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Payment Processing Terms

Sniffer

Malware used by hackers to intercept payment card data traveling through merchant or processor networks.

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Merchant Bank

A federally insured financial institution responsible for connecting merchants to Visa Inc. and MasterCard Worldwide authorization and settlement systems. Also called an acquiring bank, merchant

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Skimming

Requires the use of small swipe devices (called skimmers) to capture unsuspecting customers’ credit and debit card numbers at ATMs and POS devices.

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Smart Cards

Credit and debit cards featuring tiny silicon chips that contain information like account numbers and PINs that can be read only by compatible POS terminals.

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Factoring

When a merchant processes sales through his or her merchant account on behalf of another merchant. Laundering violates the terms of merchant agreements. Also called

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Taxpayer Identification Number (TIN)

An identification number issued to business entities and individual taxpayers by the Internal Revenue Service or the Social Security Administration. Social Security numbers are issued

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