PAYMENT GLOSSARY

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. At checkout, the shopping cart connects to a secure payment page where customers complete their purchase with a payment card.

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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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