Merchant Services Glossary - Letter S
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- Sales Draft
- Paper evidencing a purchase of goods or services by a cardholder from a merchant through the use of a credit card
- Service Establishment (SE) Number
- Merchant numbers assigned by American Express, Discover/NOVUS and check services. American Express SE numbers are 9 digits. Discover / NOVUS numbers are 15 digits and start with 6011. Check service SE numbers vary in length and start with any digit.
- Settlement
- Process by which an incoming file from Networks are verified and collected. Various settlement functions are: verifying incoming files; verifying ACH payment; verifying funding from Visa and Mastercard net settlement and reject processing and correction. It can indicate that transactions were settled from the terminal. It also can refer to the clearing of transactions through Interchange.
- SIC
- Standard Industry Code-Terminology used by Visa to identify what a merchant sells.
- Sponsored Member
- A sponsored member can only solicit card applications for a proprietary member, as an agent, or acquire merchants for the proprietary member. Visa terminology.
- Standard Rate
- A rate. Indicates the transaction did not meet any of the qualifications for the lower rates. This rate includes business cards. All paper merchants will fall to this rate.
- Star (Explore)
- A regional debit network
- Swipe
- The action of sliding a credit card through the cardreader portion of an authorization terminal.
- Switch
- An electronic mechanism that routes transaction data from a POS terminal to the authorizing data processor for approval by the issuer.
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