Dictionary of Payment Terminology

The Dictionary of Payment terminology is a tool that is designed to be used to look up the definitions of commonly used terms and acronyms in the Electronic Payments Industry.

Index


Payment Industry Term
Acronym
Global Endpoint Review
GER
Setting up an Endpoint is time and resource intensive, requiring detailed business and risk reviews and complex implementations. Prior to committing resources, Visa evaluates each Endpoint proposal relative to current Visa strategies, goals and objectives, and available resources to ensure they are compatible, through the GER
Group Country Manager
GCM
International Settlement Services
ISS
ISS is used to process, clear and settle international transactions.
International Transaction
A Transaction where the Issuer of the Card used is not located in the Transaction Country. This does not apply in the US Region or a US Territory for US Covered Visa Debit Card Transactions in the US Region or a US Territory for routing and Interchange Reimbursement Fee purposes.
Internet Protocol
IP
The Internet Protocol is the principal communications protocol in the Internet protocol suite for relaying datagrams across network boundaries. Its routing function enables internetworking, and essentially establishes the Internet.
Internet Protocol Security
IPSec
IPsec is a protocol suite for securing Internet Protocol (IP) communications by authenticating and encrypting each IP packet of a communication session
Latin America and Caribbean Region
LAC
Magnetic Stripe
A magnetic stripe on a Card that contains the necessary information to complete a Transaction.
Magnetic-Stripe Terminal
A terminal that reads the Magnetic Stripe on a Card.
Mail/Phone Order  
Purchase in a Card-Absent Environment where a Cardholder orders goods or services from a Merchant by telephone, mail, or other means of telecommunication.
Manual Cash Disbursement
A Cash Disbursement obtained with a Visa Card or Visa Electron Card in a Face-to-Face Environment.
Manual Imprint  
An imprint of the embossed data on the front of the Card using a specifically-designed mechanical imprinting device. An impression taken from the Card using pencil, crayon, or other writing instrument does not qualify.
Mark
A word, name, design, symbol, or other device, or any combination thereof, that Visa or any entity adopts to identify its goods or services.
Media Access Control
MAC
A MAC address is a unique identifier assigned to network interfaces for communications on the physical network segment
Merchant
An entity that accepts a Visa Card for the sale of goods or services and submits the resulting Transaction to an Acquirer for Interchange, directly or via a Payment Facilitator. A Merchant may be a single Merchant Outlet or represent multiple Merchant Outlets.
Merchant Outlet
Either:
  • The physical premises of a Merchant at which a Transaction is completed
  • For an Electronic Commerce or Mail/Phone Order Merchant, the country where all of the following occur:
    • There is a Permanent Establishment through which Transactions are completed. In the absence of a Permanent Establishment, a Merchant that provides only digital goods must use the country where the principals of the company work.
    • The Merchant holds a valid business license for the Merchant Outlet.
    • The Merchant Outlet pays taxes relating to the sales activity.
    • The Merchant has a local address for correspondence and judicial process other than a post office box or mail-forwarding address, which do not meet this requirement.
Mobile Payment Device
A Contactless Payment Device that resides in a portable electronic device that can access a wireless network.
National Net Settlement Service
NNSS
National Net Settlement Service (NNSS) is a secure, scalable domestic processing solution that utilizes Visa's proven network and operational reliability.
New Client Onboarding
NCO
An end to end process for onboarding new clients
Non Disclosure Agreement
NDA
North America Region
NA