Merchant Service
Glossary - F
Glossary Terms
Factoring (Laundering)
Processing Transactions for another person or business through a Merchant's account.
Floor Limit
An amount that Visa® and MasterCard® have established for single transactions for specific types of Merchants, above which Authorization Code is required.
Fraudulent Transaction
A Transaction unauthorized by the Cardholder of a Bankcard. Such Transactions are categorized as lost, stolen, not received, issued on a fraudulent application, counterfeit, fraudulent processing of transactions, account takeover, or other fraudulent conditions as defined by the Issuer or the Member Company.
Fraudulent User
An individual who is not the Cardholder who uses a Card (or, in a Mail/Telephone Order or Recurring Transaction, an Account Number) to obtain goods or services without the Cardholder's consent.
