resource center glossary of terms

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TIIF II
A name of a rate qualification prior to April 96. This rate was eliminated and replaced with either Key Entered or EIRF.

Track 1
The ability of a terminal to read the track 1 stripe off the back of a credit card. Track 1 read numeric and alpha characters. This track is found on some Tranz 330’s all Tranz 380’s, 420’s and 460’s.

Track 2
The ability of a terminal to read the track 1 stripe off the back of a credit card. Track 2 reads numeric characters only. This track is also needed to process debit cards. This track is found on all XL’s 380’s, 420’s, and 460’s.

Transaction
Any action between a cardholder and a merchant or member that results in activity on the account, such as a purchase, cash advance, debit or credit adjustment, etc.

Transaction Date
The actual date that a transaction occurs. Used in recording and tracking transactions.

Transmittal Slip
Documentation that should be filled out by any bank that accepts paper sales drafts from merchants. Show total sales, total credits and net amount that is owed to the bank for all the bank’s merchants.

Transmittal Summary Chargeback Draft (ICA-2)
The form used by a member to collect from another member at any step in the chargeback process, i.e., chargeback, second presentment, second chargeback, etc.

Transmittal Summary Clearing Draft (ICA-1)
The form used by the acquirer in settlement with the issuer.

Travelers' Cheque
A cash equivalent issued by MasterCard and Visa at member teller windows. The cheque can be used as cash at participating merchants and can be replaced if stolen. A nominal fee is charged to the customer for purchase of the traveler's cheque.

TSYS
Abbreviation for Total Systems

Twenty-Four Business Hours
A period of time defined as twenty-four (24) hours during which the member is open for business, not necessarily the same as one calendar day.

Unique Transactions
A transaction that cannot be categorized as a retail sale or a cash advance, and for which there are special merchant classification codes. An acquirer with such merchant activity must have written approval from MasterCard and/or Visa for a bankcard relationship with the merchant.

Unsecured Credit
Credit extended without collateral, i.e. without the ability to attach specific borrowed assets in the event of default.

Valid Date
The date, embossed on the card, prior to which the card may not be used.

Visa
Originally BankAmericard, Visa is one of the two national associations, member-owned and governed by a board of directors that licenses its members to issue Visa cards under the Visa program and bearing the Visa design, and to accept Visa sales drafts. Visa owns and operates an international processing system and provides a number of various services to its members, cardholders and merchants. Their phone number is 650-432-2900.

Visa International
Visa International Service Association is a non-stock membership corporation formed to administer, promote and further develop the Visa Card Program throughout the world. Their phone number is 650-432-2900.

Visa USA Inc.
The non-stock membership corporation of Visa that provides administrative services within the United States. Their phone number is 650-432-2900.

VisaNet
VisaNet includes the data processing systems, networks and operations which support and provide authorization services, clearing and settlement services, exception file services, and other services. This network is considered a "Foreign Network." Click here for a list of phone numbers.

Vital Processing Services
Formerly known as Total Systems. A joint venture of VISA USA and Total Systems Services, Inc. that combines the TSYS merchant accounting system with the Visanet terminal product line.

Voice Authorization Center
The place a merchant calls to get verbal approval from an issuing bank to accept a credit card. The Voice Authorization Center is used if the merchant does not use a terminal to process transactions or if the Issuing Bank informs the merchant through a message sent tot the terminal that more information is needed on the Cardholder.

White Plastic Fraud
Merchant fraud committed when legitimate account numbers (such as obtained from discarded sales draft carbons) are embossed on blank or altered cards. Fraudulent sales drafts are then imprinted from the cards and deposited to the merchant’s account.

Yield
The annual rate of return on all investments, such as the return on an issuer’s cardholder portfolio.

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