A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Term Definition
Terminal

The device that brick and mortar merchants use to communicate card information to processing networks via dial-up telephone or broadband transmission by swiping a customer’s magnetic stripe card or the inserting an EMV chip card.

Terminal Identification Number (TID)

A POS device’s unique identification number assigned by a merchant’s processor The TID provides the processor information about the device’s capabilities and configuration.

Third-party Gateway

An e-Commerce software application that often includes virtual terminal access to the Processing Bank, so the merchant can connect an Internet shopping cart or POS software application with the bank Virtual terminals allow merchants to key-enter a transaction if needed.

Third-party Processing

Debit and credit card transaction processing by entities that act under contract to acquirers or issuers.

Transaction

The business deal between a merchant and a customer that results in the sale and purchase of goods or services and a charge made against the cardholder’s debit or credit card account.

Transaction Date

The date a customer’s card is charged or a cash disbursement is released for an agreed purchase.

Transaction Fee

The charge, collected by the Merchant Account Provider (MAP) or ISO, for each credit card transaction Fees generally range from $0.20 and $1.00 (USD).

Transaction ID (Trans ID)

A unique identification value utilized to search for or sort transactions and assigned to each transaction processed through the payment gateway.

Transaction Type

A charge or refund transaction for payment or reimbursement A charge transaction permits a merchant to collect payment for goods or services rendered from the customer. A refund transaction allows a merchant to return the customer their funds from a previous charge transaction.