Settlement Settlement: When a transaction has been completed between the aquiring bank and the issuer. When a merchant settle funds they are sent to the merchants account. View Glossary and Payment Processing Terms
Sales Draft Sales Draft: Paper documentation of a transaction View Glossary and Payment Processing Terms
Recurring Billing Recurring Billing: When a transaction is setup to happen on a regular schedual and is charged to cardholder ongoingly. View Glossary and Payment Processing Terms
Receipt Receipt: A physical copy of the transaction from the point of sales location. Reciepts can include date, merchant name/location, primary account number, type of account accessed, amount, reference number, and an action code. View Glossary and Payment Processing Terms
Processor Processor: A company that provides payment services, that clears and settles payments. View Glossary and Payment Processing Terms
Prepaid Cards Prepaid Cards: A debit card that is reloadable or non reloadable and the card hold can spend the cash value of the amount on the card. View Glossary and Payment Processing Terms
POS Terminal POS Terminal: A device located at a merchant location that accepts card payments electronically and is connected to bank View Glossary and Payment Processing Terms
Point-of-Sale System Point-of-Sale System: A electronic system that accepts card payments and delivers transaction data to various networks. It is used in retail locations for selling products and services. View Glossary and Payment Processing Terms