Visa/MasterCard

Visa and MasterCard have made important changes to merchant acceptance as part of a proposed settlement for merchants located in the U.S. and U.S. territories. For more information click here.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Bad Debt
Balance
Balancing
Bank Identification Number (BIN)
Bankcard
Bankcard Association
Bankmate
Banknet
Bankruptcy Notification Service
BASE I
BASE II
Basis Point
Batch
Batch Close
Batch Date
Batch Detail Report
Batch Header
Batch Number
Batch Open
Batch Processing
Batch Review
BET
Billing Date
Billing Statement
BIN - Bank Identification Number
Blow Out
BOH
BOW
Business Card
Buyer's Guide Service


Bad Debt

Debt that has been written off and sent to a collection agency for payment.
Top

Balance

The amount of money owed by the Cardholder to the card issuing bank.
Top

Balancing

A procedure performed at a POS device to reconcile or account for purchases, returns, cashbacks and voided transactions. Balancing is complete when the totals are cleared and the business date is changed.
Top

Bank Identification Number (BIN)

The first six digits of a Visa or MasterCard account number, which identifies the bank that issued the card.
Top

Bankcard

A financial transaction card issued by a financial institution.
Top

Bankcard Association

A group of institutions formed for the purpose of sponsoring a bankcard program using a common processing and administrative center.
Top

Bankmate

A regional debit network.
Top

Banknet

The primary data transport communications facility that links all MasterCard customers and MasterCard data processing centers into a single on-line financial network (also called a packet-switching network.) Banknet separates communication processing from financial applications to transmit messages over a single communications network. NOW CALLED Global Payment Systems.
Top

Bankruptcy Notification Service

This service is a joint effort between MasterCard and Visa. Bankruptcy filings and cases are gathered from all the bankruptcy courts and sent to the credit bureau for account numbers. Bankruptcy information is routed daily to appropriate members.
Top

BASE I

The VisaNet data processing systems, networks and operations that provide authorization and authorization related services to Visa members.
Top

BASE II

The VisaNet data processing systems, networks and operations that provide clearing, settlement and other interchange related services to Visa members.
Top

Basis Point

Divide a penny into 100 pieces and 1 basis point would equal to 1 piece of those 100 pieces. Discount rates for merchants are assigned as basis points.
Top

Batch

A grouping of credit card transactions as captured by a merchant. A batch is usually an entire day’s activity.
Top

Batch Close

A function in the EDC system used to ascertain the current (open) batch number, total item count and total (net) dollar amount in the current batch for BTT merchants. After the batch is done, a GBOK number is received.
Top

Batch Date

The submission date of the batch, it can be 7 days a week.
Top
Batch Detail Report

Printed information for each transaction currently in the terminal. Can be run in transaction sequence or for the entire batch.
Top

Batch Header

The batch header is used for paper merchants when making their deposit at the bank. The batch header has to have the merchant number and merchant name, total transactions (dollar amount) attached to the sales slips Documentation that should be filled out by all paper merchants when submitting sales drafts. The batch header shows total sales, total credits and net amount that is paid to the merchant.
Top

Batch Number

A group of credit card sales transactions that may have occurred in one day or multiple days.
Top

Batch Open

In a host-based environment, the merchant must send a transaction to the host telling it to open a batch. If this is not done, all transactions will be authorized but not captured.
Top

Batch Processing

The capture of data that is processed at a later time, usually at night, as opposed to on-line (real-time) processing.
Top

Batch Review

A function in the EDC (Electronic Draft/Data Capture) used to ascertain the current (open) batch number, total item count and total (net) dollar amount in the current batch of a terminal
Top

BET

Billing Element Table. Used by Vital for pointing merchants to different rates based on levels of qualification and the interchange associated with the level.
Top

Billing Date

The month, day and year when a monthly statement is produced. The current finance charges, minimum payment due and new balance are calculated as of the billing date.
Top

Billing Statement

A billing statement is a document sent to customers informing them of the amounts they owe and the amount now due, as well as providing information on account status and promotional messages.
Top

BIN - Bank Identification Number

A unique number assigned by Visa to authorizing members, clearing members, and issuers for the purpose of identifying processors in VisaNet. The BIN appears as :- the first six digits in the 16-digit cardholder account numbers.
Top

Blow Out

Procedure done on all Verifone terminals to clear the memory. Another term for this function is Clear All.
Top

BOH

Acronym or abbreviation for Bank of the Hamptons.
Top

BOW

Acronym or abbreviation for Bank of the West.
Top

Business Card

A bankcard issued to companies for use by company employees. The liability for abuse of the card typically rests with the company, not with the employee.
Top

Buyer's Guide Service

A value added service included in some card programs, that offers the cardholder discounts on special catalog merchandise.
Top