Payment Processing Terms

The acquiring bank’s fee; it is equal to interchange (which is paid to the issuing bank) plus the acquiring bank’s markup. Think of it as

A group of people interested in advancing a given area of knowledge, technology or culture. SIGs function cooperatively and are solutions oriented. Members share ideas

Phishers pose as trusted entities (such as banks or credit card companies) and, using e-mail and text messaging, con consumers (and increasingly businesses) into providing

A Visa Inc. term for an entity that provides payment-related services, directly or indirectly, to Visa clients or merchants within the United States and Canada.

Pertains to cards issued by a corporate entity, or group of corporate entities. They can only be redeemed within a restricted selection of corporate entities,

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

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

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

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

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