Merchant Services Glossary - Letter R
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- RCN
- Return Correction Notice.
- Record
- Information pertaining to a transaction. A record can be paper, electronic record or magnetic tape. Also called transaction record.
- Recovery
- The issuer’s attempt to collect the balance owed on a charged-off account.
- Recurring Transaction
- A transaction charged to the cardholder (with prior permission) on a periodic basis for recurring goods and services, i.e., health club membership, book-of-the-month clubs, etc.
- Reference Number
- The number identifying a transaction in a cardholder billing system. Each transaction reference number is printed on the monthly statement sent to the cardholder. The reference number is used if a retrieval request becomes necessary.
- Regional Debit Networks
- Networks formed by groups of banks in certain regions of the country that allow debit cards from banks subscribing to these networks to be used within those regions at other subscribing banks and at subscribing retailers.
- Regions
- Abbreviation for Regions Bank, formerly known as First Alabama Bank.
- Restricted Account
- A cardholder account which may not be used without authorization.
- Restricted Card List
- A list of cardholder accounts which are restricted and on which transactions are not to be completed without authorization. See also Combined Warning Bulletin.
- Retrieval Request
- A request by the issuer to the acquirer for a copy of the actual ticket of a transaction. The initial step that the issuer takes in the event that either the issuer or the cardholder disputes a transaction.
- Revolving Credit
- Allows Cardholders to make regular payments on the balance owed rather than having to pay off the entire balance at one time.
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