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

P&V
Packet-Switching Network
Paid by Merchant Services
Paid by Others
PAN
Paper
Paper Processing
Paper Processor
Paper, Electronic
Partially Qualified Rate
Payment due date
PC Transact_it
Per Transaction Fee
Periodic Rate
Pick-up Card
PIN
PIN Authorization Request
Plus
Portfolio
POS
POS Entry Mode
POS Terminal
Positive File
Post Auth
Posting
Prestigious Property
Principal Member
Private Label
Processing
Processing Date
Processing Terminal
Processor
Proprietary Card
Proprietary Member
PSIRF
Pseudo ABA
Pulse
Purchasing Card
PVC


P&V

Proof and verification—Total Deposit detail fiche.
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Packet-Switching Network

A telecommunications system that sends packets of debit and credit transaction data and authorization between issuing and acquiring members. MasterCard’s proprietary packet—switching network is called Banknet.
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Paid by Merchant Services

The funds paid by U.S. Bank to the merchant typically for Visa and MasterCard transactions, but could include other non-bankcard organizations.
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Paid by Others

The non-bankcard transactions captured by U.S. Bank but passed on to the appropriate non-bankcard organization for funding (e.g. American Express, Diners, and others, etc.).
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PAN

Primary Account Number. The embossed or encoded number that identifies the card issuer to which a transaction is to be routed and the account to which it is to be charged unless specific instructions indicate otherwise.
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Paper

Sales slips, credit slips, cash advance slips, etc., showing the use of a credit card for a purchase, displaying the imprint or other reproduction of embossed or encoded information contained on the card.
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Paper Processing

The process of submitting actual sales drafts to receive funds.
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Paper Processor

A company that keys in the information on paper credit slips so it can be sent on to the Issuing Banks electronically.
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Paper, Electronic

Electronic record showing the use of a card for purchase and bearing a representation of the embossed or encoded information contained on the card.
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Partially Qualified Rate

A rate. Indicates the transactions did not meet all the requirements to qualify at the best rate but did not qualify for the lowest rate.
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Payment due date

The date by which payment must reach the issuer to keep the account current.
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PC Transact_it

An Elavon PC software product. Used mainly for MO/TO merchants. Has full AVS.
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Per Transaction Fee

What the merchant could pay for each transaction that is processed. Most prevalent needs to pay in discount rate every month.
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Periodic Rate

The term of the finance charge as a percentage to be applied to a cardholder balance for a specified period, usually issuer.
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Pick-up Card

An issuer’s response to an authorization request stipulating that the card be confiscated by the merchant and returned to the issuer.
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PIN

Personal Identification Number. The confidential individual number or code used by a cardholder to authenticate card ownership for ATM or POS terminal transactions. This form of identification is used with On Line Debit Cards.
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PIN Authorization Request

A procedure enabling the issuer to validate cardholder identity by comparing the PIN to the account number.
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Plus

A National ATM network
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Portfolio

The merchants who are under contract to a financial institution or processor for credit card processing services provided by that institution or processor.
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POS

Point-of-sale. Refers to the location where goods or services are purchased.
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POS Entry Mode

A literal translation of the value which indicates whether the card number was entered via the mag-stripe reader or key pad.
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POS Terminal

A terminal, at the point of sale, which is connected via telecommunication lines to a central computer. Authorization, recording and transmitting of transactions are performed through the terminal.
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Positive File

A file listing the current balance and available credit for each active cardholder account. PIN and other cardholder information also may be included.
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Post Auth

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 Off line sale.
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Posting

The process of recording charges and credits to the cardholder account.
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Prestigious Property

Extremely large lodging merchants. They have unique qualification requirements.
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Principal Member

A financial institution that directly participates as an issuing and/or acquiring member of MasterCard International.
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Private Label

A Retailer’s proprietary card. Accepted only at that merchant’s retail establishments.
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Processing

The procedure by which the merchant sends the information about each credit card transaction to the issuing Bank so that the Issuing Bank can pay the merchant for the transactions.
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Processing Date

The earliest date stamped on the transmittal summary and draft by the member or its processor; the date on the 602 transmission header record for electronic transactions.
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Processing Terminal

The terminal at the point of sale through which the credit card is swiped or keyed by the merchant.
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Processor

An organization which can provide authorization and settlement services on behalf of a member.
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Proprietary Card

A card issued by a financial institution to its customers for access to their credit or deposit accounts.
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Proprietary Member

A financial institution that directly participates as an issuing and/or acquirer member of Visa USA.
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PSIRF

The best rate for Visa cards prior to April 96. Now it is referred to as CPS.
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Pseudo ABA

This number is assigned by Mellon when paperwork is submitted. This number is similar in concept to the SE number of American Express. This number can be found Eclipse.
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Pulse

A regional debit network.
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Purchasing Card

Designed to help companies maintain control of small purchases while reducing the administrative cost associated with authorizing, tracking, paying and reconciling those purchases.
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PVC

Polyvinyl chloride. The type of plastic used to make bankcards.
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