The misuse of a card or card data by a cardholder or third party.
Account Number
A unique number assigned to a customer account or cardholder. Account numbers are embossed on a customer's card and encoded with other pertinent customer data in the magnetic strip.
ACH (Automated Clearing House)
a centre for the automated processing of payment transactions.
Applicant
A person/company that completes and submits an application for credit.
Approval Code
A code provided by the card issuer that confirms approval of a transaction for a specified amount. See Authorization Code.
Authorization Code
A code provided by the card issuer that signifies approval or denial of an authorization request for a transaction. See Approval Code.
Authorization Date
Date and time of a transaction authorization.
Authorized Transaction
A transaction that has received an authorization approval through receipt of an authorization code.
Authorized User
a person who has been permitted to us an account number.
A written report listing all transaction made on an account, including deposits, withdrawals, checks, electronic transfers, credited amounts, earned interest, etc. provided by a financial institution.
Billing Cycle
The number of days between your previous and current statement date.
Billing Date
The date on which your billing statement is produced.
BIN (Bank Identification Number)
Usually the first six digits of a credit card number, which signifies the issuing bank.
The data on which a card must be renewed. If applicable, this date typically appears on the front of the card.
Cardholder
a person to whom a card has been issued.
Cardholder Agreement
The terms and conditions identified by the issuing company according to which the cardholder may use a credit card.
Centralized Billings
Account billings provided to one centralized location for a large commercial organization.
CISP (Cardholder Information Security Program)
Ensures that all merchants that store, process or transmit credit card data in a secure environment. To achieve VISA or MasterCard CISP, a service provider must adhere to PCI-DSS standards.
Credit History
An overview of an entity's financed over a certain period of time which illustrates the extent to which the entity is likely to pay its bills on time and its existing credit relationships.
Credit Limit
The maximum dollar amount an account holder may incur.
CSV (Comma Separated Value)
an electronic file format that allows data to be transferred into spreadsheet programs.
The recording of transaction data such as customer name, account number, products/services rendered, transaction amount, currency.
Data Integrity
The prevention of unauthorized access to or modification of data. See PCI-DSS Compliance.
Decentralized Billings
Individual account billings that may be provided to various branches within a large commercial organization, even if all branches utilize a single line of credit.
Default
non-payment of an account according to the terms of the cardholder agreement.
Measures used to confirm that an account user is actually the authorized accountholder.
Interchange
A small fee paid by an acquirer to the issuer that serves to compensate the issuer for a portion of the risks and costs incurred to maintain cardholder accounts.
Issuer
an institution that issues cards, receives card holder transactions from merchants, guarantees the payment to merchants for their sales to cardholders, bills cardholders, and collects the respective amounts from cardholders.
Line item detail regarding transactions made on an account. For instance, Level III Data includes a customer reference number (PO number), merchant order number, sales tax breakdowns, and product-specific information.
A payment card issued to businesses, companies or Government departments to make supplier or trade agreements.
Payables
Money owed to a third party by a company for the purchase of goods or services.
PCI-DSS (Payment Card Industry Data Security Standards)
A complex set of guidelines through which acquiring banks, Independent Sales Organizations (ISOs), processors, hosts, shopping carts, e-commerce sites, retail merchants and other merchants ensure that all credit card information and transaction data are processed, transmitted and stored in a secure environment.
PIN (Personal Identification Number)
a set of digits utilized to verify the cardholders identity. Typically a numeric code that serves as a password.
Point of Sale
The point of time or physical location at which a customer makes a purchase.
The process of confirming that purchase orders given match invoice details received prior to applying payment. The procedure ensures for the accuracy of accounting records.
Revolving Credit
Credit cards offering revolving credit allow a user to borrow up to their credit limit, repay some or all of that amount, and then borrow against the same line of credit prior to completely paying off the credit line.
