The physical proof on a sales draft that a physical credit card was used to make the purchase Electronic imprints can be created with a correct POS entry code on a magnetic stripe reading terminal.
A device that produces an image of a bankcard’s embossed characters on copies of credit slips and sales drafts.
|Independent Sales Organization (ISO)||
An entity that acquires merchants in the best interest of different kinds of merchant service providers or that sells merchants their services and/or products.
|Interchange (Credit Card Interchange)||
The process that oversees credit card transactions for acquirers, issuers, processors, etc. The Interchange performs the following activities: processes, settles, and clears card transactions. assesses and distributes fees between all parties.
The amount merchants are charged by the Card Association to collect funds for the bank and submit the billing information to the cardholder’s bank Credit card regulations establish the interchange fees. Appropriate data must be captured, e.g., cardholder’s address, proof of card swipe, customer’s electronic signature, etc. The timeliness of transaction settlements also determines the Interchange Fee.
|Internet Protocol (IP)||
The process of communicating and transmitting information between computer systems and networks via the Internet.
|Internet Service Provider (ISP)||
An organization that provides Internet services and resource management to consumers and businesses.
|Independent Service Organization (ISO)||
Entities that provide high-risk merchants the capability to process card transactions for a fee The fee for ISO services includes a percentage of the sales, among other fees.
The institution that contracts with a Card company to issue debit and/or credit cards.
The bank that originates a consumer’s credit card account The issuing bank disburses funds to merchant accounts when the merchant’s credit card customer makes a purchase. The issuing bank also bills the customer for the debt incurred as a result of the purchase.