Thursday, December 31, 2009

Proprietary Card

Proprietary card is a type of card that financial institutions or other organizations issue using the logo of the issuer instead of a national service mark or logo (such as MasterCard or Visa). A proprietary card allows the cardholder to access a credit or deposit account using ATM or POS terminals.

Saturday, December 26, 2009

Promotion Code

Promotion code is a code assigned by the card issuer to identify transactions that apply to a promotional program run by the issuer to encourage card use.

Monday, December 14, 2009

Processing Fee

Processing fee is a compensation paid by card issuers or acquirers to a financial network organization for processing interchange transactions according to the business agreements established by that financial network. Fees are determined by each transaction type for issuers and acquirers participating within each individual financial network.

Tuesday, December 8, 2009

Prepaid Card

Prepaid card is a card that stores value and is used instead of cash to pay for a single service, such as pay telephones or public transportation. It cannot be reloaded and is a throw-away or collector card.

Friday, December 4, 2009

Point-of-Sale System

Point-of-sale system is an electronic system that accepts financial data at or near a retail location and transmits that data to a computer or authorization network for reporting activity, authorization, and transaction logging.

Wednesday, December 2, 2009

Point of Interaction (POI)

Point of Interaction (POI) is the location where a transaction occurs (also known as point of sale or point of service).