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eCommerce Payments Terminology: Card Issuers

Part 2

In our last post, we explored some of the basic terminology that comes with accepting payments in an eCommerce environment. However, payment cards need to be issued before you can get paid. In this installment, we’ll review the basics of card issuing. Use them to better understand the relationship between card issuers and the payment cards that your customers use every day.

Association
Group of card-issuing banks or organizations that set common transaction terms for merchants, issuers, and acquirers

Card Brands
Member-based corporations that connect consumers, businesses, and banks to transact through electronic payments instead of cash and check; also establish and enforce rules amongst members and promote the brands (popular card brands include Visa® and MasterCard®)

Card Issuer
Any association member financial institution, bank, credit union, or company that issues (or causes to be issued) plastic cards to cardholders

Cardholder
Person or entity that receives an account from a card company or issuer

Expiration Date
The date embossed on a credit or debit card beyond which it becomes invalid

Primary Account Number (PAN)
The number that is embossed and/or encoded on a plastic card that identifies the issuer and the cardholder account

Stay tuned for our last installment, where we’ll discuss chargebacks and some of the basic terminology you need to know.
 

Visa® and MasterCard® are registered or unregistered marks belonging to one or more unaffiliated third parties that do not endorse or sponsor Vantiv Integrated Payments, LLC.

Source: Vantiv, http://www.vantiv.com/Insights/Resources-By-Type/Papers/Payments-Dictionary-205-Words-Worth-Knowing, 2014.

 

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