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Glossary of Terms
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R
Real Time Credit Card Processing
Online verification and processing of credit card transaction authorizations.
Receipt
A hard copy (paper) document recording a transaction. The receipt usually includes date, merchant
name/location, account number, amount, reference number, and signature, if the cardholder is present at the
time of the transaction.
Reconciliation
The process of checking the amount processed against the amount funded to a merchant's
checking account. Also to make compatible or consistent, with regards to numbers and accounting.
Recurring Transaction
Items that are charged periodically to the customer, for ongoing services.
Referral
The message received from an issuing bank when an attempt for authorization requires a call to the
Voice Authorization Center or Voice Response Unit (VRU).
Representment
A transaction presented to the issuer by the acquirer when the establishment requests a reversal
of a chargeback.
Reserve Account
Set up by the credit card processing company to protect themselves in case of losses due to
chargebacks or if the merchant defaults on their merchant account. See holdback.
Retrieval Request
A request to a merchant for either a legible copy or an original sales record.
Reversal
A request by the establishment to represent a chargeback to the card issuer.
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