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An INSIDE Analysis of Credit Card Processing and the Payment Industry
Understanding the Payment Industry is a tough task. Merchants are faced with confusing statements, hundreds of various payment processing fees, and numerous processing options offered by Merchant Service Providers, Payment Gateways, and other payment processing entities. The PAYMENTINSIDER provides articles, posts, and whitepapers on the Payment Industry, including this article, Payment Industry Term: ATM System, with the goal of creating transparency in this marketplace.

Payment Industry Term: ATM System

Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. ATM System, when used in context with payment processing, means: ATM System – The telecommunications and processing system operated by or on behalf of an Acquirer Member to process STAR Transactions initiated through the Acquirer Member’s STAR ATMs or STAR POB Terminals. The ATM System … Read More »

Payment Industry Term: Authentication

Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. Authentication, when used in context with payment processing, means: Authentication – The process by which Authentication Tokens are verified to establish the identity of a STAR Account Holder. For additional information on payment industry terms, including articles and news on trending information, visit the PAYMENTINSIDER … Read More »

Payment Industry Term: Authorization

Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. Authorization, when used in context with payment processing, means: Authorization – The act of ensuring the cardholder has adequate funds available against his or her line of credit. A positive authorization results in an authorization code being generated, and those funds being set aside. The … Read More »

Payment Industry Term: Security Compliance Review

Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. Security Compliance Review, when used in context with payment processing, means: Security Compliance Review – A review that is based on an approved checklist and that is performed by a Member’s or Processor’s Approved Auditor to verify the Member’s or the Processor’s compliance with these … Read More »

Payment Industry Term: Account Number

Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. Account Number, when used in context with payment processing, means: Account Number – A unique sequence of numbers assigned to a cardholder account that identifies the issuer and type of financial transaction card. For additional information on payment industry terms, including articles and news on … Read More »

Payment Industry Term: Card Issuer

Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. Card Issuer, when used in context with payment processing, means: Card Issuer – 1) The financial institution or retailer that authorizes the issuance of a card to a consumer (or another organization), and is liable for the use of the card. The issuer retains full … Read More »

Payment Industry Term: Acquirer

Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. Acquirer, when used in context with payment processing, means: Acquirer – A licensed member of MasterCard and/or VISA (or its agent) which maintains merchant relationships, receives all bankcard transactions from the merchant, and initiates that data into an interchange system. For additional information on payment … Read More »

Payment Industry Term: Card Verification Code (CVC)

Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. Card Verification Code (CVC), when used in context with payment processing, means: Card Verification Code (CVC) – A unique value calculated from the data encoded on the magnetic stripe of a MasterCard card, validating card information during the authorization process. For additional information on payment … Read More »

Payment Industry Term: Acquiring Bank/Merchant Bank

Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. Acquiring Bank/Merchant Bank, when used in context with payment processing, means: Acquiring Bank/Merchant Bank – The bank that does business with merchants enabling them to accept credit cards. A merchant has an account with this bank and each day deposits the value of the day’s … Read More »

Payment Industry Term: Card Verification Value (CVV)

Payment Industry terms can be confusing. In addition to the hundreds of various interchange fees, payment compliance standards, and complex statements, the merchant is also tasked with understanding industry jargon. Card Verification Value (CVV), when used in context with payment processing, means: Card Verification Value (CVV) – A unique value calculated from the data encoded on the magnetic stripe of a VISA card, validating card information during the authorization process. For additional information on payment … Read More »