Glossary of Terms: S

Sales Transaction Fee
The amount which the financial institution charges a merchant for each sales transaction.

SecureCode (MSC)
SecureCode is utilized by Mastercard as additional layer of security for online credit card transactions. This means, that a transaction using SecureCode will initiate a redirect to the website of the card issuing bank to authorize the transaction either using private personal details kept by the bank, a user-chosen password, or, even more securely, a one-time password.

The process by which a merchant transmits batches of transactions to the acquirer. In interchange, it is the process by which acquirers and issuers exchange financial data resulting from sales transactions, cash advances, merchandise credits, etc.

Standard Industrial Code - A universal four-digit code that designates a merchant's industry type. Similar to an MCC code.

Smart Card
A payment card with a built-in microprocessor (chip) that stores information. Smart cards can be used for stored-value cards, credit cards, loyalty programs and security access.

Soft Decline
A declined authorization attempt that does not necessarily mean the card is bad (i.e., call referral, issuer unavailable or cardholder over limit). These transactions may be resubmitted a day or two later in an attempt to obtain a valid authorization.

Split Dial
The capability of a card terminal to dial different telephone numbers to obtain an authorization or settlement of different card types.

Secure Sockets Layer - An established security standard that is used to encrypt data in order to protect the safety, privacy, and reliability of payment data transmitted over the channel between shopper and merchant. SSL encrypts the channel between browser and Web server so only the intended parties can read certain data, such as payment or customer information.

Stored-value Card
A stored-value card is used by a merchant to issue spending credit to their customers. The merchant's customers are given a magnetic stripe card in exchange for money received, merchandise returned or other considerations. The card represents a dollar value that the merchant's customer can either use or give to another individual. There is no security associated with the card itself. The actual record of the balance on the card is maintained on a stored-value card database.