Glossary of Terms: I
The standard display on a payment card terminal waiting to process the next transaction.
A device used to imprint embossed card information onto a sales draft for payment card transactions. An imprinter is used if the card is present and the POS device cannot read the contents of the magnetic stripe.
The exchange of transaction data between acquiring and issuing institutions.
Fees paid by the acquirer to the issuer to compensate for transaction-related costs. MasterCard and Visa establish interchange fee rates.
Internet Protocol - the method by which a computer or terminal identifies itself on the internet. IP-based terminals such as the Omni 3700 series use a unique IP address to authorize transactions via a broadband internet connection rather than a dialup phone line.
Internet Service Provider - an organization that provides access to the Internet.
Issuer, Issuing Bank
The financial institution and member of Visa or MasterCard that holds contractual agreements with, and issues cards to, the cardholder.