PAYMENT GLOSSARY

PCI-DSS

PCI-DSS stands for Payment Card Industry Data Security Standards, a set of requirements established by the credit card networks to protect cardholder information and reduce the risk of data theft. The standards apply to you, merchant account providers, issuing banks and the credit card networks. Meeting these requirements is known as being PCI compliant.

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Voice Authorization

A low-tech processing solution (typically used by low-volume merchants) which requires you to call an authorization center to process a transaction and receive authorization.

Virtual Shopping Cart

A program that is integrated into a website and makes it possible for shoppers to keep a running tally of products and services they plan to purchase.

Terminated Merchant File

Also called MATCH, this database is maintained by third-party processors, banks and other financial institutions.

SSL

SSL stands for Secure Socket Layer, a system for encrypting payment card data sent over the internet.

Retrieval

Retrieval is the first step in the chargeback process.

Real-Time Processing

The ability to approve or decline a payment card transaction in seconds while the customer waits.

Recurring Billing

A transaction charged to a cardholder on a designated periodic basis (weekly, monthly, annually) as payment for products or services.

POS Terminal

The electronic equipment used to capture, transmit and receive the information necessary for electronic payment card transactions.

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