A Visa or MasterCard card that is widely accepted by merchants as a result of a standard set of rules for the authorization of its use, clearing, and settlement of transactions, used to credit an account for processing a sales transaction. The most common bank card is a credit card.

A unique six-digit number assigned by the associations to identify member transactions and accounts for the unique card issuer.

An electronic funds transfer directly from a sending bank, through the Federal Reserve, to the merchant's bank.

A collection of credit card transactions saved for submitting at one time, usually each day. Merchants who do not have real-time verification systems must submit their transactions manually through a POS terminal. Batch fees are charged to encourage a merchant to submit his or her transactions at one time, rather than throughout the day.

A card issued to corporate clients who provide them to their employees for reimbursable business expenses. The clients can establish individual spending limits for each employee.