Merchant Services Glossary - Letter G

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Global Payment Systems

The primary data transport communications facility that links all MasterCard customers and MasterCard data processing centers into a single on-line financial network (also called a packet-switching network.) Global Payment Systems separates communications processing from financial applications to transmit messages over a single communications network. Used to be referred to as Banknet.

Gold Card

A card program offering higher credit lines and expanded services. Qualifications for cardholder applicants are generally more stringent than for the standard card.

Good Faith

An attempt by a member to resolve a dispute with another member in writing. A good faith attempt at resolution must be made before filing a compliance case.

Grace Period

The span of time between the statement date and the payment due date during which no interest is charged if the amount is paid in full.

Gratuit

The name of the retail software. Encompass software is available on all terminal types except Zon Jr Plus and the Hypercom. Encompass follows the Hybrid protocol.

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