resource center glossary of terms

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Merit I
A MasterCard interchange fee rate reduction program. Requirements include 100 percent issuer-controlled authorization and transaction clearance within seven calendar days. Also known as the Partially Qualified rate See Partially Qualified rate.

Merit II
A MasterCard interchange fee rate reduction program. Requirements include 100 percent issuer-controlled authorization and transaction clearance within three business days. A name of a rate qualification prior to April 96. This rate was eliminated.

Merit III
A MasterCard interchange fee rate reduction program. Requirements include 100 percent issuer-controlled authorization, transaction clearance within three (2) business days and magnetic stripe reading. The best rate an EDC merchant can qualify for (MasterCard only.) Also known as the Qualified rate. See Qualified rate

MID
Merchant Identification Number.

Minimum Discount Fee
What the merchant needs to pay in discount rate every month.

MIP
MasterCard Interface Processor-The processor (place on-site at a merchant’s facility) that interfaces with MasterCard’s Global Payment System communications network. It contains the Warning Bulletin file and the local negative file and conducts authorization and settlement, as well as other services.

MO/TO
Mail Order/ Telephone Order.

Most
A regional debit network.

MSP
Merchant Service Provider-An processor/organization that provides services for a merchant.

National Association
MasterCard International or Visa International member-owned organizations, each governed by a board of directors, that have developed standards and procedures for the bankcard system and license members to issue cards with the association trademarks and accept merchant drafts.

National Debit Networks
Networks formed by groups of banks that allow debit cards from banks subscribing to these networks to be used all over the country at other subscribing banks and at subscribing retailers.

NDI
Next Day Inquiry-Gives daily activity for a merchant.

A computer file, used for stand-in authorization purposes that lists accounts which have had their privileges revoked by the issuer.

Network
An entire system of communication lines.

Non-Face-To-Face Transaction
Any transaction where the card is not present, such as a mail order purchase.

Non-Qualified Rate
A rate. Indicates the transaction did not meet any of the qualifications for the lower rates. This rate includes business cards. All paper merchants will fall to this rate.

Non-Bank
In a payment system, a financial institution not offering retail banking services.

Non-Bank Card
A card which is not issued by a financial institution, such as American Express.

No-Show
A charge processed by a hotel or motel when a cardholder either fails to arrive within a specified time or fails to cancel the guaranteed reservation within a specified time frame. The words "no-show" must be written on the signature line of the sale draft.

Novus
The company that owns the Discover card. The phone number is 800-347-2000.

NYCE (Yankee 24)
A regional debit network.

Oars
FDR system-Gives deposit detail before 6-13-96.

Off-line
An operating mode in which terminals are not connected to a central computer. Responses are governed by guidelines, set by the issuer, which are housed in the terminal or in a supporting device.

Off Line Debit Cards
Also known as Check Cards. Form of payment not utilizing a PIN in order to disburse funds from a cardholders checking account. These cards display the Visa or Mastercard logo and are processed through Interchange. Visa or Mastercards that post to a checking account rather than to a revolving account.

Off Line Sale
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 Post Auth.

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