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

Oars
Off-line
Off Line Debit Cards
Off Line Sale
On-line
On Line Debit Cards
On-Us Transactions
Open-to-buy
Optima True Grace
Original draft
Over the Counter
Outgoing Chargeback
Outgoing Reference #


Oars

FDR system—Gives deposit detail before 6-13-96.
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Off-line

An operating mode in which terminals are not connected to a central computer. Responses are governed by guidelines, set by the issuer, which are housed in the terminal or in a supporting device.
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Off Line Debit Cards

Also known as Check Cards. Form of payment not utilizing a PIN in order to disburse funds from a cardholders checking account. These cards display the Visa or Mastercard logo and are processed through Interchange. Visa or Mastercards that post to a checking account rather than to a revolving account.
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Off Line Sale

Function performed at a POS device that allows the merchant to enter a transaction if unable to process under the regular sale key. Also referred to as an Force and Post Auth.
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On-line

An operating mode in which terminals are connected to a central computer and have access to the data base for authorization, questions and file changes.
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On-Line Debit Cards

Also known as ATM cards. Form of payment utilizing a PIN in order to disburse funds from a checking account.
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On-Us Transactions

Drafts/vouchers and other items where the member that signed the merchant also signed the cardholder.
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Open-to-buy

The unused credit available on a credit card.
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Optima True Grace

A type of credit card issued by American Express that allows the balance to be carried over from month-to-month with an interest charge.
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Original draft

The actual member copy of the formset used in the transaction.
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Over the Counter

Indicates merchants that submit actual sales drafts for payment (paper merchant) to a local bank for payment.
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Outgoing Chargeback

A transaction that is challenged by a cardholder bank against a merchant bank and sent out to the merchant bank through interchange.
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Outgoing Reference #

An assigned unique identifier by Merchant Processing System (MPS).
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