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. Third Party Agent (TPA) functions can include storing, processing or transmitting Visa account numbers. The term is inclusive of ISOs, merchant servicers and other entities that perform multiple functions on the issuing and acquiring sides of the bankcard business.
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, defined by geography, type of business, type of terminal et cetera. Also known as restricted loop card or semi-open-loop cards.
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 bank or sponsor bank.
Acquirers and merchants are the two signatories to merchant agreements. Acquirers can be thrifts, banks or credit unions. For example, First National Bank of Omaha is an acquirer and a bank. To sell bankcard services, it is necessary to have a signed agreement with an acquirer or be part of an ISO that is sponsored by an acquirer.
Among other things, an acquirer
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.
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.