Glossary of Terms

Recurring Payments/Recurring Transactions

A transaction by which the cardholder gives permission to a merchant to place charges on the cardholders account regularly (i.e., monthly billings of magazine subscriptions or fitness club dues).

Receipt

A hard copy (paper) document recording a transaction. The receipt usually includes: date, merchant name/location, cardholder's account number, amount of sale or credit/return, and authorization code.