resource center glossary of terms

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Card Re-issue
The process of preparing, packaging and sending new cards to cardholders prior to their current card’s expiration date.

Cardholder
Merchant’s customer who holds a credit card. The person to whom a financial transaction card is issued or an additional person authorized to use the card.

Cardholder Master File
The issuer’s record of all cardholder accounts. The file contains information on each account, such as name, credit line, and status of the account.

Cash Advance
A transaction in which only a bank or financial institution can submit, for cash to a cardholder. The transaction is posted against the cardholder’s bankcard account. Interest fees for cash advances are charged from the day of the transaction.

CD Type
Card type. Example: MasterCard, Visa, etc.

Central Processing Site
The central computer processor used in the transaction flow.

Certified Producer
An organization certified by MasterCard and/or Visa to produce MasterCard and/or Visa cards within the association’s specified guidelines.

Charge Cards
A card that must be paid in full each month.

Chargeback
A dispute procedure initiated by the issuer after receipt of the initial presentment from the acquirer. Used to correct erroneous presentments.

Chargeback Period
The number of calendar days (counted from the transaction processing date) during which the issuer has the right to charge the transaction back to the acquirer. The number of days varies according to the type of transaction from 45 to 180 days.

Chargeback Reason Code
A numerical code that identifies the specific reason for the chargeback. MasterCard and Visa each have their own chargeback codes.

Charge-Off
The situation in which the issuer is faced with a delinquent loan of such severity that it must absorb the amount of the debt, at least temporarily, in order to clear the amount from its ledgers. The issuer may still attempt to collect some or all of the amount owed through the recovery process.

Check Guarantee
A service which guarantees check payment (up to a limit defined for the account) provided that the merchant follows correct procedures in accepting the check.

Check Verification
A service that tells a merchant whether a check writer has been reported for writing bad checks, but it does not guarantee payment if the check bounces.

CIRRUS
CIRRUS Systems, Incorporated, a wholly-owned subsidiary of MasterCard International Incorporated, operates the international ATM sharing network known as MasterCard CIRRUS ATM Network. MasterCard customers may elect to participate in the network as issuers or acquirers by connecting through the Banknet telecommunications network or by developing a separate interface to the MasterCard Debit Switch.

Clear All
Procedure done on all Verifone terminals to clear the memory. Another term for this function is Blow out.

Clearing
The process of exchanging financial transaction details between an acquirer and an issuer to facilitate posting of a cardholder’s account and a reconciliation of a customer’s settlement position. Terminology used to indicate the settlement of transaction through Interchange

Clearing Member Bank
A bank which Visa and Mastercard empower to receive and distribute funds received through settlement and Interchange. Examples: Regions Bank and First Union National Bank.

Closing
The sending through the Interchange of the credit card transactions accumulated by the merchant in the terminal or Host so the merchant can be paid for them.

Co-Branded Cards
A customized card product for a specific retailer or service provider, such as General Motors, that wishes to solicit its customers.

Combined Warning Bulletin
A list of invalid MasterCard and Visa account numbers, covering nine U.S. and four worldwide regions, published weekly or bi-weekly depending on the region. The issuer is charged per account number and per region for each Bulletin listing. Effective April 1, 1994, the Combined Warning Bulletin in the U.S. is electronic only. The paper version has been eliminated.

Comp Report
Compensation report - Report generated for all banks.

Compliance
The procedure a MasterCard and Visa member may use to resolve a dispute between members when no chargeback reason code applies. The challenging member must prove financial loss due to a violation of MasterCard and/or Visa rules by the other merchants.

Compliance Filing
A formal case filing (on a completed Regulations/Rules Violation form) submitted subsequent to an unsuccessful good faith attempt to resolve the dispute.

Confirmed Fraud Transaction
A transaction reported by an issuer to MasterCard or Visa involving a card that was lost, stolen, never received, issued on a fraudulent application, counterfeit or used fraudulently.

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