resource center glossary of terms

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Post Auth
Function performed at a POS device that allows the merchant to enter a transaction if unable to process under the regular sale key. Also referred to as an Force and Off line sale.

Posting
The process of recording charges and credits to the cardholder account.

Prestigious Property
Extremely large lodging merchants. They have unique qualification requirements.

Principal Member
A financial institution that directly participates as an issuing and/or acquiring member of MasterCard International.

Private Label
A Retailer’s proprietary card. Accepted only at that merchant’s retail establishments.

Processing
The procedure by which the merchant sends the information about each credit card transaction to the issuing Bank so that the Issuing Bank can pay the merchant for the transactions.

Processing Date
The earliest date stamped on the transmittal summary and draft by the member or its processor -- the date on the 602 transmission header record for electronic transactions.

Processing Terminal
The terminal at the point of sale through which the credit card is swiped or keyed by the merchant.

Processor
An organination which can provide authorization and settlement services on behalf of a member.

Proprietary Card
A card issued by a financial institution to its customers for access to their credit or deposit accounts.

Proprietary Member
A financial institution that directly participates as an issuing and/or acquirer member of Visa USA.

PSIRF
The best rate for Visa cards prior to April 96. Now it is referred to as CPS.

Pseudo ABA
This number is assigned by Mellon when paperwork is submitted. This number is similar in concept to the SE number of American Express. This number can be found Eclipse.

Pulse
A regional debit network.

Purchasing Card
Designed to help companies maintain control of small purchases while reducing the administrative cost associated with authorizing, tracking, paying and reconciling those purchases.

PVC
Polyvinyl chloride. The type of plastic used to make bankcards.

Qualification Level
Each transaction is assigned a Qualification Level at Interchange. The level assigned depends on how well the transaction met the requirements for the merchant’s industry. For example, in order for a retail merchant’s transaction to be assigned the qualification level, the card must be swiped, the terminal must be settled each day and all other criteria for that level must be met.

Qualified Rate
A rate. Indicates the transaction meets all requirement to qualify for the best rate.

Questionable Merchant
A merchant location at which an excessive number of confirmed fraud transactions have occurred within a specified period.

Quick Payment Service (QPS)
MasterCard program targeting convenience-oriented merchants such as fast food chains and movie theaters.

RCN
Return Correction Notice.

Record
Information pertaining to a transaction. A record can be paper, electronic record or magnetic tape. Also called transaction record.

Recovery
The issuer’s attempt to collect the balance owed on a charged-off account.

Recurring Transaction
A transaction charged to the cardholder (with prior permission) on a periodic basis for recurring goods and services, i.e., health club membership, book-of-the-month clubs, etc.

Reference Number
The number identifying a transaction in a cardholder billing system. Each transaction reference number is printed on the monthly statement sent to the cardholder. The reference number is used if a retrieval request becomes necessary.

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