resource center glossary of terms

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Late Settlement Fee
Fee paid to MasterCard or Visa by the member for late processing of settlement.

Line Of Credit
The amount of credit a lender will extend to a borrower over a specified period of time.

Lost/Stolen Card Reporting Service
An issuer-provided service where the cardholder registers card account numbers with the issuer who will notify the individual issuers if cards are lost or stolen. This type of service is often offered through a card registration company.

Mac
A regional debit network.

Maestro (Point-Of-Sale Debit Program)

Magnetic Stripe
A stripe (on the bankcard) of magnetically encoded cardholder account information.

Magnetic Stripe Reading Terminal
A point-of-sale terminal which reads the encoded information from the magnetic stripe when the bankcard is swiped through the terminal "slot." The terminal automatically transmits account and transaction information to the authorizing agent.

Master Reset
Procedure done on all Verifone terminals to clear the memory. Other terms for this function are Clear all and Blow out.

MasterCard Automated Point-of-Sale Program (MAPP)
A terminal networking product that provides low-cost, point-of-sale access to the MasterCard authorization network. Click here for a list of phone numbers.

Mastercard Interface Processor (MIP)
The processing hardware and software system that interfaces with MasterCard’s Global Payment System communications network.

MasterCard International Incorporated
A member-owned international bankcard association, governed by a board of directors, that licenses members to issue cards and/or accept merchant drafts under the MasterCard Program. MasterCard owns and operates its own international processing network. The phone number is 314-523-2900.

MasterCom
A MasterCard electronic image processing product that uses Banknet to route high-resolution document images of MasterCard and other credit card transactions between members around the world, around the clock. Its primary purpose is to reduce the amount of paper involved in the chargeback/presentment process.

Mastro
A National debit network.

MCC
Merchant Category code - Terminology used by MasterCard to identify what a merchant sells.

Member
A financial institution that is a member of Visa USA and/or MasterCard International. A member is licensed to issue cards to cardholders and/or accept merchant drafts.

Member Risk Control Manual
A Visa USA publication which explains the policies, procedures and requirements of card program risk management.

Member Service Provider
See ISO (Independent Sales Organization)

Merchant
Any business that, having met the qualification standards of MasterCard and/or Visa and having been approved by any acquiring member, accepts MasterCard and/or Visa cards as payment for goods and services.

Merchant Accounting System
The accounting system that transfers electronic funds from the Interchange to the merchant’s bank account via the Automated Clearing House (ACH) and sends the merchant monthly statements concerning the merchant’s credit card transfers.

Merchant Agreement
The written contract between merchant and acquirer that details their respective rights, responsibilities and warranties.

Merchant Category Code
Merchant classification code that identifies the merchant by type of processing, authorization and settlement.

Merchant Discount
The fee an acquiring member charges the merchant to cover the costs of providing deposit credit and handling the merchant’s bankcard sales transactions. The discount is generally calculated and charged to the merchant once a month.

Merchant File
A file used by the acquirer to list pertinent information on its merchants.

Merchant Funding
When a merchant’s funds are credited to their checking account. A negative deposit (credits greater than sales) would result in a debit to their account.

Merchant Qualification Standards
The minimum standards established by MasterCard and Visa for merchant acceptance, requiring that the merchant be financially responsible and of good repute.

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