Glossary of Terms

A | B | C | D | E | F—L | M | N—Q | R | S | T—Z

Bank Card

A payment card issued by a financial institution, for example, Visa and MasterCard credit cards.

Bank Card Transaction or Transaction

Transactions between the merchant and a cardholder for the sale or rental of goods or provision of services are evidenced by a sales drafts or credit voucher, or, where permitted by agreement between the bank and merchant, by an electronic equivalent of a draft or credit voucher, which the merchant presents to the bank for processing through the interchange system. (See Transaction.)

Batch

Collection of captured transactions submitted for settlement. It is important to find out if your merchant bank requires you to close the batch manually and/or if it's closed automatically at the end of day.

BIN (Bank Identification Number)

The 4-6 digit identification number assigned to both cardholder and merchant banks.