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Merchant Services Terms - PThese terms occur frequently in both the merchant services industry and on our website.
Payment Card Industry (PCI)
The term is sometimes more specifically used to refer to the Payment Card Industry Security Standards Council, an independent council originally formed by American Express, Discover Financial Services, JCB, MasterCard Worldwide and Visa International on Sept. 7, 2006, with the goal of managing the ongoing evolution of the Payment Card Industry Data Security Standard.
Payment Service Provider (PSP)
A company that specializes in the provision of payment services for a Merchant on the Internet. The PSP will handle the capture, authorization and settlement of credit and debit card payments and all the electronic and physical security required. They will often provide additional services such as fraud detection and prevention.
PCI Data Security Standard (PCI-DSS)
The PCI DSS, a set of comprehensive requirements for enhancing payment account data security, was developed by the founding payment brands of the PCI Security Standards Council, including American Express, Discover Financial Services, JCB International, MasterCard Worldwide and Visa Inc. Inc. International, to help facilitate the broad adoption of consistent data security measures on a global basis.
The PCI DSS is a multifaceted security standard that includes requirements for security management, policies, procedures, network architecture, software design and other critical protective measures. This comprehensive standard is intended to help organizations proactively protect customer account data.
For more information visit: www.pcisecuritystandards.org
Agreement that make one liable for one's own or a third party's debts or obligations. A personal guarantee signifies that the merchant service provider can lay claim to the guarantor's assets in case of a merchants default.
Personal Identification Number (PIN)
A number that must be entered by a Cardholder in order to complete certain types of Transactions (e.g., Online, Debit and EBT).
Per Transaction Fees
Also known as Authorization Fees. Transaction Fees paid by the Merchant to the Merchant Bank or other contracted party on a per transaction basis.
Location in a merchant establishment at which the sale is consummated by payment for goods or services received.
A system that processes commercial transactions such as an credit card machine, electronic cash register, or specialized software.
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