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.

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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

Mac
Maestro( Point-Of-Sale Debit Program
Magnetic Stripe
Magnetic Stripe Reading Terminal
Mail / Phone Indicator
Mass Trans-act
Master Reset
MasterCard Automated Point-of-Sale Program (MAPP)
Mastercard Interface Processor (MIP)
MasterCard International Incorporated
MasterCom
Mastro
MCC - Merchant Category Code
M/E/C Number
M/E/C Type
Member
Member Risk Control Manual
Member Service Provider
Merchant
Merchant Accounting System
Merchant Agreement
Merchant Bank
Merchant Chargeback
Merchant Discount
Merchant File
Merchant Funding
Merchant Qualification Standards
Merit I
Merit II
Merit III
MID
Minimum Discount Fee
MIP
MO/TO
Most
MPA
MPS
MPS Reference #
MSP
MTD


Mac

A regional debit network.
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Maestro (Point-Of-Sale Debit Program)

The Maestroä program is a global, on-line point-of-sale debit program. Transaction amounts are immediately debited from the cardholderís account.
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Magnetic Stripe

A stripe (on the bankcard) of magnetically encoded cardholder account information.
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Magnetic Stripe Reading Terminal

A point-of-sale terminal which reads the encoded information from the magnetic stripe when the bankcard is swiped through the terminal "slot." The terminal automatically transmits account and transaction information to the authorizing agent.
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Mail / Phone Indicator

The value which indicates whether the transaction was done without the cardholder being present.
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Mass Trans-act

An Elavon main frame-to-main frame product.
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Master Reset

Procedure done on all Verifone terminals to clear the memory. Other terms for this function are Clear all and Blow out.
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MasterCard Automated Point-of-Sale Program (MAPP)

A terminal networking product that provides low-cost, point-of-sale access to the MasterCard authorization network. Click here for a list of phone numbers.
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Mastercard Interface Processor (MIP)

The processing hardware and software system that interfaces with MasterCardís Global Payment System communications network.
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MasterCard International Incorporated

A member-owned international bankcard association, governed by a board of directors, that licenses members to issue cards and/or accept merchant drafts under the MasterCard Program. MasterCard owns and operates its own international processing network. The phone number is 314-523-2900.
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MasterCom

A MasterCard electronic image processing product that uses Banknet to route high-resolution document images of MasterCard and other credit card transactions between members around the world, around the clock. Its primary purpose is to reduce the amount of paper involved in the chargeback/presentment process.
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Mastro

A National debit network.
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MCC - Merchant Category Code

Terminology used by MasterCard and Visa. Typically it is a four digit code that identifies the merchant 's principal trade, profession, or line of business in accordance with their standard industry classification (SIC).
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M/E/C Number

The merchant number, entity level, or chain number.
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M/E/C Type

M for Merchant, E for Entity, or C for Chain.
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Member

A financial institution that is a member of Visa USA and/or MasterCard International. A member is licensed to issue cards to cardholders and/or accept merchant drafts.
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Member Risk Control Manual

A Visa USA publication which explains the policies, procedures and requirements of card program risk management.
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Member Service Provider

See ISO (Independent Sales Organization)
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Merchant

Any business that, having met the qualification standards of MasterCard and/or Visa and having been approved by any acquiring member, accepts MasterCard and/or Visa cards as payment for goods and services.
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Merchant Accounting System

The accounting system that transfers electronic funds from the Interchange to the merchantís bank account via the Automated Clearing House (ACH) and sends the merchant monthly statements concerning the merchantís credit card transfers. Elavon uses Vital Processing Services (formerly Total Systems) and Mellon.
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Merchant Agreement

The written contract between merchant and acquirer that details their respective rights, responsibilities and warranties.
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Merchant Bank

The bank that has entered into an agreement with a merchant, to accept deposits generated by bankcard transactions.
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Merchant Chargeback

A transaction that is challenged by a cardholder bank against a merchant bank and comes to the merchant bank through interchange. Also referred to as an incoming chargeback.
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Merchant Discount

The fee an acquiring member charges the merchant to cover the costs of providing deposit credit and handling the merchantís bankcard sales transactions. The discount is generally calculated and charged to the merchant once a month.
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Merchant File

A file used by the acquirer to list pertinent information on its merchants.
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Merchant Funding

When a merchantís funds are credited to their checking account. A negative deposit (credits greater than sales) would result in a debit to their account.
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Merchant Qualification Standards

The minimum standards established by MasterCard and Visa for merchant acceptance, requiring that the merchant be financially responsible and of good repute.
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Merit I

A MasterCard interchange fee rate reduction program. Requirements include 100 percent issuer-controlled authorization and transaction clearance within seven calendar days. Also known as the Partially Qualified rate See Partially Qualified rate.
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Merit II

A MasterCard interchange fee rate reduction program. Requirements include 100 percent issuer-controlled authorization and transaction clearance within three business days. A name of a rate qualification prior to April 96. This rate was eliminated.
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Merit III

A MasterCard interchange fee rate reduction program. Requirements include 100 percent issuer-controlled authorization, transaction clearance within three (2) business days and magnetic stripe reading. The best rate an EDC merchant can qualify for (MasterCard only.) Also known as the Qualified rate. See Qualified rate
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MID

Merchant Identification Number. Number assigned by Elavon to identify a merchant on the Elavon system.
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Minimum Discount Fee

What the merchant needs to pay in discount rate every month.
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MIP

MasterCard Interface ProcessoróThe processor (place on-site at a merchantís facility) that interfaces with MasterCardís Global Payment System communications network. It contains the Warning Bulletin file and the local negative file and conducts authorization and settlement, as well as other services.
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MO/TO

Mail Order/ Telephone Order.
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Most

A regional debit network.
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MPA

Merchant Processing AgreementóElavon must hold a signed merchant agreement before the merchant can process through Elavon.
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MPS

The Merchant Processing system operated by U.S. Bank.
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MPS Reference #

The assigned unique identifier with MPS (Merchant Processing System).
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MSP

Merchant Service ProvideróAn processor/organization that provides services for a merchant.
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MTD

Month to Date accumulation from the first day of the current statement period to the present date.
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