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|
Term |
Definition |
|
Acquirer |
An institution that accepts and submits payments on behalf of a merchant to a processor |
|
Alternative Payments |
Typically referred to as "non association" (MasterCard, Visa, Discover, American Express, etc) based payment vehicles. Lower costs generally make these more attractive to merchants |
|
American Express |
An independent financial organization that issues and process charge cards under their brand |
|
Bank |
A financial institution that issues cards (credit or debit) and checks for consumers and corporate. They also hold accounts for merchants |
|
Bar Code |
Bars printed on a card that is read and converted into information about cardholder or account |
|
Cash |
Paper and coin-based currency with increasing decline in usage in mature or developed markets |
|
Chip |
Micro-processing smart card in either a contact or contactless/proximity format. Benefits can include higher security, multiple applications on a singe card and stronger offline support |
|
Consumer |
Consumer's holding an account for making payments for goods or services |
|
Corporate |
Corporations managing the procurement of goods and services by their employees for business purposes |
|
Credit |
The lending of money for an immediate purchase with a promise to pay sometime in the future |
|
Discover |
An independent financial organization that issues credit cards |
|
EBT |
The electronic processing of government managed benefits |
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eCheck |
The electronic conversion and processing of a paper-based check at the point of sale |
|
Emerging Payments |
Alternative payments that are gaining mass appeal and more general acceptance |
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ePurse |
Prepaid value stored (loaded and redeemed) from a smart chip |
|
Form Factor |
The type of device holding the account holder data and facilitating the payment transaction. Examples include, check, cash, plastic card, key FOB, mobile phone, etc |
|
Government |
Government managing the procurement of goods and services by ther employees for business purposes OR the regulation and management of payment systems to protect its citizens |
|
Issuer |
An organization that issues and manages accounts for the use of purchasing goods and services |
|
JCB |
Member organizations providing governance and rules for their branded schemes. For example MasterCard and VISA |
|
Mag Strip |
Magnetic tape on a card that holds information related to the card holder and account |
|
MasterCard |
Member organizations providing governance and rules for their branded schemes. For example MasterCard and VISA |
|
Merchant Payments |
A retailer who accepts cash, coins, check and electronic payments including credit, debit, and prepaid payments |
|
Micro Payments |
A low-value payment, typically under $5.00 USD |
|
Mobile Payments |
Electronic payments facilitated through the mobile phone/device at a point of sale or vending machine |
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NFC - Near Field Communications |
The standard for interoperability between multiple wireless technology communication protocols |
|
Paper Check |
A MICR (magnetic ink) payment form factor used to pay from goods and service from a deposit account |
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PayPal |
An alternative payment solution for purchasing goods and services online. |
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Pin Debit |
Often referred to as 'online' debit, where the payment is transacted through the EFT network and the transaction is authenticated and signed with a PIN |
|
Prepaid |
Prepaid value purchased in advance and held with the issuer for future payment |
|
Processor |
The service provider that facilitates and manages secure transactions of electronic payments on behalf of a merchant |
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Proprietary |
A closed loop system that generate operates in a limited network of one retail system |
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RFID |
Radio Frequency Identification - a proximity or contactless communication protocol for secure communications between a card or FOB and a terminal |
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Signature Debit |
Often referred to as 'offline' debit, where the payment is transacted similar to a credit card and the receipt is physically signed |
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StartPoint |
KeyPoint's metadata repository of strategic and competitive data to jump start your project |
|
Stored Value |
Prepaid value purchased in advance and held with the issuer for future payment |
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Visa |
Member organizations providing governance and rules for their branded schemes. For example MasterCard and VISA |
|
Web Payments |
Secure payments facilitated over the Internet for goods or services. Typically credit or debit cards, but is always increasing as emerging payments gain more adoption |
