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Capture

Booking a previous authorized amount.

Card Issuer

A bank that issues payment cards and manages cardholder accounts, authorizes transactions and guarantees payment to the aquirerer. It receives the cardholder transaction request from  merchants and debits the cardholder account.

Card Not Present Transaction

A transaction where the card is not physically presented to the merchant, as in the case of a Mail Order, Internet Order or Telephone Order. This type of transaction carries the highest interchange rate due to higher risk factors.

Card Present Transaction

A card transaction where the buyer physically hands over his credit card to the merchant to pay for the purchase (also known as face-to-face transaction). This type of transaction carries a low interchange rate since the buyer is present. 

Cardholder Funds Transfer (CFT)

A procedure introduced by Visa which enables the merchant to deposit money directly on the credit card account of the customer.

Cash in Advance (CIA)

A payment method in which the buyer pays the seller for goods or services before the products are shipped or the services are rendered.

Cash on Delivery (COD)

Payment in cash when the delivery is received.

Chargeback

A procedure whereby a Card Issuer can claim back a transaction amount (in part or in full). It occurs when a cardholder disputes a credit card transaction with his or her credit card issuer. The card issuer contacts the Acquirer and initiates a chargeback against the Merchant Account.

Chargeback Period

The number of calendar days in which a member may charge sales back to the merchant, beginning with the day following the date the record is received by the member and ending with the day on which it is dispatched as a chargeback item.

Checking Account

A bank account used for handling payment transactions (crediting and debiting of funds).

Client

A program created by Wirecard for the encrypted transfer of XML data between the customer and the Wirecard server.

Credit

An arrangement between lender and borrower whereby the former lends money to the borrower who agrees to pay the debt with a finance charge.

Credit Card (CC)

A plastic card bearing a number, the name of the cardholder, an expiration date and a Verification Code/Value. Used for purchasing goods and services and for obtaining cash advances with regular billing and with/without extended credit.

Credit History

Publicly available information about past non-payments of the consumer provided by official sources. Additionally credit history providers usually have access to information about ongoing dunning and collection processes.

Credit Scoring

A process determing the credit worthiness of a consumer by calculating a score from negative payment history and socio-demographic factors of the consumer's environment including age, profession or monthly income.

Credit Worthiness Check

See: Scoring

Creditor

The person/business that is owed money.

CVC2

Card verification code 2  (MasterCard)

CVD

Card verification data; a 3- or 4-digit number on the back of the credit card. This is queried as extra security.

CVV2

Card verification value 2 (Visa)