Glossary of Terms: P
Payment Card Industry (PCI)
The Payment Card Industry (PCI) Data Security Standard (DSS) is being utilized worldwide by MasterCard, Visa, Discover and American Express to fight debit and credit card fraud by imposing strict security standards on how cardholder data is handled and kept. Failure to comply with PCI DSS and any subsequent breach of card data within a merchant’s site, may result in substantial fines and potentially, the inability to accept card payments.
PBX Access Code
An access number that is dialed to reach an outside line.
Pick Up Card
An issuer's electronic response to an authorization request, asking that the card be retained by the merchant and returned to the issuer. Also appears as PIC UP.
Personal Identification Number - a numeric code used as verification to complete a transaction via a payment card. The number is entered into a keypad and is encrypted to travel along with the authorization.
Point Of Sale - the location at which a payment card transaction occurs, usually by way of a device such as a credit card terminal or cash register.
A terminal at the point of sale, connected via telecommunication lines to a central computer. Authorization, recording and transmission of electronic transactions are performed through the terminal.
Private Label Card
A card issued by a merchant that can only be used in the issuing merchant's business. An example would be a department store credit card.
The fees associated with the processing of credit card transactions.
A company responsible for processing interchange transactions - operated by an acquirer or acting on the acquirer's behalf.
A payment card used by companies to replace paper invoices.