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Glossary of Terms
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P
Payment Gateway
The code that transmits a customer's order to and from a merchant's bank's
transaction-authorizing agent.
PIN (personal identification number)
An alphanumeric or numeric code used to verify the identity of an
individual attempting to use a credit card, debit card, or other account.
Pin Pad
Used to enter PIN for a debit transaction; usually a separate piece of equipment connected to the
terminal.
Point Of Sale (POS)
The point at which a product is purchased and delivered.
Point of Sale Terminal
A device placed in a merchant location which is connected to the processor's system
via telephone/leased lines and is designed to authorize, record, and settle data by electronic means for all sales
transactions with the merchant processor.
Primary Account Number (PAN)
The cardholder's account number to which transactions are to be charged.
Private Label
A credit card issued by merchants, to be used only in their stores.
Processor
A transaction processor, distinct from the bank, that processes data from the credit card transactions and then distributes funds from the merchant's bank account.
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