Merchant Services Glossary - Letter M
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- Mac
- A regional debit network.
- Maestro (Point-Of-Sale Debit Program)
- The Maestroä program is a global, on-line point-of-sale debit program. Transaction amounts are immediately debited from the cardholder’s account.
- Magnetic Stripe
- A stripe (on the bankcard) of magnetically encoded cardholder account information.
- Magnetic Stripe Reading Terminal
- A point-of-sale terminal which reads the encoded information from the magnetic stripe when the bankcard is swiped through the terminal "slot." The terminal automatically transmits account and transaction information to the authorizing agent.
- Master Reset
- Procedure done on all Verifone terminals to clear the memory. Other terms for this function are Clear all and Blow out.
- MasterCard Automated Point-of-Sale Program (MAPP)
- A terminal networking product that provides low-cost, point-of-sale access to the MasterCard authorization network. Click here for a list of phone numbers.
- Mastercard Interface Processor (MIP)
- The processing hardware and software system that interfaces with MasterCard’s Global Payment System communications network.
- MasterCard International Incorporated
- A member-owned international bankcard association, governed by a board of directors, that licenses members to issue cards and/or accept merchant drafts under the MasterCard Program. MasterCard owns and operates its own international processing network. The phone number is 314-523-2900.
- MasterCom
- A MasterCard electronic image processing product that uses Banknet to route high-resolution document images of MasterCard and other credit card transactions between members around the world, around the clock. Its primary purpose is to reduce the amount of paper involved in the chargeback/presentment process.
- Mastro
- A National debit network.
- MCC
- Merchant Category code - Terminology used by MasterCard to identify what a merchant sells.
- Member
- A financial institution that is a member of Visa USA and/or MasterCard International. A member is licensed to issue cards to cardholders and/or accept merchant drafts.
- Member Risk Control Manual
- A Visa USA publication which explains the policies, procedures and requirements of card program risk management.
- Member Service Provider
- See ISO (Independent Sales Organization)
- Merchant
- Any business that, having met the qualification standards of MasterCard and/or Visa and having been approved by any acquiring member, accepts MasterCard and/or Visa cards as payment for goods and services.
- Merchant Accounting System
- The accounting system that transfers electronic funds from the Interchange to the merchant’s bank account via the Automated Clearing House (ACH) and sends the merchant monthly statements concerning the merchant’s credit card transfers.
- Merchant Agreement
- The written contract between merchant and acquirer that details their respective rights, responsibilities and warranties.
- Merchant Category Code
- Merchant classification code that identifies the merchant by type of processing, authorization and settlement.
- Merchant Discount
- The fee an acquiring member charges the merchant to cover the costs of providing deposit credit and handling the merchant’s bankcard sales transactions. The discount is generally calculated and charged to the merchant once a month.
- Merchant File
- A file used by the acquirer to list pertinent information on its merchants.
- Merchant Funding
- When a merchant’s funds are credited to their checking account. A negative deposit (credits greater than sales) would result in a debit to their account.
- Merchant Qualification Standards
- The minimum standards established by MasterCard and Visa for merchant acceptance, requiring that the merchant be financially responsible and of good repute.
- Merit I
- A MasterCard interchange fee rate reduction program. Requirements include 100 percent issuer-controlled authorization and transaction clearance within seven calendar days. Also known as the Partially Qualified rate See Partially Qualified rate.
- Merit II
- A MasterCard interchange fee rate reduction program. Requirements include 100 percent issuer-controlled authorization and transaction clearance within three business days. A name of a rate qualification prior to April 96. This rate was eliminated.
- Merit III
- A MasterCard interchange fee rate reduction program. Requirements include 100 percent issuer-controlled authorization, transaction clearance within three (2) business days and magnetic stripe reading. The best rate an EDC merchant can qualify for (MasterCard only.) Also known as the Qualified rate. See Qualified rate
- MID
- Merchant Identification Number.
- Minimum Discount Fee
- What the merchant needs to pay in discount rate every month.
- MIP
- MasterCard Interface Processor-The processor (place on-site at a merchant’s facility) that interfaces with MasterCard’s Global Payment System communications network. It contains the Warning Bulletin file and the local negative file and conducts authorization and settlement, as well as other services.
- MO/TO
- Mail Order/ Telephone Order.
- Most
- A regional debit network.
- MSP
- Merchant Service Provider-An processor/organization that provides services for a merchant.
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