A card that enables the user to transfer funds to another party, normally overseas, and often in another currency. No bank is required to transfer the money, and the recipient has instant access to the funds made available, either to spend in a retail outlet or to obtain cash through an ATM.
An auditor, certified by the PCI SSC, who assesses the PCI compliance of payment systems to ensure they are properly protecting card data. The PCI DSS requires that all Level 1 merchants (those that process over 6 million card transactions a year) be evaluated annually by a QSA.
An abbreviation for quick response code. It is a type of two-dimensional code, also called a matrix bar code, that has large data storage capacity and can be decoded at high speed. QR codes are square, with black patterns on a white background and can be encoded to contain all types of data, for example information in alphanumeric or binary form.
Initially created for the automotive industry, QR codes have become an increasingly popular way for companies in a variety of industries to provide information and offers to their customers and
A system for managing the sale of retail goods. Short for point of sale system, the term refers to the hardware and software that enable merchants to accept and process payments at checkout, as well as carry out a host of related tasks, such as inventory, accounting or loyalty program tracking. POS systems offer more functionality than stand-alone POS terminals and can be tailored to specific business types, such as restaurants or grocery stores.
An agency responsible for the development, management and education of the PCI security standards, including the PCI DSS, PA DSS, and PCI PTS. The council was founded in 2006 by AmEx, Visa, MasterCard, JCB and Discover.
Established to help software vendors and others develop secure payment applications that do not store prohibited data and to ensure their compliance with the PCI DSS. Payment applications that are sold, distributed or licensed to third parties are subject to PA DSS requirements.
In-house payment applications developed by merchants or service providers that are not sold to a third party are not subject to PA DSS requirements but must still be secured in accordance with the PCI DSS.
Consists of interchange fees charged to merchants by issuing banks for the ability to accept bankcard transactions combined with fees charged to merchants by acquirers to cover such services as processing, terminal installation, help desks and statement rendering. The merchant discount is set by the acquirer at a percentage of the purchase amount, typically between 1.5 percent and 3.5 percent. Sometimes the acquirer’s portion of the merchant discount is referred to as the net merchant discount. Also referred to as a transaction fee.
A category of card-not-present transactions involving purchases made through mail order or telesales companies. In this type of transaction, the merchant typically has a card terminal and manually keys in required card information for transmission to the appropriate authorization network. Interchange rates for these transactions are among the highest.
People who sell bankcard services to merchants on behalf of ISOs, acquirers and processors. Also known as merchant level salespeople (MLSs) and independent sales agents (ISAs), most agents are independent contractors. Others are paid employees of ISOs, acquirers and processors.
When a cardholder’s bank (issuer) reverses all or part of a card transaction back to the merchant bank (acquirer), which typically kicks the transaction back to the merchant’s account, leaving the merchant financially liable for the payment and subject to fines. Chargebacks can be initiated by customers or by cardholders’ banks (for example, due to procedural errors). Chargebacks that exceed 1 percent of monthly sales generally are considered excessive.
« Previous Page — Next Page »