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Merchant Services Terms - RThese terms occur frequently in both the merchant services industry and on our website.
Radio Frequency Identification (RFID)
A method of identifying unique items using radio waves. Typically, a reader communicates with a tag, which holds digital information in a microchip. But there are chipless forms of RFID tags that use material to reflect back a portion of the radio waves beamed at them.
A Transaction charged to the Cardholder (with prior written or electronic permission to a Merchant) on a periodic basis for recurring goods and services (e.g., monthly membership fees, utility bills, subscriptions).
An Authorization Code indicating that the Issuer is requesting the Merchant to call the Voice Authorization Center, which will either provide an Approval Code or ask the Merchant to request additional information from the Cardholder (e.g., mother's maiden name).
Create a credit to a Cardholder's account, usually as a result of a product return or to correct an error.
A Merchant that provides goods and/or services in the retail industry at the time of sale, but is not a Mail/Telephone Order Merchant, eCommerce Merchant, a Recurring Services Merchant, or a Travel & Entertainment Merchant.
A request from the Issuer on the Cardholder's behalf for a legible copy of the Original Draft (Cardholder signed Transaction Receipt).
An online financial Transaction used to negate or cancel a Transaction that has been sent through Interchange in error.
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