QuickChip
A specification enhancement implemented in Visa credit cards that streamlines the purchase process for cards with EMV (Europay, MasterCard and Visa) technology.
Credit Card Processing
A term used to refer to financial transactions paid with credit cards.
Debit Networks
Debit networks aren’t a single entity but a combination, including payment terminals, debit card issuers and processors.
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.
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.
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.
