itself be a credit card company member.
Closed Financial Circuits: Closed financial circuits connect the acquiring bank, the issuing bank, and the credit card companies and enable the exchange of financial information between banks and credit card companies for the purpose of making authorizations, reservations, and coverage.
Commerce Server is a web-server connected to the payment processor that has everything you need to accept payments – a program that stores all purchases and summarizes their prices (Shopping Cart), a database, etc. Usually allows to establish a connection using one of the secure protocols, such as SSL.
Common Gateway Interface is a network standard that allows a Web server to run any program and deliver its output as text, graphics, or audio to a Web browser.[/DATAENCODE
Confirmation Letter is an email sent to the merchant by the payment processor that contains information about the Batch files submitted to the processor. It is sent regularly – every day or every week.
Cookie: A small amount of information stored on your computer by a web page you visited. This information will remind the Internet page of you the next time you visit it.
Corporate Card: A bank card issued to a company for use by company employees. The responsibility for using the card usually lies with the company and not with the employee.
Correspondent Bank: A bank that accepts deposits and provides banking services for other banks. Correspondent relationships exist between local banks as well as between banks located around the world.
CPC – (cost-per-click) – cost per click on the banner
Credit Card: A plastic card with a credit limit used for the purchase of goods and services, as well as for withdrawal of cash, for which the cardholder subsequently receives a bill from the issuer for payment of the issued credit.
Credit Limit: The maximum amount of funds a cardholder may owe to the issuer on a card account.
CTR – (click-through-ratio) is the number of clicks on a banner related to the total number of views of that banner. Usually expressed as a percentage and serves as one of the most popular ways to measure the effectiveness of advertising on a given network or site.
Data Encryption is the encryption of information sent over the Internet. Data Encryption ensures that only the intended recipient has the ability to read and understand the information being transmitted.
Database]A database is one or more large structured sets of rarely changeable data, usually associated with software, used to update and query data. A simple database may be stored in a single file containing a large number of records, each consisting of the same set of fields, where each field has a specific fixed length.
Debit: Withdrawal of funds from the customer’s card account.
Debit Card is a debit card. Unlike a credit card, the amounts spent by the customer are automatically deducted from their account. A debit card usually requires a PIN to pay.
Deposit is the moment when the seller forms (closes) a Batch file and sends the transaction for completion (Settlement). In order to reduce the percentage (Discount rate) deducted by the acquirer, Batch files must be closed once a day.
Digital Wallet is a digital wallet. A program for paying for goods using a plastic card. Before buying something, the buyer registers in the Payment Gateway, receives a name and password, and then can make a purchase on any web-site that supports this type of digital wallet.[/DATAENCODE
Dial-Up Line: A means of communication when a dial-up connection is established and terminated when the call is ended.
Direct Payment: A method of payment collection used in the ACH network especially for recurring payments and where the debtor grants permanent authorization for the debit of their account.
Discount Rate is the percentage the Acquiring Bank charges the seller for each purchase. The percentage depends on the volume of trade, the Average Ticket price, and many other factors.
Down Time: The period of time when all or part of the system or network is unavailable to the end user due to malfunction or support procedures.
EDI /Electronic Data Interchange is the most important part of e-commerce and is the exchange of business data in a standardized computer-to-computer format between trading partners. It is used by banks and other financial institutions to make payments.
E-Merchant/Internet Merchant: A company that sells goods and/or services through an Internet page.
Electronic Commerce (E-commerce)/Electronic Commerce is a type of business activity in which commercial interactions between business entities are conducted through the Global Computer Network Internet.
Electronic Mail: A system in which a computer user can exchange messages with other users (or groups of users) via a communications network.[/DATAENCODE
Enveloping is an EDI management software function that groups all documents of the same type (transaction set) and destination into electronic envelopes.
Electronic Envelope – Information in the header and at the end of the document that follows before and after the business information in an EDI transmission. Performs essentially the same functions as a normal paper envelope in a paper-based ( not electronic) business. It controls the path from sender to recipient and provides a secure and clear audit trail for the business information it contains.
Electronic Funds Transfer/EFT is an e-commerce technology that allows the transfer of funds from the bank account of one person or entity to the bank account of another person or entity. The term EFT is also used to refer to the act of using this technology.
An Electronic Mailbox is a storage location for EDI transactions, typically presented by a value-added network (VAN) to its users.
Electronic Data Capture is the use of a POS terminal to authorize and transmit transactions to a credit card processor or other IDA. The role of the POS terminal can be a special program or Payment Gateway.
Electronic Money is digital cash. It is stored electronically in computers or microprocessors. It is in the possession of the purchaser. Digital cash can be bought and kept in a special device. The amount of e-cash is reduced when the device is used to purchase goods. There are two types of devices for storing e-cash – smart cards (Prepaid Cards) or special computer programs. In case of smart cards the digital cash is stored in a microprocessor embedded in a plastic shell, to pay for the purchase the smart card is inserted in a special reader. If a program is used, the digital cash is stored as files on a hard drive and transmitted from the buyer to the seller over a computer network, such as the Internet.
Electronic Wallet – a device for operation with smart cards. It can e.g. block the card, read its balance, show several recent transactions, etc.
Ethernet is a local area network based on coaxial cable, first described by Metcalfe and Boggs of Xerox PARC in 1976. It is now recognized as an industry standard.
Extranet is a community of trading partners that exists based on a business network controlled by Internet access providers, again using Internet communication protocols and web browser technology. Extranets exist based on community control.
]Expiration Date The number imprinted on the bank card after which the card becomes invalid.
Flat rate( Bundled rate) is a fee that includes communication and transaction costs.
FEDI/Financial Electronic Data Interchange is the computer-to-computer transmission of both payment instructions and remittance details, using international messaging standards. An example is trade payments: e.g., a retailer sends a payment to a supplier as payment for several invoices.
Financial Institution: Any institution that moves, invests or lends money, operates financial instruments, or provides financial services, such as commercial banks, savings banks, and credit unions.
Firewall: A specially programmed computer that connects a local area network to the Internet and only allows certain messages to pass through for security reasons.
Front-End is what the customer sees on the merchant’s website. Front-End allows the shopper to interact with the electronic shopping cart ( Shopping Cart), the database, and to pay for purchases.
Franchise: An organization that grants a license to a group of merchants to market a company’s goods or services in a particular territory.
Frequently Asked Questions (FAQ): A term that refers to a list of the most frequently asked questions and answers about a company’s products and services.
Functional Group is a grouping of related sets of transactions belonging to the same class. For example, a functional group may include a purchase order, purchase order confirmation, etc.
Gateway]Gateway is an application that accepts transactions from online merchants and sends them to the financial institution’s processing system.[/DATAENCODE
Gateway Company/Payment Gateway Company: A company that provides IT financial and technical solutions to enable online credit card acceptance.
Hard Copy: The original document related to the transaction, such as a cheque, credit slip, etc.
Holdback is the portion of the funds received by the merchant from card payments that is blocked by the acquirer or other IDA to cover Chargeback and other disputed payments. After a certain period of time, the Holdback is returned to the merchant.
Host Capture – automatic generation of Batch file in payment processor or payment gateway.
Host Computer is the computer that performs the authorization and completion(s).
Home Page: The page where the user normally enters the home page and which normally contains the main links to the page content.
HTML/Hyper Text Markup Language is an SGML-based language used to create web pages on the Internet in which hypertext links, text, graphics, sound, and video are combined.
HTTP client/ HTTP client is a program that establishes HTTP connections for the purpose of sending HTTP requests. The HTTP client is usually a desktop browser such as Netscape Navigator and Microsoft Internet Explorer, but can also be a program that runs on a server. For example, within OVI, the NTTR client on the purchasing organization’s server establishes NTTR connections to the selling organizations’ NTTR servers to send orders.
Hyperlink]A hyperlink is text in an HTML document that indicates a link to other information on the web. To distinguish them from plain text, hyperlinks are usually bold or underlined.
Hypertext]Hypertext is a set of documents (or nodes) containing cross-references or links that, with the help of an interactive browser program, allow the reader to easily navigate from one document to another.[/DATAENCODE
Interface is a recognized and definable point of intersection between two systems.
Interchange Fee is what the acquiring bank pays to the issuing bank for each credit card transfer. This fee is part of the Discount Rate.
The Internet is a worldwide network of networks, providing communications for sending e-mail, transferring files, connecting with other computers and accessing information existing in many different forms, such as bulletin boards for people with a common interest or electronic product catalogues.
Internet cash is purchased from an issuer (a bank or credit institution) and then freely exchanged over the Internet. Internet cash is designed for small payments, both overseas and domestically. They are purchased in the local currency, and after purchase, the seller sends electronic cash to the buyer in an Internet message.
Internet Protocol/IP is a network layer for the TCP/IP protocol suite that is widely used in Ethernet networks. IP is the most efficient packet exchange protocol. It provides routing, fragmentation, and subsequent assembly of packets across the data link layer.
Internet Service Provider (ISP)/Internet Service Provider is an organization that provides access to the Internet, including email and access to the WWW. Either a modem or a dedicated line is used to communicate with an ISP.
Intranet is a private network connected together using TCP/IP technology and generally connected to external networks, including the Internet, through a firewall (a means of protection against unauthorized access).
Issuer, Issuing Bank means a financial or other institution that supplies payment cards, such as credit or debit cards. The issuer sets the credit limit of the card or account for the cardholder. The issuer is obliged to transfer money from the card account to the acquiring bank servicing the merchant. If the buyer has a credit card, the issuing bank bills the buyer after the purchase.
Imprint – reading of card parameters. It can be electronic (via POS terminal) or manual (obtaining card imprint by imprinter). Imprint is required to prove the physical presence of the card at the point of purchase.
JAVA: A computer language invented by Sun Microsystems. Because Java programs can run on any modern computer, Java is ideal for creating application programs on the Internet.
Japanese Credit Bureau (JCB)/Japan Credit Bureau: JCB Card Issuer.
Line speed – Measured in bits (information) per second (bps) or baud, it refers to the speed at which a modem can transmit data between computers.
Limited-purpose prepaid card – a card that can be used only in certain stores or only to pay for phone calls. An example is a phone card.
Local Area Network (LAN)/Local Area Network: A geographically limited data communication network with a large amount of data being transmitted. The area served by a network may consist of a single building or a group of buildings. The network may have gateways or bridges to other private or public networks and connect computers that are less than 1000 meters apart.
Loop/ Loop is a repetition of a group of segments in a transaction set.
Loop ID/loop number is a unique code that identifies a grouping of segments.
Local Review is the seller’s ability to see from his terminal or ECR the contents of the Batch file before and after completion (Settlement).
Magnetic stripe is a magnetic stripe. It is located on the reverse side of the plastic card and contains the card account information linked to the card in coded form. The magnetic stripe has two tracks. The first track stores the cardholder’s name, the second track contains the card number and expiration date.
Matching/ Matching is an accounting concept designed to prevent fraud and error, its most complete form being the Tripartite Matching, bringing the purchase order, receipt record and invoice into conformity.
MOTO Discount Rate (Mail Order/Telephone Order) is the percentage the acquirer charges on each transaction when the merchant does not have access to the card itself, knowing only its settings communicated to him via phone, fax or Internet. When the merchant does not have the card itself, the percentage (Discount rate) is usually higher.
Merchant:Merchant or any other person or firm who, under the Merchant Agreement, undertakes to accept credit and/or debit cards for payment.
Merchant Account is a special transit account opened by a merchant with a bank that allows you to accept credit card payments. By opening a Merchant Account, the bank agrees to pay the merchant for properly made purchases in exchange for withdrawals from the customers’ accounts with the issuing banks.
Merchant Account Provider (MAP) is a bank or firm where a Merchant Account can be obtained. The MAP also accepts plastic card payments. More broadly understood, the term includes any credit card transaction, such as an ISO. Merchant Agreement: A written contract between a merchant and an acquiring bank that explains the rights, obligations, and warranties of the parties in the process of accepting card payments.
Merchant Bank is the bank (Acquirer) where the Merchant Account is opened. When a buyer purchases an item, the Merchant Bank transfers money to the seller in exchange for the right to withdraw money from the buyer’s account. br
Merchant Category Code is a code that the acquiring bank assigns to the merchant. This four-digit code, sometimes called the SIC CODE, reflects the merchant’s primary line of business.
Modem: A device which converts serial digital data from a computer into a signal suitable for telephone transmission and reconverts the signal into serial digital data for the receiving computer. When data is received, the process is reversed (MODULATOR/DEMODULATOR).
Multi-Trans Mode – When the Host Computer allows multiple transactions per connection to the payment processor.
Network/ Network is a complex system of computers connected and exchanging data.
Network Layer is the third and lowest layer in the seven-layer ISO model. It defines the path of data packets from the sender to the receiver over the communication channel and is used by the transport layer. An example is the IP protocol.
OBI / Open Buying on the Internet / Open Buying on the Internet is the standard for secure, interoperable business-to-business online commerce.
An OBI order is an EDI-based data structure that reflects an official, authorized request for goods or services based on predetermined prices, terms and conditions. Sent ( within an OBI facility) from the purchasing organization to the trading partner and is generally linked to the corresponding order request. The order format is defined by the OBI order format agreement, which is based on EDI standard ASC X.12 850.
OBI order request
OBI order request is an EDI-based data structure that reflects the requisitioner’s shopping cart. Sent from the purchasing organization to the requisitioner’s organization for order processing and approval.
A online store is a Web site with shopping facilities available on an open network, such as the Internet, that offers goods and services for sale. A chain store is similar to a store or commercial enterprise that a customer must visit in order to purchase goods or services.
Order form/ Order form is an electronic form containing fields for entering all data required to place an order.
Order Shipping Set/ Order Shipping Set – typically used for direct purchases. Includes instructions on how to get the order, a shipping waybill, updated stock status, and information from the invoice.
PDF File:A method for distributing formatted documents over the Internet. You can get a special document reader called Acrobat at https://www.adobe.com
Personal Identification Number (PIN): A confidential individual number or code used by a cardholder to verify card ownership for ATM or POS transactions.[/DATAENCODE
Payment System is an aggregate of normative, contractual and information-technical means, as well as decisions of the participants (banks, institutions, companies), which regulate their relations regarding the use of bank payment card (BPC). The payment system shall unite at least two issuing banks. All APCs that belong to the same payment system must contain attributes that make it possible to identify them as belonging to the payment system.
Payment Gateway/Payment Gateway is a server on the Internet with the programs installed on it that connects a merchant’s web server with the payment processor.
Point of Sale (POS)-the place where goods are paid for and delivered. On the Internet, point of sale software allows merchants to accept transactions at their online stores and make subsequent transactions with their financial institutions.
POS Terminal is an electronic device used to authorize and make credit card payments. It can automatically read the data recorded on the magnetic stripe of the card. Card parameters can be entered manually. The POS terminal is also suitable for MOTO transactions.
Port: Usually, a port is a piece of computer hardware through which computer data is transmitted; the inputs on the back of a computer are ports.
Protocol/ Protocol is a set of rules governing the flow of information in an electronic communication system.
Processor/payment processor is a large computer center that authorizes the card and then transfers the money to the acquiring bank associated with the processor.
Public Key Cryptography is an encryption scheme that does not require a secret channel to establish secret communication. To send a secret message, only the recipient’s public key is needed, which decrypts the received message with its secret key.
Qualification/transaction reputation – depends on how card parameters are entered, how quickly the transaction is submitted for payment (Settled), on the type of business, other information. The higher the Qualification, the cheaper the transaction costs.
Real-Time EDI/Real-Time EDI is an EDI in which transaction sets are sent and received online and all transactions can be completed in a single session. Currently, most EDI transactions are still done in save-and-select or save-and-forward mode. Also known as interactive EDI.
Recurring Fees are regular, usually monthly, fees for maintaining a Merchant Account. Includes Discount Rate, Transaction Fee, Statement Fee, and Monthly Minimum.
Requisitioner is the individual placing the order.
Retrieval Request – a request to the merchant to provide documentation of a specific transaction. It comes from the bank in disputable cases, when the cardholder disputes the transaction. May lead to a chargeback.
Secure Socket Layer (SSL)-Secure Socket Layer synchronization protocol was developed by Netscape Communications Corporation to provide security for data transmitted over the Internet. It supports both server-level and client-level authentication. The SSL protocol is application independent, allowing transparent overlay of protocols such as HTTP, FTP (file transfer protocol) and Telnet. SSL is able to exchange encryption keys and also authenticate the server before a higher level application starts communicating. The SSL protocol ensures the security and integrity of the transmission channel through encryption and message identification codes.
SET (Secure Electronic Transaction)/Secure Electronic Transaction is a credit card payment security system developed by Visa, MasterCard, Microsoft and several leading banks. It is based on public key encryption of all information related to card parameters and separation of information between the parties to the transaction so that none of them has the whole information. SET includes messages for electronically purchasing goods and services, requesting payment authorization and credentials(i.e., certificates) with mandatory public keys for authentication, and other services.
1. A computer that provides services to other computers (clients) on a network. An example would be a file server that has a local disk and serves requests from remote clients to read and write files to that disk.
2. A program that provides some service to other programs (clients).Communication between the client and the server is usually by message transmission, often over a network, and some kind of protocol is used to encode client requests and server responses.
Settlement/Coverage: As the amount of the transaction passes from the merchant to the acquirer and to the issuer, each party buys and sells a sales slip. Coverage refers to the transfer of data or cash from the acquirer to the issuer during this process.
Shopping Cart Software allows a cardholder to select items from a virtual store and put them into a virtual shopping cart. Shopping Cart saves the chosen products, calculates the total sum as well as taxes and shipping charges. Shopping Cart makes sense when a visitor makes multiple purchases.
Smart Card/Chip Card: A plastic card that resembles a regular credit or debit card and contains a computer chip capable of making calculations. The chip allows a much larger amount of information to be stored than a magnetic stripe. Electronic money can be stored inside the smart card, which can be spent in a store and received at a special ATM. Widely used in France and Germany.
Submission: The process of transmitting Batches (transaction batches) for processing by mail or electronically.
Terminal Capture is a type of card payment acceptance where transaction information is stored on the merchant’s computer, which manually dials a Batch from it and then sends it for payment (Settlement) each day.
Third-Party Processing is a firm, not owned by Visa or MasterCard, hired by an acquirer or issuer to conduct authorization and payment on plastic cards.
Ticket: The alternate name for the sales receipt or its cash equivalent that appears when a credit card sale takes place.
Transaction: Any event that results in a change in the financial position of an organization in the normal course of its operations. An example of a transaction is making a purchase with a credit card.
Transaction Date]Transaction Date: The actual date when the transaction occurred. Used to record and search transactions.
Transaction Fees are a flat fee charged to the merchant for each transaction (in addition to the Discount rate). Will vary between $0.20 and $1.00.
Transaction File is a file in which payment processor puts all transactions made during the previous day. Some processors create two files – one containing only authorizations, the other containing only completed (settled) transactions.
Transaction Set/ Transaction Set is a collection of formatted data that contains the information needed by the recipient to complete a standard business transaction. In the EDI standard, a transaction set is defined as having three sections: a header, details, and a summary, and consisting of predefined groups of segments in each section.
TCP/Transmission Control Protocol is the most common transport layer protocol used in Ethernet and Internet networks. TCP is built on top of the Internet Protocol (IP), and is almost always used in conjunction with TCP/IP. It provides reliable communication, data flow control, and multichannel information transmission.
Valid Date: The number imprinted on the credit card from which the card becomes valid. The company cannot accept the credit card for payment before that date.
Web Hosting/ World Wide Web Hosting is a service which provides an Internet entry point for a commercial web site.
Web Server/Web server is software that allows an enterprise to manage its web site and populate its content.
WWW/World Wide Web is currently the fastest growing area of the Internet, allowing access to information on a given topic regardless of location. Users automatically navigate from one database of interest to another via hyperlinks. An increasing level of sophistication allows for the development of interactive multimedia tools.
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