Lloyds TSB Cardnet
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Glossary

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A

Authorisation - Authorisation is not a guarantee of payment. It confirms that the card has not been reported lost or stolen at the time of the transaction and that adequate funds are available.
 
Address Verfication Service (AVS) - The Address Verification Service is available on UK issued cards and allows you to check the numerical part of the cardholder’s postcode and statement address with the card-issuing bank.
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B

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C

Card Schemes - Visa and MasterCard- both card schemes are privately held associations owned by more than 21,000 member financial institutions from around the world, and are two of the world’s leading payments brand and largest payments systems worldwide.
 
Card Security Code (CSC) - An extra security precaution for card-not-present transactions..The CSC is a 3 digit number printed on the reverse of the card within the signature strip, after the card number.
 
Cardholder Not Present - This refers to card transactions that are requested by mail, telephone or over the Internet when the cardholder is not present at the point of sale.
 
Chargeback - A chargeback is an unpaid transaction returned to us by the card issuer.
 
Chip and PIN - Face-to-face credit and debit card transactions at the point of sale which are authorised by the customer keying in a Personal Identification Number (PIN) rather than by signing a receipt.
 
Credit card - a card that allows the cardholder to spend up to a limit agreed with their card issuer, where the cardholder has to repay at least the minimum required each month.
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D

Debit Card - a card that allows the holder to pay directly from his/her bank account.
 
Dynamic Currency Conversion (DCC) - Dynamic Currency Conversion will allow you to offer MasterCard and Visa cardholders from overseas the option of being charged in their own currency at point of sale.
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E

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F

Floor Limit - The maximum amount of any one transaction that can be processed without obtaining authorisation.
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G

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H

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I

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J

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K

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L

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M

Maestro - Maestro is the debit brand owned by MasterCard and is issued both in the UK and overseas.
 
Merchant - A business, which accepts cards and provides goods and/or services to cardholders.
 
Merchant Service Charge - Is the amount in percentage or pence that you pay to Cardnet for processing transactions.
 
My Merchant View (MMV) - A secure website, which will enable you to manage your card payments through Cardnet, on line, 24 hours a day, 7 days a week.
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N

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O

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P

Payment Card Industry(PCI) Standard-The alignment of Visa’s Account Information Security Programme (AIS) and MasterCard’s Site Data Protection (SDP) Programme has led to the formation of a worldwide standard for consumer data protection across the payment industry that is known as the Payment Card Industry (PCI) Data Security Standard.
 
PIN- Personal Identification Number.
 
Polling - In some circumstances, additional functions required from your electronic terminal (eg hotel, pre-authorisation or a "tipping facility"), may mean that you will need a polling bureau to process your transactions.
 
Purchasing Card - Card issued by companies to their employees for business purchases.
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Q

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R

Referral - A referral is when your terminal requests that you call the authorisation centre as the card issuer may have grounds to suspect that the transaction could be fraudulent. Referrals can occur for a number of reasons but does not reflect on the credit worthiness of the customer.
 
Retrieval -  In many cases, before a chargeback is initiated , the card issuing bank requests a copy of the sales slip, via a ‘retrieval request’.  Once a retrieval request is received from the card issuer, we will respond by sending a copy of the transaction, if available.
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S

Solo - Solo is a ‘debit’ card issued by a number of the UK’s leading banks and can be identified by its distinctive purple logo.
 
Statement - You will receive a Cardnet Retailer Statement each month.
 
Summary VAT and Line item Detail (LID) - differing methods of reporting VAT for purchasing card transactions at purchasing card enabled merchants.
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T

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U

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V

VGIS - Visa Global Invoice Specification.
 
Visa Electron - Visa electron is a globally accepted payment card and is part of the Visa family. Visa Electron cards can only be accepted electronically as the cardholder’s account must be checked at the point of sale for available funds for each transaction. This means that all transactions must be authorised regardless of amount.
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W

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X

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Y

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Z

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