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

Sales Draft
Service Establishment (SE) Number
Settlement
Settlement Date
Shadow Pay
SIC
Smart Card
Sponsored Member
Standard Rate
Star (Explore)
Stratus
Submission Date
Surcharging
Swap Fee
Swipe
Switch


Sales Draft

Paper evidencing a purchase of goods or services by a cardholder from a merchant through the use of a credit card.
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Service Establishment (SE) Number

Merchant numbers assigned by American Express, Discover/NOVUS and check services. American Express SE numbers are 9 digits. Discover / NOVUS numbers are 15 digits and start with 6011. Check service SE numbers vary in length and start with any digit.
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Settlement

The process by which merchant and card-issuing banks exchange financial data and funds resulting from sales transactions, cash advances, merchandise credits etc. It can indicate that transactions were settled from the terminal. It also can refer to the clearing of transactions through Interchange.
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Settlement Date

The date the merchant was funded by the bank for the deposit, it can be 5 days a week.
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Shadow Pay

An Elavon PC software product. Used primarily for retail merchants. Has ability to adapt a mag stripe reader to it, also full AVS.
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SIC

Standard Industry Code—Terminology used by Visa to identify what a merchant sells.
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Smart Card

A card (debit or credit) that carries an embedded computer chip with memory and interactive capabilities so that it can be updated. Also called an integrated circuit card or a chip card.
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Sponsored Member

A sponsored member can only solicit card applications for a proprietary member, as an agent, or acquire merchants for the proprietary member. Visa terminology.
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Standard Rate

A rate. Indicates the transaction did not meet any of the qualifications for the lower rates. This rate includes business cards. All paper merchants will fall to this rate.
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Star (Explore)

A regional debit network
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Stratus

The central computer at Elavon that stores information and routes messages between the merchant terminals and the issuing bank.
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Submission Date

The batch reporting date.
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Surcharging

Elavon uses surcharging to bill merchants for Downgraded Transactions.
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Swap Fee

What Elavon charges a merchant for replacing a piece of defective equipment.
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Swipe

The action of sliding a credit card through the cardreader portion of an authorization terminal.
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Switch

An electronic mechanism that routes transaction data from a POS terminal to the authorizing data processor for approval by the issuer.
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