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Payment Gateway - The transaction processing vehicle that receives encrypted transactions from the merchant server, authenticates the merchant, decrypts the payment information, and transmits the data to the authorization and settlement networks.

PC Software - A software program that is designed to perform a specific function on a computer system. Examples would be accounting systems, manufacturing systems, order entry and fulfillment, ticketing, reservations, etc. The application is either purchased or built by the merchant, and must be interfaced with a credit card authorization system in order to provide on-line transaction processing.

PCI Compliance - PCI is the abbreviation for Payment Card Industry. The card associations (MC/Visa etc.,) put together the guidelines that are required for all merchants to follow to become PCI compliant. PCI compliance has been established to protect cardholder data. You can go to Visa’s website at www.visa.com/cisp for more details regarding PCI compliance.

Private Label Cards - Credit, debit or stored-value cards that can be used only within a specific merchant's store. Also referred to as proprietary cards.

Point Of Sale (POS) - A location where credit card transactions are performed with the cardholder present, such as a retail store. The card is read magnetically, and the cardholder's signature is obtained as insurance against the transaction. This is the most secure form of credit card commerce.

POS Terminal - Equipment used to capture, transmit and store credit card transactions at the point of sale. Examples are Verifone, Hypercom, Ingenico or Lipman terminals.

Processor - A Processor is the company that actually routes an Authorization Request from a Point of Sale device (such as a Verifone credit card terminal) to Visa or Master Card, and then arranges for Fund Settlement to the merchant. Such processors are traditionally accessed via direct dial out modems connecting to their system.

Processing Network (Vendor) - The medium of data transport between the merchant application and the processor. This company authorizes and captures credit card transactions.

Procurement/Purchasing Cards - Charge cards used by businesses to cover purchasing expenses, such as raw materials or office supplies.


  
 

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