• The process of verifying a bankcard transaction by a bankcard-issuing bank, other institution or by an approved independent service provider. Authorization is initiated by accessing (by voice or POS terminal, as appropriate) Global Payments designated Voice Authorization Center(s). Authorization is based on the cardholder account status and available credit.

Authorization Code

  • A six-digit alphanumeric code assigned by the issuer to identify the approval for a specific authorization request. The authorization code is always included on the merchant sales draft. Also referred to as ‘issuer’s response code,’ ‘authorization approval code,’ or ‘authorization response code.’


  • A day’s worth of approved ‘authorized’ credit card transactions.


  • The authorized user to whom a credit or payment card has been issued. The authorized user’s name is embossed on a card or appears on a bankcard as an authorized user. A person that uses a credit or payment card to purchase goods or services.

Card Verification Code (CVC)

  • A unique three-digit numeric value calculated from the date encoded on the magnetic stripe of a MasterCard, for the purpose of validating card information during the authorization process; used to enhance the authentication of the card. CVC 1 is a three-digit value encoded in the discretionary data on tracks 1 and 2; CVC 2 is indent-printed in the signature panel of the card; printed in the signature area on the back of the card, but not present on the card’s magnetic stripe. Typically used for fraud control for card-not-present transactions.


  • A previous bankcard transaction which is under dispute by the cardholders or their issuing institution. This action is initiated by the card issuing bank to settle a financial claim between the issuer and acquirer resulting from the lack of adherence to the conditions of the sales agreement, association regulations or the operating procedures. This claim may be initiated by the issuing bank directly or by its customer or the cardholder, and can result in the transaction being billed back to the merchant.


  • Commercial transactions conducted electronically through the internet.


  • Refers to chip standards managed by EMVCo, formed by Europay International, MasterCard International and Visa International. EMVco’s primary role is to manage, maintain and enhance the EMV Card Specifications to ensure worldwide interoperability and universal acceptance of chip payment cards.


  • A person or entity entering into a Merchant Agreement with Global Payments, as well as all personnel, agents and representatives of the merchant, that accepts credit or debit cards as a form of payment for goods or services.

Merchant ID

  • A 6- to 16-digit number each merchant is provided under the Global Payments Merchant Agreement.

Payment Card Industry Data Security Standards (PCI-DSS)

  • Common standards for merchants and third parties resulting from the alignment of MasterCard, Visa and other card associations with the similar goal of protecting payment card account data wherever it is received or stored.

Payment Gateway

  • Payment gateways are the online-equivalent of a credit card terminal. The payment gateways’ job is to encrypt, and then securely authorize a credit card transaction. Payment gateways are fundamentally required when accepting a credit card transaction online, because they’re responsible for storing sensitive credit card data.


  • The point of sale is the location in a merchant's establishment at which the sale is completed for payment for goods or services received. It is also where many retailers offer their store's credit card applications to consumers.


  • The process by which approved authorized transactions are sent to the processor, for payment to the merchant. Settlement is an electronic bookkeeping procedure that causes all funds from captured transactions to be routed to the merchant's bank for deposit. The time that it takes for these funds to reach the merchant bank account after settlement is approximately 2-4 business days.


  • Canceling a credit card transaction that has been authorized, but not settled.