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PBX Access Code
An access number that is dialed to reach an outside line.
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Pick Up Card
An issuer's electronic response to an authorization request, asking that the card be retained by the merchant and
returned to the issuer.
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PIN
Personal Identification Number -
a numeric code used as verification to complete a transaction via a payment card. The number is entered into a
keypad and is encrypted to travel along with the authorization.
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POP
Point of Purchase Conversion. A one-time ACH debit from a consumer's bank account for in-person purchases made at the point-of-sale;
upon receipt of a check and signed authorization.
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POS
Point Of Sale - the location at
which a payment card transaction occurs, usually by way of a device such as a credit card terminal or cash register.
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POS Terminal
A terminal at the point of sale, connected via telecommunication lines to a central computer. Authorization,
recording and transmission of electronic transactions are performed through the terminal.
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Posting
The process of recording debits and credits to an account.
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PPD
A credit or debit entry, initiated by a merchant, pursuant to a standing, or one time authorization from a consumer, to effect an
electronic funds transfer, to or from a consumer's bank account.
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Prenote
In the electronic check-processing environment, a non-dollar transaction sent through the ACH network for the purpose
of verifying the accuracy of the cardholder's account data.
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Presentment Currency
The currency in which a purchase is authorized through Visa, MasterCard or American Express.
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Private Label Card
A card issued by a merchant that can only be used in the issuing merchant's business. An example would be a
department store credit card.
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Processing Fees
The fees associated with the processing of credit card transactions.
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Processor
A company responsible for processing interchange transactions - operated by an acquirer or acting on the acquirer's behalf.
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Protocol
A set of rules that allow data communications to work.
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Purchasing Card
A payment card used by companies to replace paper invoices.
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