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

RCN
Record
Recovery
Recurring Transaction
Reference Number
Referral
Regional Debit Networks
Regions
Representment
Restricted Account
Restricted Card List
Retrieval Request
Revolving Credit


RCN

Return Correction Notice.
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Record

Information pertaining to a transaction. A record can be paper, electronic record or magnetic tape. Also called transaction record.
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Recovery

The issuer’s attempt to collect the balance owed on a charged-off account.
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Recurring Transaction

A transaction charged to the cardholder (with prior permission) on a periodic basis for recurring goods and services, i.e., health club membership, book-of-the-month clubs, etc.
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Reference Number

The unique number assigned by Merchant Processing System (MPS) referencing a deposit or transaction. The number identifies a transaction in a cardholder billing system. Each transaction reference number is printed on the monthly statement sent to the cardholder. The reference number is used if a retrieval request becomes necessary.
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Referral

An authorization response that asks the merchant to call their authorization center for approval.
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Regional Debit Networks

Networks formed by groups of banks in certain regions of the country that allow debit cards from banks subscribing to these networks to be used within those regions at other subscribing banks and at subscribing retailers.
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Regions

Abbreviation for Regions Bank, formerly known as First Alabama Bank.
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Representment

The second stage in the chargeback process, occurring when the acquirer responds to an issuer's chargeback by returning a disputed transaction to the issuer.
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Restricted Account

A cardholder account which may not be used without authorization.
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Restricted Card List

A list of cardholder accounts which are restricted and on which transactions are not to be completed without authorization. See also Combined Warning Bulletin.
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Retrieval Request

Request to acquirer/merchant to provide the original or a photo copy of the draft voucher or signed sales slip used to originate the card transaction. The initial step that the issuer takes in the event that either the issuer or the cardholder disputes a transaction.
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Revolving Credit

Allows Cardholders to make regular payments on the balance owed rather than having to pay off the entire balance at one time.
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