Merchant Services Glossary - Letter P
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- P&V
- Proof and verification-Total Deposit detail fiche.
- Packet-Switching Network
- A telecommunications system that sends packets of debit and credit transaction data and authorization between issuing and acquiring members. MasterCard’s proprietary packet-switching network is called Banknet.
- PAN
- Primary Account Number. The embossed or encoded number that identifies the card issuer to which a transaction is to be routed and the account to which it is to be charged unless specific instructions indicate otherwise.
- Paper
- Sales slips, credit slips, cash advance slips, etc., showing the use of a credit card for a purchase, displaying the imprint or other reproduction of embossed or encoded information contained on the card.
- Paper Processing
- The process of submitting actual sales drafts to receive funds.
- Paper Processor
- A company that keys in the infromation on paper credit slips so it can be sent on to the Issuing Banks electronically.
- Paper, Electronic
- Electronic record showing the use of a card for purchase and bearing a representation of the embossed or encoded information contained on the card.
- Partially Qualified Rate
- A rate. Indicates the transactions did not meet all the requirements to qualify at the best rate but did not qualify for the lowest rate.
- Payment due date
- The date by which payment must reach the issuer to keep the account current.
- Per Transaction Fee
- What the merchant could pay for each transaction that is processed. Most prevalent needs to pay in discount rate every month.
- Periodic Rate
- The term of the finance charge as a percentage to be applied to a cardholder balance for a specified period, usually issuer.
- Pick-up Card
- An issuer’s response to an authorization request stipulating that the card be confiscated by the merchant and returned to the issuer.
- PIN
- Personal Identification Number. The confidential individual number or code used by a cardholder to authenticate card ownership for ATM or POS terminal transactions. This form of identification is used with On Line Debit Cards.
- PIN Authorization Request
- A procedure enabling the issuer to validate cardholder identity by comparing the PIN to the account number.
- Plus
- A National ATM network
- Portfolio
- The merchants who are under contract to a financial institution or processor for credit card processing services provided by that institution or processor.
- POS
- Point-of-sale. Refers to the location where goods or services are purchased.
- POS Terminal
- A terminal, at the point of sale, which is connected via telecommunication lines to a central computer. Authorization, recording and transmitting of transactions are performed through the terminal.
- Positive File
- A file listing the current balance and available credit for each active cardholder account. PIN and other cardholder information also may be included.
- Post Auth
- Function performed at a POS device that allows the merchant to enter a transaction if unable to process under the regular sale key. Also referred to as an Force and Off line sale.
- Posting
- The process of recording charges and credits to the cardholder account.
- Prestigious Property
- Extremely large lodging merchants. They have unique qualification requirements.
- Principal Member
- A financial institution that directly participates as an issuing and/or acquiring member of MasterCard International.
- Private Label
- A Retailer’s proprietary card. Accepted only at that merchant’s retail establishments.
- Processing
- The procedure by which the merchant sends the information about each credit card transaction to the issuing Bank so that the Issuing Bank can pay the merchant for the transactions.
- Processing Date
- The earliest date stamped on the transmittal summary and draft by the member or its processor; the date on the 602 transmission header record for electronic transactions.
- Processing Terminal
- The terminal at the point of sale through which the credit card is swiped or keyed by the merchant.
- Processor
- An organization which can provide authorization and settlement services on behalf of a member.
- Proprietary Card
- A card issued by a financial institution to its customers for access to their credit or deposit accounts.
- Proprietary Member
- A financial institution that directly participates as an issuing and/or acquirer member of Visa USA.
- PSIRF
- The best rate for Visa cards prior to April 96. Now it is referred to as CPS.
- Pseudo ABA
- This number is assigned by Mellon when paperwork is submitted. This number is similar in concept to the SE number of American Express. This number can be found Eclipse.
- Pulse
- A regional debit network.
- Purchasing Card
- Designed to help companies maintain control of small purchases while reducing the administrative cost associated with authorizing, tracking, paying and reconciling those purchases.
- PVC
- Polyvinyl chloride. The type of plastic used to make bankcards.
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