Merchant Services Glossary - Letter C
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- Call-Me
- A response to an acquirer’s authorization request, generated by the issuer or through stand-in processing, which requires the acquirer to contact the issuer directly.
- Capture
- To read and maintain applicable information from a POS device for use in the settlement of funds.
- Card Mailer
- Special packaging used to mail new or re-issued cards to the cardholder. The mailer may contain special information and/or instructions to the cardholder about the account.
- Card Registration Company
- A company that provides an optional service to cardholders, usually for an annual fee. The cardholder registers his/her credit card account numbers with the company. If cards are lost or stolen, the cardholder makes only one call to the card registration company which then notifies the issuers of all the lost/stolen cards.
- Card Re-issue
- The process of preparing, packaging and sending new cards to cardholders prior to their current card’s expiration date.
- Cardholder
- Merchant’s customer who holds a credit card. The person to whom a financial transaction card is issued or an additional person authorized to use the card.
- Cardholder Master File
- The issuer’s record of all cardholder accounts. The file contains information on each account, such as name, credit line, and status of the account.
- Cash Advance
- A transaction in which only a bank or financial institution can submit, for cash to a cardholder. The transaction is posted against the cardholder’s bankcard account. Interest fees for cash advances are charged from the day of the transaction.
- CD Type
- Card type. Example: MasterCard, Visa, etc.
- Central Processing Site
- The central computer processor used in the transaction flow.
- Certified Producer
- An organization certified by MasterCard and/or Visa to produce MasterCard and/or Visa cards within the association’s specified guidelines.
- Charge Cards
- A card that must be paid in full each month.
- Chargeback
- A dispute procedure initiated by the issuer after receipt of the initial presentment from the acquirer. Used to correct erroneous presentments.
- Chargeback Period
- The number of calendar days (counted from the transaction processing date) during which the issuer has the right to charge the transaction back to the acquirer. The number of days varies according to the type of transaction from 45 to 180 days.
- Chargeback Reason Code
- A numerical code that identifies the specific reason for the chargeback. MasterCard and Visa each have their own chargeback codes.
- Charge-Off
- The situation in which the issuer is faced with a delinquent loan of such severity that it must absorb the amount of the debt, at least temporarily, in order to clear the amount from its ledgers. The issuer may still attempt to collect some or all of the amount owed through the recovery process.
- Check Guarantee
- A service which guarantees check payment (up to a limit defined for the account) provided that the merchant follows correct procedures in accepting the check.
- Check Verification
- A service that tells a merchant whether a check writer has been reported for writing bad checks, but it does not guarantee payment if the check bounces.
- CIRRUS
- CIRRUS Systems, Incorporated, a wholly-owned subsidiary of MasterCard International Incorporated, operates the international ATM sharing network known as MasterCard CIRRUS ATM Network. MasterCard customers may elect to participate in the network as issuers or acquirers by connecting through the Banknet telecommunications network or by developing a separate interface to the MasterCard Debit Switch.
- Clear All
- Procedure done on all Verifone terminals to clear the memory. Another term for this function is Blow out.
- Clearing
- The process of exchanging financial transaction details between an acquirer and an issuer to facilitate posting of a cardholder’s account and a reconciliation of a customer’s settlement position. Terminology used to indicate the settlement of transaction through Interchange
- Clearing Member Bank
- A bank which Visa and Mastercard empower to receive and distribute funds received through settlement and Interchange. Examples: Regions Bank and First Union National Bank.
- Closing
- The sending through the Interchange of the credit card transactions accumulated by the merchant in the terminal or Host so the merchant can be paid for them.
- Co-Branded Cards
- A customized card product for a specific retailer or service provider, such as General Motors, that wishes to solicit its customers.
- Combined Warning Bulletin
- A list of invalid MasterCard and Visa account numbers, covering nine U.S. and four worldwide regions, published weekly or bi-weekly depending on the region. The issuer is charged per account number and per region for each Bulletin listing. Effective April 1, 1994, the Combined Warning Bulletin in the U.S. is electronic only. The paper version has been eliminated.
- Comp Report
- Compensation report - Report generated for all banks.
- Compliance
- The procedure a MasterCard and Visa member may use to resolve a dispute between members when no chargeback reason code applies. The challenging member must prove financial loss due to a violation of MasterCard and/or Visa rules by the other merchants.
- Compliance Filing
- A formal case filing (on a completed Regulations/Rules Violation form) submitted subsequent to an unsuccessful good faith attempt to resolve the dispute.
- Confirmed Fraud Transaction
- A transaction reported by an issuer to MasterCard or Visa involving a card that was lost, stolen, never received, issued on a fraudulent application, counterfeit or used fraudulently.
- Convenience User
- A cardholder who pays his/her account balance in full on or before each payment due date.
- Counterfeit Card
- A plastic card that has been fraudulently printed, embossed, or encoded to appear to be a genuine bankcard, but has not been authorized by MasterCard or Visa or issued by a member; a card that was originally issued by a member but has subsequently been altered without the issuer’s knowledge or consent.
- Counterfeit Paper
- Paper originating form the use of counterfeit cards for transactions.
- CPS
- The best rate an EDC merchant can quality for (VISA only). It also is known as the Qualified rate. See Qualified Rate.
- Credit
- The process of reimbursing a cardholder's account for returned merchandise.
- Credit Balance
- On a revolving line of credit, the amount currently owed by the cardholder.
- Credit Card(s)
- A plastic card with a revolving credit limit used to purchase goods and services and to obtain cash advances on credit for which a cardholder is subsequently billed by the issuer for repayment of the credit extended.
- Credit Draft
- Paper evidencing a refund or price adjustment by a merchant to be credited to a cardholder’s account
- Credit Limit
- The maximum dollars available on the account, set by the issuing financial institution. The maximum amount the cardholder may owe to the issuer on the card account at any time.
- Credit Line
- Also called a credit limit. The amount of money a Cardholder can charge against his or her card. This amount is determined by the Issuing Bank based on the Cardholder’s past credit history.
- Credit Loss
- The amount lost (charged off) as a result of the cardholder’s failure to repay the amount owed on the account.
- Credit Slip
- The form stating a refund or price adjustment to be credited to a cardholder account. Also referred to as a credit voucher.
- Credit Soaring
- A method for predicting the creditworthiness of a credit card applicant through statistical analysis.
- Credit Voucher
- Paper evidencing a refund or price adjustment by a merchant to be credited to a cardholder’s account
- Current Account
- A cardholder account on which payment is up to date and no amount is overdue.
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