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Store and Forward

Store and Forward refers to a feature that involves capturing the necessary transaction data and storing that data temporarily (usually in the event of an internet outage) until the data can be passed along to the processor once the internet service is restored.

Issuing Bank

Also known as a member bank, an issuing bank offers payment cards – such as debit or credit cards – on behalf of other financial institutions.

Interchange

A financial payment term used to refer to the exchanging of funds between two or more entities, usually banks, credit card issuers and merchants.

Debit Networks

Debit networks aren’t a single entity but a combination, including payment terminals, debit card issuers and processors.

QuickChip

A specification enhancement implemented in Visa credit cards that streamlines the purchase process for cards with EMV (Europay, MasterCard and Visa) technology.

Payment Gateway

A security service that transmits credit card information from a buyer to a seller so credit-based purchases can be processed.

Purchase Cards

Otherwise known as procurement cards or P-Cards, purchase cards are issued by employers that enable assigned staff to purchase products or services for the company’s purposes.

Transaction Fee

Transaction fees are fees that a processor charges the merchant associated with each credit card transaction.

Acquiring bank

An acquiring bank (also known as the merchant bank, merchant account provider, or acquirer) is a bank that manages the merchant’s account.