Cardstream's Payment Gateway Glossary

CARDSTREAM'S PAYMENT GATEWAY GLOSSARY

Glossary

 

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Magnetic Stripe

A stripe of magnetic information affixed to the back of a plastic credit or debit card. It contains customer and account information required to complete electronic financial transactions. The physical and magnetic characteristics of this stripe are specified in the International Organization for Standardization standards 7810, 7811, and 7813.

Magnetic-stripe Reader

A device that reads information from the magnetic stripe and transmits that information to a transaction processor or computer terminal. Also referred to as card reader.

Magnetic-stripe Terminal

A terminal that reads the magnetic stripe on a plastic card.

Mail/phone Order Transaction

A transaction where a cardholder orders goods or services from a merchant by telephone, mail or other means of telecommunication, and neither the card nor the cardholder is present at the merchant outlet.

Mastercard

MasterCard International Inc., and all of its subsidiaries and affiliates.

Mastercard Card

A card that bears the MasterCard symbol, enabling a MasterCard cardholder to obtain goods, services, or cash from a MasterCard merchant or an acquirer.

Mastercard Issuer

A member that issues MasterCard cards.

Merchant

An entity that contracts with merchant banks or ISO?s to originate transactions. Take a look at the list of supported Merchants or Merchant Accounts at Cardstream.

Merchant Agreement

A written agreement between a merchant and a bank containing their respective rights, duties, and warranties with respect to acceptance of the bankcard and matters related to the bankcard activity.

Merchant Bank

Bank that has a merchant agreement with a merchant to accept (acquire) deposits generated by bankcard transactions.

Merchant Category Code

Four-digit classification codes used in the warning bulletin, authorisation, clearing, and settlement systems to identify the type of merchant business in various stages of transaction processing.

Merchant Depository Account

Demand deposit account established by a merchant with the acquiring bank to receive payment for sales drafts submitted to the bank card plan.

Merchant ID

In the credit card industry, a merchant ID is a number provided to a merchant by a credit card processor when that merchant retains the services of that processor. Also sometimes called the merchant number.

Merchant Number

A series or group of digits that uniquely identifies the merchant to the merchant signing bank for account and billing purposes.

Merchant Payment Interface

The merchant add in component for the Verified by Visa and MasterCard SercureCode schemes.

Merit

MasterCards requirements for obtaining favorable interchange rates. Similar to CPS requirements by Visa.

MPI

Merchant Payment Interface

Multiple Transaction Processing (Multi-Trans)

Electronic communications process where multiple authorisation requests and responses are exchanged during a single phone connection with the third-party transaction processor.

Showing 1 to 18 of 18 Results