Glossary Of Terms
-A-
ACH
Automated Clearing House. An electronic network that processes large volumes of credit and debit transactions in batches. Transactions hosted by ACH include e-commerce transactions, business to business payments, and direct deposit of payroll, taxes and other government payments.
ACH Network
The funds transfer system governed by the ACH Rules. The ACH Network allows participating depository financial institutions to clear interbank entries electronically. A Merchant's DDA is debited and credited via ACH.
ACH Rules
The NACHA Operating Rules and Operating Guidelines, which govern the interregional exchange and settlement of ACH transactions.
ACS
See Automated Customer Service.
Address Verification Service (AVS)
A fraud-reduction service that allows the Merchant to verify a Cardholder's billing address prior to completing a Card Not Present Transaction. These can include mail order or telephone orders as well as ecommerce.
Agreement
The Payment Device Processing Agreement, Terms of Service (TOS), any addendum to the Payment Device Processing Agreement or the TOS, the Merchant Application, this Merchant Operating Guide, any Merchant Agreement or Merchant Processing Agreement, any other guides or manuals provided to Merchant from time to time, and all additions to, amendments and modifications of, and all replacements to any of them, provided in writing to Merchant from time to time as applicable. Essentially the forms filled out when applying to set up a merchant account.
American Express
American Express Travel Related Services Company, Inc.
Approval Code
An Authorization Code indicating that the Transaction is approved and the Card may be honored.
Automated Customer Service (ACS)
A desktop application used as a merchant account reporting and accounting reconciliation tool for viewing detailed reports of Transaction activity, statement detail, Card type history, and qualification detail.
Authorization
A required procedure by which a Merchant requests approval of a Transaction from the credit card Issuer.
Authorization is initiated by accessing the authorization center by telephone or electronic terminal. See also
Magnetic Swipe Authorization, Manual Entry Authorization, or Voice Authorization.
Authorization Code
The code sent by the Issuer in response to an Authorization request that indicates whether
the Transaction is approved. Responses may include
“Approved,” “Declined,” “Declined Pick-Up” or “Referral” (“Call Auth”).
Autofax
A program offered to Merchants for receiving Retrieval Request and Chargeback notices via a
dedicated 24-hour fax line.
See Address Verification Service.
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Balance
The amount of money owed by the Cardholder to the Issuer for charges on a Credit Card. On a Debit
Card this is the amount of money available in the Cardholder's demand deposit or savings account
Bank Identification Number (BIN)
The identification number assigned to a Member that is used for Card issuing, Authorization, clearing, and Settlement processing.
Bankruptcy Proceeding
With respect to a Person means (i) that the Person or any subsidiary of such Person shall (a) commence a voluntary case under the Bankruptcy Code of 1978, as amended, or other federal bankruptcy laws (as now or hereafter in effect); (b) file a petition seeking to take advantage of any other applicable laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts or any other similar conservatorship or receivership proceeding instituted or administered by any regulatory agency or body; (c) consent to or fail to contest, in a timely and appropriate manner, any petition filed against it in an involuntary case under such bankruptcy laws or other applicable laws; (d) apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a trustee, receiver, custodian, liquidator, or similar entity of such Person or of all or any substantial part of its assets, domestic or foreign; (e) admit in writing its inability to pay its debts as they become due; (f) make a general assignment for the benefit of creditors; (g) make a conveyance fraudulent as to creditors under any applicable law; or (h) take any action for the purpose of effecting any of the foregoing; or (ii) that a case or other proceeding shall be commenced against the Person or any subsidiary of such Person in any court of competent jurisdiction, or through any regulatory agency or body, seeking (a) relief under the Bankruptcy Code of 1978, as amended, or other federal bankruptcy laws (as now or hereafter in effect) or under any other applicable laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding up or composition, or adjustment of debts; or (b) the appointment of a trustee, receiver, custodian, liquidator or the like of such Person or of all or any substantial part of the assets, domestic or foreign, of such Person or any other similar conservatorship or receivership proceeding instituted or administered by any regulatory agency or body.
Batch
The accumulated credit card transactions stored in the POS Device or Host computer.
Batch Header
A summary, similar to a deposit slip, of a group of credit card transactions accepted by a Merchant who does not process Transactions electronically. It is attached to the Transaction Receipts when they are sent to the paper processor.
Bill Payment
PIN-less Debit Card payment Transactions resulting in funds transfer from Cardholders to Merchants in connection with payments for recurring services (excluding casual or occasional purchases) for which a corresponding invoice is periodically presented to the Cardholder by the Merchant, and which Transaction is initiated via a telephone (Voice Recognition Unit, Interactive Voice Recognition) or Internet device.
BIN
See Bank Identification Number.
Card
A plastic card issued by a bank or other financial institution, or by a Credit Card company (e.g., Discover Network, American Express (AMEX), Visa and MasterCard Credit Cards and Debit Cards), that allows a credit cardholder to pay for purchases by credit, charge, or debit.
Card Present
The processing environment where the Payment Device is physically presented to the Merchant by the Cardholder as the form of payment at the time of Transaction.
Card Not Present
The processing environment where the Payment Device is not physically presented to the Merchant by the Cardholder as the form of payment at the time of the Transaction. Card Not Present includes, but is not limited to, Mail Order (MO), Telephone Order (TO), and Electronic Commerce (EC).
Cardholder
(i) the individual in whose name a Payment Device has been issued; and (ii) any individual who
possesses or uses a Payment Device and who purports to be the person in whose name the Payment Device was
issued or who purports to be an authorized user of the Payment Device.
Cardholder Information Security Program (“CISP”)
The data security regulations required by Visa to protect
Cardholder account data and other data security best practices. The exact requirements for CISP can be found at
www.visa.com/cisp.
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Card Identification Number (CID) or Card Validation Code (CVV2/CVC2)
A number printed on a Card and
used as additional verification for Card Not Present Transactions. For American Express this is a four-digit code
printed above the Card account number. For Visa, MasterCard and Discover Network this is a three-digit card code
value printed on the signature panel of the Card.
Card Imprint
See Imprint or Imprinter.
Card Rules
The Credit Card Rules and Debit Card Rules, that merchant accounts use collectively.
Card Validation Code
See Card Identification Number.
Cash Advance
A Transaction in which a Cardholder receives cash from a financial institution or an ATM.
Chargeback
A Transaction disputed by a Cardholder or Issuer pursuant to the Payment Network Regulations.
CID
See Card Identification Number.
Code 10 Authorization
An Authorization or an “additional verification step” obtained for a suspicious or
questionable Transaction, Card, or Cardholder.
Confidential Information
All information or items proprietary to any party to the Agreement, of which the other
party to the Agreement obtains knowledge or access as a result of the relationship formed as a result of the
Agreement, including, but not limited to, the following types of information and other information of a similar
nature (whether or not reduced to writing)
scientific, technical, or business information, product makeup lists, ideas,
concepts, designs, drawings, techniques, plans, calculations, system designs, formulae, algorithms, programs,
software (source and object code), hardware, manuals, test procedures and results, identity and description of
computerized records, identity and description of suppliers, customer lists, processes, procedures, trade secrets,
“know-how,” marketing techniques and material, marketing and development plans, price lists, pricing policies, and
all other financial information.
Contactless
A payment card or key fob equipped with a chip and antenna that securely communicates Cardholder
account information via radio frequency to a POS Device.
Convenience Fee
A fee charged by Merchant for an added convenience to the Cardholder for the use of a Payment
Device in a Transaction in accordance with the Payment Network Regulations.
Copy Request
See Retrieval Request.
Coverage Area
The geographic area in which wireless Transaction processing is available to Merchant Account.
Credit
A transaction that returns funds of a previous transaction back to the original purchaser, typically after the purchaser returns the products or services.
Credit Card
A card or device associated with a revolving line of credit that may be used to purchase goods and
services from Merchant or to pay an amount due to Merchant or to obtain cash advances. A “Credit Card” includes
any of the following cards or devices that are associated with a line of credit extended to the Person to whom the
card or device is issued
(i) a Visa card or other card or device bearing the symbol(s) of Visa U.S.A., Inc. or Visa
International, Inc. (including Visa Gold cards); (ii) a MasterCard card or other card or device bearing the symbol(s)
of MasterCard International Incorporated (including MasterCard Gold cards); (iii) a Discover Network card or
other card or device bearing the symbol(s) of Discover Network; or (iv) any card or device bearing the symbol of
any other Credit Card Association.
Credit Card Associations
(i) Visa.; (ii) MasterCard; (iii) American Express; (iv) Discover Network; (v) Diners;
(vi) JCB; and (vii) any other organization or association that hereafter contracts with Servicer and/or Member to
authorize, capture, and/or settle Transactions effected with Credit Cards or signature-based Debit Cards issued or
sponsored by such organization or association, and any successor organization or association to any of the
foregoing.
Credit Card Rules
All applicable rules and operating regulations of the Credit Card Associations, and all rules,
operating regulations, and guidelines for Credit Card Transactions issued by Servicer from time to time, including,
without limitation, all amendments, changes and revisions made thereto from time to time.
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Credit Transaction Receipt
A document, in paper or electronic form, evidencing a Merchant's refund or price
adjustment to be credited to the Cardholder's account and debited from the Merchant’s DDA. This is also known as
a credit slip or credit voucher.
See Card Identification Number.
CVV stands for Card Verification Value and level 2 respectively. CVV is when a merchant must re-enter the last 4 digits of a card number while processing a transaction . CVV 2 is when a merchant in-puts the digits that are on the back of a card. Those numbers are sent through for authorization along with the card numbers expiration date and other pertinent data.
Customer
A client of Merchant who elects to conduct a payment Transaction with Merchant through presentation
of a Payment Device (including a Cardholder).
Datawire Services
Internet based operations for electronic payment processing utilizing Equipment or Software,
and including Software support and Equipment maintenance services.
See Demand Deposit Account.
A card or device bearing the symbol(s) of one or more EFT Networks or Credit Card Associations, which may be used to purchase goods and services from Merchant or to pay an amount due to Merchant by an electronic debit to the Cardholder’s designated deposit account. A “Debit Card” includes (i) a card or device that bears the symbol of a Credit Card Association and may be used to conduct signature-based, offline debit Transactions; and (ii) a card or device that bears the symbol of an EFT Network and can be used to conduct PIN based, online debit Transactions.
Debit Card Rules
All applicable rules and operating regulations of the EFT Networks and Credit Card Associations, and all rules, operating regulations, and guidelines for Debit Card Transactions issued by Servicer from time to time, including, without limitation, all amendments, changes, and revisions made thereto from time to time.
Declined Code
An Authorization Code indicating that the Transaction is declined and the Card is not to be
honored
Declined Pick-Up Code
An Authorization Code indicating that the Transaction is declined and the Card should be
retained by the Merchant.
The commercial checking account at a financial institution acceptable to
Servicer and Member designated by Merchant to facilitate payment for Transactions, Chargebacks, returns,
adjustments, fees, fines, penalties, and other payments due under the Agreement. In the instance of a Debit Card or
ATM Card, this refers to the Cardholder's deposit account.
Diners
Diners Club International Ltd.
Discount
A type of fee paid by a Merchant to process its Card Transactions. Discount is calculated by multiplying
the Discount rate by the volume of Card Transactions.
Discover
DFS Services LLC.
Discover Network
The payment network operated and maintained by Discover.
The trade name of a Merchant that may appear on business signs, customer literature,
or other documents.
Dynamic Currency Conversion (DCC)
A service that allows merchants to offer international Cardholders in the United States the option at the point-of-sale to pay in their local currency rather than U.S. dollars.
EBT
See Electronic Benefits Transfer Service.
EBT Card
A card utilized for electronic benefits transfers.
ECS
See Electronic Check Service.
ECS Association
NACHA, any regional ACH association or network, and any other organization or association
used by Servicer and/or Member in connection with the ECS that is hereafter designated as an ECS Association by
Servicer from time to time.
ECS Rules
All applicable rules and operating regulations of or applicable to the ECS Associations (including the
ACH Rules) and the ECS MOG, in each case including without limitation, all amendments, changes, and revisions
made thereto from time to time.
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EFT Networks
(i) Interlink Network Inc., Maestro U.S.A., Inc., STAR Networks, Inc., NYCE Payments Network,
LLC, PULSE Network LLC, ACCEL/Exchange Network, Alaska Option Services Corporation, Armed Forces
Financial Network, Credit Union 24, Inc., NETS, Inc., and SHAZAM, Inc.; and (ii) any other organization or
association that hereafter authorizes the Servicer and/or Member to authorize, capture, and/or settle Transactions
effected with Debit Cards, and any successor organization or association to any of the foregoing.
See Electronic Gift Card.
Electronic Benefits Transfer Service (EBT)
A service that allows electronic transfer of government funds to
individuals through the use of a plastic debit-like Card and a Personal Identification Number (PIN). The federal
government requires all states to distribute food stamps and cash benefits in this manner. The EBT Card may then
be used for qualified purchases at merchant locations.
Electronic Check Service (ECS)
The service offering by Servicer pursuant to which Transactions effected via an
ACH Payment Device are presented for clearing and settlement through the ACH Network or alternate clearing
channel as described in the ECS Merchant Operating Guide (ECS MOG).
Electronic Commerce Transaction
A Transaction that occurs when the Cardholder uses the Internet to make a purchase from a Merchant or Merchant uses the Internet to submit the Transaction for processing.
Electronic Gift Card (EGC)
A special card purchased by a Customer or provided by Merchant to a Customer that
is redeemable for merchandise, services or other Transactions. A program that allows a Merchant to sell Electronic
Gift Cards redeemable for in-store merchandise or services.
Embossing
The process of printing data on a Card in the form of raised characters so the Card may be used in the imprinting of Transaction Receipts.
A security or anti-fraud technique that scrambles data automatically in the POS Device before the data is transmitted. For example, PINs are encrypted when transmitted for Authorization.
Equipment
The equipment identified on Schedule A, Schedule of Fees, to the Agreement, including (i) for
Satellite Services, satellite communication services equipment, and VSATs; (ii) for Datawire Services, Micronode
2 or 4 port devices; or (iii) for Voyager Card Acceptance or Wright Express Card Acceptance, Fleet terminals.
Express Service Transaction
A unique Transaction agreement that is required for an eligible T&E Merchant in limited situations where a Cardholder authorizes a hotel, lodging, or car rental Transaction in advance and chooses to retain express service options.
Factoring (Laundering)
Processing Transactions for another person or business through a Merchant's account.
Hologram
A three-dimensional image included on a Card to discourage counterfeiting.
Host
The central server we use to store Merchant information and to route information between the Merchant and the Issuers.
Imprint
The physical impression made from a Card on the Transaction Receipt, which may be used to prove that the Card was present when the sale was made.
Imprinter
A device used by Merchants to make an Imprint on a Transaction Receipt.
Interchange
The clearing and settlement system for Visa and MasterCard Credit Cards and Debit Cards and, where applicable, Discover Network Credit Cards and Debit Cards, where data is exchanged between the Servicer and the Issuer.
Interchange Fees
The amount paid by the Servicer to the Issuer on each Transaction. Interchange Fees vary
according to the type of Merchant and the method of processing.
Internet Payment Screen. The screen displayed to a Cardholder during an Internet Bill Payment Transaction
payment process which allows the Cardholder to select the payment method and to confirm understanding and
agreement with payment terms, shipping and return policy.
Issuer
The financial institution or other entity that issued the Credit Card or Debit Card to a Cardholder.
Laundering
See Factoring.
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JCB
JCB International Co., Ltd.
Laws
All applicable local, state, and federal statutes, regulations, ordinances, rules, and other binding law in effect
from time to time.
Magnetic Stripe
A stripe of magnetic material affixed to the back of a Card that contains Cardholder account
information.
Magnetic Swipe Authorization
An electronic Authorization request generated when a Merchant swipes the
Cardholder's Card through the POS Device. The POS Device reads the Cardholder information from the Magnetic
Stripe on the Card and then dials out to the Authorization Center to obtain an Authorization Code.
Mail Order/Telephone Order (MO/TO) Transaction
For MO, a Transaction that occurs when the Cardholder uses the mail to make a payment to a Merchant and for TO, a Transaction that occurs when the Cardholder uses a telephone to make a payment to a Merchant.
Manual Entry Authorization
An Authorization request generated when the Merchant key-enters the Cardholder's Card number, expiration date, and sales amount into the POS Device (e.g., when the POS Device is unable to read the Cardholder information from the Magnetic Stripe on the Card). The POS Device then dials out to the appropriate Authorization Center to obtain an Authorization Code.
MasterCard
MasterCard International Incorporated.
Member
A financial institution designated by us that is a principal, sponsoring affiliate or other member of Visa
or MasterCard. The Member may be changed by Servicer at any time and the Merchant will be provided notice of
same.
Merchant
The business entity that provides goods and/or services to Customers.
Merchant Application
The Merchant Application and any additional document containing information regarding Merchant's business that is submitted to Servicer and Member in connection with Merchant's application for processing services, including documents submitted by Merchant as a part of the bid process, if applicable. Merchant Category Code (MCC). The four-digit code and corresponding definition assigned to each Merchant that describes the type of business in which the Merchant is engaged.
MerchantConnect
A Web-based Transaction reporting and reconciliation system used to manage Transaction
data from multiple locations or multiple merchant accounts via any standard Web browser (e.g., Internet Explorer).
Merchant Identification Card
A plastic card issued to the Merchant that contains the Merchant's Identification
Number, name, location, and DDA number.
Merchant Identification Number (MID)
A unique identification number assigned to a Merchant to identify its
business (also referred to as the “Merchant Account”).
Merchant Operating Guide (MOG)
The operating manual provided by Servicer to Merchant that prescribes rules
and procedures governing the Transactions. The MOG may be amended from time to time by Servicer in its sole
discretion, which amendments will be effective upon notice to Merchant.
Merchant Plate
A plastic or metal plate affixed to the Imprinter that contains Merchant information such as the
Merchant name, Merchant Identification Number, city and state, and a Discover or American Express account
number, if applicable.
Merchant Statement
A monthly summary of activity in a Merchant account.
Mail Order/Telephone Order.
NACHA—The Electronic Payments Association
The national association that establishes standards, rules, and
procedures governing the ACH Network, including the ACH Rules.
Negative Deposit
When the dollar amount of Credit Transaction Receipts exceeds the dollar amount of Transaction Receipts submitted for processing. Merchant Operating Guide MOG200901 77
No Signature Required Program
A specific program offering by a Credit Card Association that includes
required criteria that must be met by the Merchant in order to submit No Signature Required Transactions and
obtain some protection from Chargebacks.
No Signature Required Transaction
A Card Transaction that does not require Merchant to obtain a Cardholder
signature on a Transaction Receipt because the Merchant and the Transaction satisfy the requirements of a No
Signature Required Program.
Offline/Force
The process by which a voice-authorized transaction is key-entered to be settled electronically with a batch of transactions. Also known as a post-auth.
Payment Card Industry (PCI) Data Security Standard
The data security regulations, including maintaining Cardholder account data in a secure environment, and other data security best practices endorsed by the major card associations including Visa and MasterCard, as such may be amended from time to time. Visa requires that Merchants and their agents comply with CISP and MasterCard requires that Merchants and their agents comply with SDP.
Payment Device
Any device used for the purpose of obtaining credit or debiting a designated account including a Credit Card, Debit Card, and any other financial transaction device, including an Electronic Gift Card, check (whether converted into electronic form or used as a source document for an electronic fund transfer), EBT Card, stored value card, “smart” card, or other device created to be used for the purpose of obtaining credit or debiting a designated account, that is now or hereafter effected through Transactions with Merchants.
Payment Network
Any Credit Card Association, EFT Network, ECS Association, governmental agency or authority, and any other entity or association that issues or sponsors a Payment Device.
Payment Network Regulations
Individually and collectively, as the context may dictate, the Credit Card Rules,
the Debit Card Rules, and/or the ECS Rules.
Person
Any individual, firm, corporation, business trust, partnership, governmental agency or authority, or other entity and shall include any successor (by merger or otherwise) of such entity.
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, EBT).
Petroleum Services
Processing Services provided by Servicer to Merchants engaging in Transactions related to
petroleum products or services, including Satellite Services, Datawire Services, Voyager Card Acceptance, and
Wright Express Card Acceptance.
PIN
See Personal Identification Number
A secure device with an alphanumeric keyboard which conforms with the Debit Card Rules and
applicable standards administered by the Payment Card Industry Security Standards Council, and requirements
established from time to time by Servicer, and through which a Cardholder may enter a PIN.
PIN Entry Device (PED)
A device used by the Cardholder to enter a PIN that identifies a Cardholder in an Authorization request originating at a terminal with electronic capability. PED's are used for Debit Card transactions to purchase goods or services and must comply with applicable standards administered by the Payment Card Industry Security Standards Council.
POS Device
A terminal, software, or other point-of-sale device, including a Third Party Terminal, at a Merchant location that conforms with the requirements established from time to time by Servicer and the applicable Payment Network. The requirements incorporate
(i) a Track 2 Magnetic Stripe Reader; (ii) communicates electronically, directly or indirectly, with the Servicer’s Debit System; (iii) uses a receipt printer capable of providing a receipt conforming to the Debit Card Rules and Regulation E; (iv) uses a journal printer, journaling facility or terminal generated receipt; (v) uses an encrypted alphanumeric PIN Pad; and (vi) uses a keyboard that can perform actions, functions and data entry. POS Device also includes a Pin Entry Device (PED) that is used by the Cardholder to enter a PIN that identifies a Cardholder in an Authorization request originating at a terminal with electronic capability.
Pre-authorized Order
A written or electronic authorization by a Cardholder allowing a Merchant to charge his or
her Card at a future date.
Program
The Payment Device processing services and other related products and services received by Merchant
pursuant to the Agreement.
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Proper Authorization
Receipt of an authorization approval code by use of the terminal product or the telephone
authorization center provided for authorization referrals.
Quasi-Cash Transactions
Transactions representing a Merchant's sale of items that are directly convertible to
cash.
Recurring Payments
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).
Referral Code
An Authorization Code indicating that the Issuer is requesting that the Merchant 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).
Refund
A transaction that returns funds of a previous transaction back to the original purchaser, typically after the purchaser returns the products or services.
Reserve Amount
The amount established pursuant to the calculation set forth in the TOS.
Retrieval Request
A request initiated by a Cardholder or Issuer that requires the Merchant to produce a legible copy of the Cardholder's signed Transaction Receipt within a specified period of time.
Return
A transaction that returns funds of a previous transaction back to the original purchaser, typically after the purchaser returns the products or services.
Sale
An exchange of funds for goods or services. A transaction whereby one forfeits money in exchange for some type of product or service.
Satellite Services
Satellite operations for electronic payment processing including but not limited to Payment Card
Transactions, provision of the space segment, and Equipment maintenance services.
Servicer
The entity that processes Transactions on behalf of the Merchant.
Servicer Debit System
Servicer’s electronic Debit Card Transaction processing system for provision of Debit Card authorization, data capture, and settlement services.
Settlement
The process of submitting Transactions to the Servicer for processing.
Site Data Protection Program (SDP)
MasterCard’s data security regulations to protect Cardholder account data
and other data security best practices. The exact requirements for SDP can be found at
https
//sdp.mastercardintl.com.
Software
The software identified on Schedule A, Schedule of Fees, to the Agreement, including for Datawire
Services, Network Access Module or other programs supplied by Servicer and used for Internet-based electronic
payment processing.
Split Sale
A prohibited process by which Merchants use multiple Transaction Receipts to avoid Authorization for
a single Transaction.
T&E Merchant
A Merchant whose primary function is to provide travel and entertainment related services.
Terminal
A point-of-sale device used by the Merchant to electronically process Card Transactions.
Third Party Terminal
A terminal, other point-of-sale device, or software provided to Merchant by any entity
other than Servicer or its authorized designee.
Transaction
Any action by a Cardholder using a Payment Device and a Merchant that results in activity on the
Cardholder's account (e.g., payment, purchase, refund, return, or debit).
Transaction Currency
The international Cardholder's local currency in a DCC Transaction.
Transaction Data
All data regarding the Transaction including, without limitation, the Cardholder account number,
dollar amount of the Transaction, and the information stored in the Card’s magnetic stripe.
Transaction Date
The date that a Transaction occurs.
Transaction Receipt
The paper or electronic record evidencing the purchase of goods or services from, or payment to, a Merchant by a Cardholder using a Payment Device.
TOS
The Terms of Service and all additions to, amendments, and modifications of, and all replacements to the TOS, as applicable.
Value Added Services
Any entity that stores, processes, or transmits card data or transaction data on behalf of
Merchant or that provides software to Merchant for transaction processing, storage, or transmission, except to the
extent such services are performed by the entity in its capacity as an agent of Servicer performing Servicer’s
obligations under the Agreement.