Interchange

Interchange is the exchange of transaction data between acquirers and card issuers.

In-Flight Commerce

In-flight commerce are transactions such as shopping or gaming activity that a cardholder initiates during a flight. In MasterCard applications, these transaction types also are referred to as Cardholder- Activated Terminal (CAT) Level 4.

Independent Sales Organization (ISO)

Independent Sales Organization (ISO) is is an outside company (not a MasterCard and Visa member) that is contracted by a member bank (each member bank may be a member of MasterCard or Visa or both) to provide services other than transaction and cardholder processing to the member. Such services include, but are not limited to, merchant solicitation, cardholder solicitation, customer service, and ATM deployment.

Guest Folio

Guest folio is a lodging merchant's guest record that contains the cardholder's transaction information, including check-in and departure dates, rate, anticipated length of stay at check-in time, applicable charges, and taxes. The check-in date and the dated amount and authorization approval code of each authorization must be included on the folio if not on the sales draft.

Guaranteed Reservation

Guaranteed reservation is the use of a card account number to reserve accommodations at lodging merchants. For the cardholder, such reservations include a late arrival provision, penalties if cancellation rules are not met, and a provision for unavailable rooms upon arrival.

Fraudulent Merchant

Fraudulent merchant is a retailer, or any other person, firm, or corporation that agrees to accept credit cards, debit cards, or both, and engages in an unauthorized transaction occurring on any of the cards.

First Chargeback

First chargeback is a procedure in which a card issuer charges all or part of the amount of an interchange transaction back to the acquiring bank.